Federal Deficit Numbers are WRONG

By Bill Glynn

$1.8 Trillion in 2009 - $1.3 Trillion 2010

We can add! $11.7 trillion debt + projected $3.1 trillion (2 yr deficit) + a trillion of newly printed currency. Taxes projected to be down another $500 billion this year. Whoops! I forgot the other $1 trillion (sure to be much higher) for healthcare. The fact is this is too rosy a picture. As bad and fiscally irresponsible as this is, I am calling the shot now that this will be much worse. Let’s not forget the interest on the debt. We are fast approaching $750 billion in interest annually alone. This will be at $1 trillion in just a few years. Projecting a 2-year $3.1 trillion deficit, far beyond anything ever seen, won’t be the number. I expect we will be closer to $4 trillion than $3 trillion. Why? Well we all know numbers from our government are always much lower than they tell us, for one. Second, recovery will be slow and painful, so tax revenue will be less and less. And does someone think taxing the $250K+ earners will make up for it? Not in a million years! It will make matters worse. [more...]