Federal budget deficit to hit record $3.3 trillion due to COVID-19 costs, recession
AP says the economy shut down in the spring so people could be in isolation, in a failed national attempt to defeat the pandemic.
They make it seem like some esoteric thing that happened on it's own, not evil criminal leaders who shut things down, put us in isolations and destroyed lives and livelihoods, although they do admit the policies failed so one wonders why we are still in shutdowns with social distancing in masks when it's a 90% false positives regarding their flawed tests with a much lower fatality rate.
The pre$$ is now acting as if those reports do not exist, and it's reminiscent of the Afghan Papers. They fail, although I'm sure they have an engineered bioweapon (funded by the usual suspects so keep your distance) ready for release per WHO simulation protocol, perhaps on the 19th anniversary of 9/11 as the winter weather will herald a dark future if the past is any indication.
"U.S. government debt will nearly equal the size of the entire economy for first time since World War II, CBO finds; Report comes after huge increase in the deficit this year as government attempted to limit coronavirus fallout" by Jeff Stein, Washington Post | September 2, 2020
For the first time since World War II, the U.S. government’s debt will roughly equal the size of the entire American economy by the end of this year, the nonpartisan Congressional Budget Office said Wednesday.
The rapid change is largely due to the surge in new spending that the government authorized as it tried to control the economic impact of the coronavirus pandemic.
By the end of 2020, the amount of debt owed by the United States will amount to 98 percent of the nation’s gross domestic product, the CBO said. That is up from 79 percent last year. Total government debt will surpass the U.S. economy’s size next year, the CBO said.
We are $crewed. We will soon be Greece from a few years ago, and under the lash of the bank$ters like a third world country in Africa.
That's why I'm not into the politics and all the other shit around here when it means nothing. The pre$$ is mostly divisive distraction other than the constant agenda-pushing surrounding COVID and the endless jabbing of the vaccine agenda. It's quite sickening at this point.
Fueling this rise is a big jump in the government’s annual budget deficit, which is projected to widen to $3.3 trillion by the end of this fiscal year, more than triple its level in 2019. The deficit was already on track to be elevated because of recent tax cuts and spending increases, but the government’s response to the pandemic expanded that gap dramatically.
The government typically spends more than $4 trillion a year on programs and services, but Congress has approved more than $3 trillion in emergency funding since March to combat the outbreak and subsequent economic downturn. That included hundreds of billions of dollars in aid for businesses and the unemployed.
During the Obama administration, many Republicans campaigned aggressively on promises to shrink — or even eliminate — the budget deficit, but President Trump has shown little interest in such an approach. Before the coronavirus pandemic, he told aides he would seek to address the budget deficit in a second term, but in recent months he has called for additional spending and more tax cuts, but members of his party have become cooler to the idea of additional spending. The rising deficit has already affected negotiations over whether to approve additional stimulus spending. Many Republican members of Congress, and some White House officials, have balked at the idea of approving an additional $2 trillion in spending to deal with the weak economy, though Democrats have said such aid is necessary to help the jobless, cities and states.
I'm just wondering where exactly all this loot is to come from, and if it is the whirring of Fed printing pre$$es there will need to be a World War to keep the increasingly worthless dollar as a reserve currency. If the world dumps it, we become Zimbabwe (halfway there now judging by the cities).
Few policy experts believe Congress is likely to do something to reduce the deficit in the short term, particularly while unemployment remains near 10 percent. Interest rates are low, which makes it less costly for the federal government to borrow, and inflation — one of the principal concerns about higher deficit spending — has remained largely in check.
They underestimated the unemployed while acting like all is normal regarding rates. The calm before the storm.
The annual federal deficit in 2020 is expected to equal roughly 16 percent of the nation’s GDP, which would be the largest amount since 1945. Policymakers have often tried to bring the deficit down below 3 percent, though Republicans have said in the past that they would seek to eliminate the deficit altogether by slashing spending.
We are at WWII levels of yearly debt while owing trillions in principle.
The war has been lo$t and you didn't even know it.
No wonder they had to foist the COVID fraud upon us to cover for the collapsing house-of-cards economy -- and they looted it all on the way down.
As the coronavirus pandemic hit the U.S. economy earlier this year, tax revenue fell as business activity slowed down and many Americans lost their jobs. In an attempt to give households and businesses financial relief, the Trump administration and Congress delayed payment of numerous tax obligations. Individual income taxes dropped by about $200 billion, according to the CBO’s projections, while corporate income taxes fell by about $80 billion.
The bigger change came on the spending side. The U.S. government is on pace to spend roughly $6.6 trillion in the fiscal year that concludes at the end of this month, an approximately $2.2 trillion increase from the year before, the CBO said. The largest new spending obligations came from the Cares Act, which was approved by Congress in March. The measure directed more than $500 billion to the Paycheck Protection Program, aimed at small businesses, as well as hundreds of billions in pandemic unemployment compensation and $1,200 stimulus payments to tens of millions of American households.
All that loot is gone, other than what the banks and inve$ting cla$$ are $itting on, and more aid will only be delivered if the loot is needed to prop up fortunes. The rest of us are getting the $haft.
The deficit has not yet emerged as a major issue in the 2020 presidential election. The imbalance is likely to be a major factor in debates over the proper size of government next year, however, as policymakers try to balance the rising deficit with sustaining an economic recovery. The deficit could continue to grow if Congress approves another round of emergency spending, such as sending new stimulus checks to households.....
I doubt the deficit will emerge as an issue in the staged illusion and imagery known as the 2020 presidential election.
That would make both parties look real bad, and $poil all the fun. It will be the traditional wedge issues or race and gender, with maybe some Islamic terrorism tossed in on the 19th anniversary of 9/11 (that's when they hit, not an ordinary anniversary that would have good meaning behind it; it's just the kind of numerology mind-f**k for which the psychopathic controllers are known)?
--more--"
Related:
"Encouraging economic data as broad swaths of the economy have reopened this summer have helped stoke investor optimism about a recovery. The question is whether that’s going to be enough to keep the market moving higher when so much uncertainty remains about the pandemic’s lasting impact...."
The market is still in motion:
"Wall Street kicked off September with another set of milestones Tuesday, as an afternoon rally carried the S&P 500 and Nasdaq composite to all-time highs....."
I'm told "investors are right to take a “glass half full” view, as Apple is up more than 82% this year, while, Zoom Video Communications soared 40.8%, a day after the now-ubiquitous video conferencing service reported another quarter of explosive growth. Another recent high-flyer, Tesla, fell 4.7% after the electric car maker said it would sell up to $5 billion in stock, but Tesla has risen more than five-fold this year and did a five-for-one stock split on Monday while Walmart was among the biggest gainers."
They are trying to compete with Amazon, if that is possible.
Also see:
"A Zoom call has become an integral part of daily life during the coronavirus pandemic. On Tuesday, Wall Street acknowledged as much by boosting the videoconferencing company’s market value above that of more established companies such as Citigroup, Boeing and Starbucks. Zoom shares rose 40.8% to $457.69, pushing its market value to more than $129 billion, after the company reported explosive growth during the second quarter as more people paid for subscriptions, giving them more control over virtual meetings. Zoom’s revenue more than quadrupled from the same time last year to $663.5 million and profits blew past Wall Street forecasts. At the current level, Zoom’s market value exceeds the combined value of two storied automakers, General Motors and Ford....."
Speaking of those $talled-out dino$aurs:
"General Motors says it has finished making 30,000 medical breathing machines for the U.S. government to help treat coronavirus patients. The Department of Health and Human Services contracted with GM to build the ventilators at a converted auto electronics plant in Kokomo, Indiana, at a cost of $489.4 million. The machines were designed by Ventec Life Systems of the Seattle area, and GM ramped up production in about a month when it appeared the U.S. and other countries would run short of ventilators. Earlier Ford announced it has finished making 50,000 ventilators for the government at a cost of $336 million. A portion of a factory near Detroit was converted to make the machines. It will now go back to producing auto parts....."
The ventilators ended up killing people, and could the return to manufacturing auto parts mean the plannedemic is moving along with scapegoat riding shotgun?
"The rally in global stocks has pushed major indexes to record highs as traders bet that a flood of liquidity unleashed by central banks will make its way to equity markets. The rotation away from the tech titans that have led gains this year -- with Apple, Tesla and Zoom Video all slumping Wednesday -- could signal confidence in a broader economic recovery from the pandemic and a possible vaccine....."
Thought for moment COVID was over, but some Fortunes need to be made from the vaccine for those who can see the future:
Fed Survey Finds Widespread Pessimism
At least the Australian economy will most likely bounce back after Covid-19 is tamed, according to the New York Times. They say it will be ready to give birth to the Great Re$et by then.
"U.S. companies added jobs at a modest pace last month, a private survey found, a sign that while hiring continues, it is only soaking up a relatively small proportion of the unemployed. Payroll processor ADP said Wednesday that businesses added 428,000 jobs in August, a figure that before the pandemic would have represented a healthy gain, but the increase represents a small slice of the 12 million jobs that have been lost to the spread of the coronavirus. ADP said the bulk of the gains were at large companies, which added 298,000 jobs. Small businesses with less than 50 employees gained just 52,000 positions, while medium-sized firms — with between 50 and 499 employees — added 79,000 jobs. ADP’s figures do not include government workers and frequently diverge from the Labor Department’s official jobs report. The August jobs report from the government will be released Friday. ADP revised up its July job gain to 212,000, but that is still far below the 1.8 million additional jobs that month reported by the federal government....."
You can always borrow more, right?
"Subprime borrowers, who rely more on credit cards than any other group, are seeing their limits cut the most as banks reduce exposure during the coronavirus pandemic. The risk-management strategy shows a squeeze is coming for households with the most precarious finances as the U.S. government pares assistance for people who have lost their jobs amid the Covid-19 crisis. Not only are many losing income, they’re also losing access to credit. Banks cut overall borrowing limits for subprime borrowers by about 19% during the second quarter, according to data provided to Bloomberg by credit-reporting firm TransUnion. That compares with an average reduction of just 1.2% across all card accounts during the same period....."
Maybe you can apply for a CapitalOne card, then go on a spending spree:
"Macy’s got more people to shop on its website and app, but it wasn’t enough to make up for plummeting sales inside its department stores. Online sales were up 53%, and the company said it attracted 4 million new online customers, but sales sunk 61% inside its stores, which reopened in June after being temporarily closed due to the pandemic. Macy’s is the country’s largest department store operator, offering a glimpse into what America's are buying. With people spending more time at home, shoppers bought fewer dresses, luggage and men's suits, but they spent more on comfy athletic wear, as well as decor to spruce up their homes. The virus is also forcing Macy's to rethink how it will hold its annual holiday events, like Christmas tree lightings, holiday window decorations and its annual Thanksgiving Day parade, but the company didn't provide any details on changes it plans to make....."
The holidays seem so far away and not worth celebrating since the mandated vaccines will be here before Halloween.
We will all be lucky to be alive after Christmas. Or not.
Better shop till you drop:
"..... Macy's said luxury goods did surprisingly well, too, such as high-priced mattresses, perfumes and diamond jewelry. The New York company also owns Bloomingdale’s and the Bluemercury makeup and cosmetic chain. Many of its department stores are at malls, which have struggled to attract shoppers even before COVID-19. Some of its mall-based rivals have gone bankrupt, including J.C. Penney, Neiman Marcus and Stage Stores. Over the next two years, Macy's said it plans to open smaller Macy’s and Bloomingdale’s stores that are not attached to a mall. For the holiday season, it will spread out discounts over a longer period to avoid overcrowding at its stores and continue to push shoppers to buy online and pick up at the curb....."
What a $hock!
They then flew out of the country with a prepaid ticket purchased by the government:
"Virgin Atlantic’s $1.6 billion restructuring plan was approved Wednesday by the High Court in London, allowing the international airline to continue rebuilding its operations after the devastation caused by the coronavirus pandemic. The deal, which has already been approved by creditors, must now be confirmed in the U.S. courts. The airline announced the refinancing package in July to ensure its survival after passenger numbers dropped 98% in the second quarter. It includes 600 million pounds of support from the airline’s owners, Virgin Group and Delta Airlines, 450 million pounds of deferred payments to creditors and 170 million pounds of financing from U.S.-based Davidson Kempner Capital Management LP. Virgin Atlantic, founded in 1984 by Richard Branson’s Virgin Group, has already cut 3,550 jobs, shuttered operations at London’s Gatwick Airport and announced plans to retire 11 aircraft as it seeks to weather the slowdown in air travel. The airline says it doesn’t expect passenger volume to return to pre-pandemic levels until 2023....."
Even if they all stay United:
"United Airlines said Wednesday it plans to furlough 16,370 employees in October, a smaller number than the airline predicted in July because thousands of workers agreed to leave with the travel industry facing a slow recovery from the pandemic....."
They should have retired rather than quit, for it would have put them on sold ground:
"Ford Motor Co. will offer early retirement incentives with hopes of cutting its U.S. white-collar workforce by 1,400 more positions. Kumar Galhotra, the company’s president of the Americas, told employees about the offers Wednesday morning. The company says they’re part of an $11 billion restructuring plan that started more than a year ago. Most of the reductions would take place in the area of Dearborn, Michigan, where Ford has its headquarters and large product development and engineering operations. Ford has about 30,000 white-collar workers in the U.S....."
Restructuring before COVID them a big $hove, huh?
Look who had a $eat on the plane:
"Attorneys for The Weinstein Co. presented a Delaware judge Wednesday with a revised bankruptcy plan that would provide about $35 million for creditors, including victims of sexual misconduct by disgraced film mogul Harvey Weinstein. The settlement amount is $11.5 million less than under a previous plan, which was scrapped after a federal judge in New York refused to approve a proposed $19 million settlement between Weinstein and some of his accusers. The settlement in the purported class-action lawsuit was a key component of the initial bankruptcy plan. Attorneys for the company told Judge Mary Walrath the reduction is due primarily to the fact that the plan no longer includes contributions from insurers for the resolution of certain “Miramax era” claims that arose prior to Harvey Weinstein leaving that company and forming the Weinstein Co....."
He is not even in prison anymore, ladies, and #MeToo is a distant memory -- proving it was for political purposes all along.
Makes you want to curl up and go into a ball, doesn't it?
"The inability to work from the relative safety of home is one reason Black and Hispanic people have higher COVID-19 infection rates than white people, but even here, in my quiet quarantine, it’s clear that the pandemic is exacerbating the inequities that divide the country: inequities in wealth, in health, in the luxury to work unshaven and in gym clothes....."
Welcome to Bloggerworld!
There is still hope:
Experimental drug for ALS, dreamed up in a dorm room, offers patients glimmer of hope
They dreamed it up how?
"By the time Pete Frates tried medical marijuana, he and his family felt as if they had run out of options for treating his anxiety....."
His wife says it was ‘almost like a magic potion,’ and you can throw cold water on that idea given the evil that flows from drug profits.
This blog is at crossroads, folks.
I'm increasingly disinterested in the flop that is in the Bo$ton Globe and find myself increasingly unenthusiastic about taking the time to continuously refute their garbage while running in circles.
I'm sure this will all be forgotten by tomorrow, for that is the first thing to go.
