October marks the beginning of fiscal 2023. In October, the Treasury registered a monthly deficit of $87.8 billion, compared with the $165.1 billion deficit in October 2021. Federal receipts rose 12.2% year over year to $318.6 billion, while outlays declined by 9.5% year over year to $406.4 billion largely because of timing effects and spending tied to the American Rescue Plan a year ago.
10% inflation and they’re still running a 20% of spending budget deficit. Great plan, eh?
Tim
Looks like the Spud has headed over to a new site – Mastodon. Could be a good opportunity to get some replies in….
He’s also back on about the Tax gap and appears about to be vindicated on his 271st prediction oif a recession since 2010
Mastodon calls it’s version of tweets toots so has Spud been merrily tooting his latest thoughts
Didn’t Reagan prove that deficits don’t matter?
“Didn’t Reagan prove that deficits don’t matter?”
They don’t matter until they do. Then they matter like mad.
“Didn’t Reagan prove that deficits don’t matter?”
Have you been following the situation in Greece since 2008?
“They don’t matter until they do.”
So, we agree that prices are arbitrary and capricious, and indexation effectively eliminates unwanted real economic results of fickle psychology?
“Have you been following the situation in Greece since 2008?”
What if Greece had an unlimited dollar swap line with the Fed, as the ECB used just last month to bail out Switzerland banks?
“What if Greece had an unlimited dollar swap line with the Fed, as the ECB used just last month to bail out Switzerland banks?”
You do know that the Swiss banks aren’t under the ECB umbrella, right? That the Swiss aren’t even in the EU, let alone the euro?
“So, we agree that prices are arbitrary and capricious, and indexation effectively eliminates unwanted real economic results of fickle psychology?”
Not at all.
Humans can ignore reality for a certain period of time, eventually reality reasserts itself. You can jump off a 10 storey building and until you hit the ground you are entirely able to ignore the reality of what is happening and pretend you are flying. Some things just take a bit longer than that for reality to intrude on your fantasies.
So one of the best months of the last couple of years and Washington was still spending $1.28 for every $1.00 collected in taxes.
No problem there, the maris piper multiplier will deal with it.