The Joe DiMaggio of economics: Federal deficit streak reaches 33rd straight month
In 1941, baseball great Joe DiMaggio reeled off 56 consecutive games, the blow pipe. It ‘an album that is rarely broken.
Unfortunately, the federal government has a much more dubious record – 33 consecutive months in the red. Even more unfortunately, the case looks set to continue, month after month after month end.
The Federal notched its thirty-third straight month, the red in June, extending his streak record deficits three times in the previous fall in the water, a preliminary assessment of the Congressional Budget Office on Friday.
However, the decline in consumption, including through less money to go to Fannie Mae and Freddie Mac, the deficit fell to just over $ 45 billion in June – against 68 billion last year.
And three months still to go for the fiscal year 2011, the government has raised a total of $ 973 billion deficit times, which is slightly better than 2010, when the government had just crossed the $ 1 trillion mark at this point.
The record streak of 33 months is the longest since records began in 1980.
Unfortunately, the interest amounts to a rapidly growing share of the debt: 18% more in 2011 than in 2010.
The power of compound interest. Combine the power of Congress, officers, and is a perfect recipe for destroying the largest economy in the world has ever seen.