Arlington, VA – This afternoon the Treasury Department released the Monthly Treasury Statement for November. The report shows the U.S. ran a $137 billion deficit last month. For the second month of the fiscal year, the federal government took in $152 billion, and spent $290 billion.
Gretchen Hamel, Executive Director of Public Notice, said the following:
“For the past 38 consecutive months the government has spent more than it brought in. Everyone but Congress knows that Washington has a chronic overspending problem.
“Sadly, in the nation’s capital, this report has become routine. The American people, however, should be outraged by this latest evidence of Washington’s total lack of accountability and regard for hard-earned taxpayer dollars.
“As the year winds down, Americans will look back and try to see what worked and what didn’t, and resolve to do better in the New Year. Let’s hope Congress recognizes that 2011 has been a fiscal disaster and that it must do better in 2012.”
For years, Barack Obama has diverted attention from his own economic decisions by blaming his predecessor, George W. Bush, for the nation’s financial woes, from deficits to debts to taxes to Medicare and Medicaid spending.
But that strategy has reached the end of its effectiveness, according to a new poll that reveals more people blame Obama for the failed state of the economy now than blame Bush.
A new poll from the public-opinion research and media consulting company Wenzel Strategies shows that 22.3 percent of registered voters say Obama is the “one person” most responsible for the nation’s continuing economic troubles.
To the same question, 19.1 percent said George W. Bush. But critical to the coming 2012 election will be the fact that of the independents, on whose votes elections often are decided, nearly 23 percent blame Obama and only 15.5 percent blame Bush. The independents put in second place members of Congress, which is half controlled by Democrats, the poll revealed, ahead of Bush.
Pollster Fritz Wenzel pointed out the scenarios that the White House is facing because of the thinking of the American public.
“Because blame of the Congress is split equally between the Democrats who lead the Senate and Republicans who lead the U.S. House, Obama’s efforts to blame Congress for all of the problems facing the country will backfire by at least 50 percent,” Wenzel said.
“Obama’s current campaign strategy could appear to be particularly selfish, having the ironic effect of killing his support among fellow Democrats in Congress, who will no doubt resent his efforts to sell them out to save his own political skin,” he added.
“At the very least, with twice as many Democratic seats than Republican seats up for grabs [in] next year’s Senate elections, this Obama strategy may well assure that Democrats lose control of the Senate, and is unlikely to result in a Democratic takeover in the U.S. House,” he said.
The poll showed that 22.3 percent of registered voters (35.7 percent of Republicans and 22.9 percent of independents) blame Obama as the most responsible for the current economic conditions. A little more than 19 percent blame Bush and 18.3 percent blame Congress.
The poll shows 11.5 percent blame the Democratic Congress of 2009, 11.2 percent blame Wall Street and 10.1 percent blame the U.S. House. Trailing was the Democrat-led U.S. Senate.
“Finally, he is the one now blamed more than any other for the current miserable state of the economy,” Wenzel said.
A full 74.9 percent of independents believe America is on the wrong track, trailing the 85 percent of the Republicans by only a little. Only 12 percent of independents and 7 percent of Republicans think the nation is on the right track.(Wenzel)
Among those who described themselves as “very liberal,” more than one-third (37.3 percent) said the nation is on the wrong track. That opinion rose in every other category (liberal, moderate, conservative, very conservative).
An overwhelming 64 percent of people surveyed said big government was the biggest threat to the country, compared to just 26 percent who said big business is their gravest concern and 8 percent who picked big labor. (Gallup)
But take heart ye of little faith:
The 2012 federal budget deficit is slated to drop by 0.0004 percent following the decision by Vice President Joe Biden to reducing production of surplus Presidential dollar coins to minimal levels.
Baby steps, Joe, Baby steps… 🙂
More than 1.4 billion surplus $1 coins coins have been produced by the U.S. Mint since passage of a 2005 act requiring their production, at an annual cost of roughly $50 million.
Biden announced the news today as part of a high profile effort to curb waste and fraud in government.
“Today’s announcements — from putting an end to the wasteful production of Presidential dollar coins to recovering over $5 billion in fraud — demonstrates the administration’s continued commitment to cutting waste and protecting taxpayers,” Biden said.
By extension, Biden’s announcement also halts production of equally unwanted “Native American $1 coins,” which are mandated by a 2009 law to make up 20 percent of presidential dollar production.
President Obama was unable to attend Biden’s coin-tossing event because he was attending a fundraiser near Capitol Hill.
Isn’t that what he does ever day? It’s not like he’s a Leader of a Country or anything… 🙂