US budget deficit falls to $1.3tr

Discussion in 'Economics' started by bearice, Oct 16, 2010.

  1. The US budget deficit fell to $1.3 trillion (£813bn) in the year to 30 September, US Congress estimates say.

    The deficit, which comes after the end of the US financial year, represented 8.9% of GDP and was £122bn less than the 2009 level.

    However it is the second highest since the end of World War II.

    Complete article-:
  2. This is BAD news as the deficit fell because BOTH imports and exports fell.

    People are so broke and indebted that they can't even afford made-in-china crap!
  3. That's the budget, not the trade deficit.
  4. Of course unfunded liabilities are left out. With so much "off the balance sheet," it's hard to take these numbers with anything but a grain of salt.
  5. Do people actually fall for this as if its good news? Its like imagine owing $100,000 on your credit card(and imagine now you only make $20k per year) Last year you racked up another 16k on your credit card, then tell your wife..."Hey honey...good news! I only added another $13k to our credit card this year. Isnt that great? Thats $3k less than last year...that means I getting more financially responsible!"

    This is basically what Obama is doing and the masses are falling for it.