Today, President Obama is holding a summit about the fiscal cliff, starring Bono. But while he’s talking with his chums in the unions and in the far left non-profit space, the deficit grows larger each day. In October 2012 alone, the budget deficit jumped $120 billion. October is the first month of the fiscal year. That number was $6 billion higher than economists’ forecasts, and a full $22 billion higher than in 2011.
In another attempt to manipulate the economic data, the Obama administration had reported a budget surplus for September. The October numbers prove that surplus was illusory. The budget gap for 2012 is down from 2011 by approximately $208 billion – but only because of higher corporate income tax receipts. Rates were not increased on corporations, which goes to show that improving economies produce more tax revenue. Sadly, the Obama economy has not improved nearly enough to keep pace with Obama’s spending habits.