And Obama never should have gone along with GOP budget cuts. When we have this many people out of work, scraping to get by and we’ve shredded the safety net, it’s a disgrace to everyone involved:
The U.S. Treasury Department booked a $114 billion surplus in April, the largest for that month since 2008, according to the latest estimates from the Congressional Budget Office released Wednesday.
For the first seven months of this fiscal year, which began on Oct. 1, the CBO estimates the country has racked up a $301 billion deficit, which is $187 billion lower than it was for the same period last year.
Federal coffers saw a 7% increase in individual income taxes and payroll taxes, a 15% increase in corporate income taxes, and a 37% increase in money paid to Treasury by the Federal Reserve.
Last month, the CBO projected that the 2014 shortfall would decline to 2.8% of gross domestic product — or $492 billion. That is well below the 4.1% — or $680 billion — recorded for fiscal year 2013.
Fed Chair Janet Yellen testified before Congress yesterday. Here’s the plan according to her. Full employment or maximum employment will be reached when the unemployment rate is around 5.2%. That number is required in order to keep the rate of inflation at about 2% per year. So in order to keep inflation low (2%) our politicians will allow 7 million (5.2%) workers to be permanently unemployed. Yellen also said in an answer to a question by Bernie Sanders that she’s concerned about the sever wealth inequality in the country. She said that a “political solution” was needed to correct that problem. So relax folks the capitalists and the politicians have all of our futures well in hand. If you believe that then there’s some swamp land for sale in Florida that you should check out.