Jim Puplava - Financial Sense News Hour Apr 18 2009
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3rd Hour with Jim & John
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* The Path to Financial Insolvency
* Stress Testing Dividends
The deficit and the on going debt.
March deficit - $192 billion . By Sept 30 2009 deficit will be $2 trillion.
3 fold budget deficit compared to 2008.
Interest payments on debt is $20 billion a month, Defence $52 billion, Veterans benefits $4.4 benefits, Social Security $56 billion, Jobless benefits $10.6 billion. Tax revenues down 28%. Spending up 41%.
Bailouts $12.9 trillion of which only $955 billion will be spent on US economy, of which $190 billion will be spent over the next 9 years (2018) on infrastructure - $21 billion a year.
On top of the $12.9 trillion hard guarantees, there are also implicit guarrantees ($7.3 trillion)Fannie Freddie and soft guarratees ($6.6 trillion) additional for the banking system plus the hard guarrantees is $29.1 trillion total
Monetary stimulus (18%) and fiscal stimulus (11.9%) so far is reaching 29% of GDP
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