Budget Deficit Crisis! How Congress Is Wasting YOUR $$ In The Worst Way

Chris breaks down the alarming state of the U.S. budget deficit, highlighting the worst fiscal year start in history. With government spending up 10.9% and tax receipts down 2.2%, the deficit has surged 40% year-over-year. Markowski warns about the unsustainable interest on the national debt, equating to 66% of all personal income taxes collected. He criticizes Congress for prioritizing self-interest over fiscal responsibility. www.watchdogonwallstreet.com

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
Budget deficit blowout. Yeah, how about this? This were probably
the worst start to a fiscal year ever ever. Government
spending up ten point nine percent, tax receipts down two

(00:40):
point two percent. Fiscal year to date, deficit up forty percent.
Now again, this started in October October. Here that that
ticking make got a maguiver around here that can put
that that that bomb going to stop that bomb over there,

(01:04):
maybe with I don't know, a paper clip and some
bubblegum or something like that. Yeah, budget deficit rose in
December forty percent higher than it was a year ago.
Interest on the debt one hundred and forty billion dollars
last month. That's sixty six percent of all of the

(01:25):
personal income taxes collected. And thank ej Antonini for that statistic. Listen,
I don't know what to tell you, folks. These are
the numbers. He is a number. Nobody wants to talk
about them. Nobody wants to we whistle past the graveyard

(01:46):
when it comes to these disgusting numbers again. You had
a bit of a reprieve in the bond market today
because the inflation number was down. Everybody's asking, well.

Speaker 1 (02:01):
Who come fit lord rates?

Speaker 2 (02:03):
Why mortgage rates so high? We're not We're not a
very good credit risk right now. Nobody seems to seems
to be able to figure out how in the world
we're going to fix this mix. We're hoping those you
will be able to knock some of this down, But

(02:26):
good luck, good gut luck getting those folks in Congress
to cut back spending. Hey, and freedom, you get free
Republicans just they like the green crap as much as
the Democrats do. As long as the money's going to
their district. They'll flush money down the toilet just as
easily as a donkey will do, as long as it
benefits them and their chance to get reelected. This is

(02:48):
the world that we live in. Self centered, selfish people
in Washington, d C. All they care about is themselves.
Quite frankly, that's it. Watchdog on Wall Street dot Com