The official deficit numbers for July are out - $1.3 trillion. No wonder Obama wanted to get his budget busting healthcare takeover done before August.
One notes that one reason the stimulus package isn’t very stimulating is that north of 70% of the money spent so far was used to prop up state government programs.
As far as the unemployment numbers, the decline from 9.6% to 9.4% isn’t unalloyed good news – about half a million workers have given up looking for work. They no longer count as ‘unemployed’, but they certainly aren’t employed.
In other economic news, Barney Frank’s Fannie Mae is back borrowing another $10.7 billion from the feds. They’ve swallowed $34 billion already this year, and we still have 5 months to go with no end in sight to our beloved “government sponsored entities” demand for taxpayer dollars.