Let’s celebrate. The deficit for 2022 dropped $1.2 trillion in 2022.
Unfortunately, it was still $1.4 trillion for the year and now the overall deficit exceeds $31 trillion. The U.S. is spending $4 billion more each day than it takes in.
Due to Covid-19 and the fallout from January 6, 2021, the deficit has not made the headlines over the past couple of years, but it will now. The country will be reaching its debt limit in the next few months and it is going to be a political showdown like we haven’t seen in a long time. See my Quote of the Day.
_________________________________________________________________________________________________________________________________________
On the bright side, the annual inflation rate in December dropped to 6.5% which is down from the November rate of 7.1%. Unfortunately. food cost rose 0.3% in December to an annual increase of 10%.
Look for the Feds to continue to be aggressive in attacking inflation.
_____________________________________________________________________________________________________________________________________
Yesterday, I gave an Orchid to the weather in Gulf Shores. Today not so much. Although Gulf Shores was spared, the northern parts of Baldwin County and central Alabama were hit with tornadoes. Gulf Shores was under a tornado watch for late morning and part of the afternoon. Winds where high throughout the day. It made for fascinating wave and surf watching from the safety of my patio.
_________________________________________________________________________________________________________________________________________
Watching Michigan’s men basketball team this year is a challenge in patience. With the primary ball handlers made up of two freshman and a sophomore, things can change in a minute. Today’s game was no exception, as they blew a seven point lead late in the game and lost in OT to Iowa. It was a game M led for most of the time.
___________________________________________________________________________________________________________________________________
I continue to struggle with Biden’s document storage issue. After what happened with the former president, I cannot believe someone in Biden’s inner circle didn’t think to ask the question about Biden’s papers as VP. AG Garland must be shaking his head at this latest fiasco.
______________________________________________________________________________________________________________________________________
Early on in my career someone told me “the amount I can accomplish is unlimited if I do not care who gets the credit.” It seems members of the Michigan legislature never got this message. From Bridge Magazine today.
The Democrats took control of Lansing on Wednesday, holding the first legislative session since they gained power of both chambers of the Legislature for the first time in nearly 40 years.
The good news is there’s bipartisan consensus. Democrats and Republicans agree it’s time to expand the state’s Earned Income Tax Credit, which will put a few hundred dollars into the pockets of about 700,000 workers.
The bad news is, after speeches about unity and coming together for the people of Michigan, there were familiar squabbles over who should get credit for the legislation.
Both Democrats and Republicans submitted similar bills on Wednesday, and Republicans are sore Democrats didn’t act on the expansion last month when the GOP was in charge of the chambers.
The more things change
Feel free to share my blog or to sign up to receive it directly in your email. See the sign-up
Quote of the Day: “We should not be borrowing $4 billion a day, an apparent debt addiction that is harmful to the economy and the budget. We hear a lot of talk about fiscal responsibility, but very little action.” said Maya MacGuineas, the president of the Committee for a Responsible Federal Budget.
Orchid of the Day: Jett Howard, who scored a career high 34 points in the loss to Iowa tonight.
Onion of the Day: The deficit.
Question of the Day: Total Covid-19 deaths in Michigan since March 2020 surpassed 37,000 last week. Does anyone care?
Video of the Day: