Let’s play a little game; let’s pretend that Barack Obama had not been elected president. What would America look like?
Though it’s unlikely that it would be a utopia, we can safely assume that race relations would be markedly better without the nation’s most-prominent race-hustler exploiting racial disharmony, Brian Terry would likely be alive, having never been slain by guns placed in the hands of narco traffickers and, according to the Treasury Department, America would be running a huge surplus.
The federal government would have run a $270 billion surplus in fiscal 2015 had federal spending merely returned to the level it was in fiscal 2008—the last fiscal year before President Barack Obama took office.
That is according to the official spending and revenue numbers published by the Treasury.
In fiscal 2008, according to the Treasury, the federal government brought in $2,523,642,000,000 in revenue and spent $2,978,440,000,000. It thus ran a deficit of $454,798,000,000.
In fiscal 2015, the government brought in a record $3,248,723,000,000 in revenue. That is $270,283,000,000 more than the $2,978,440,000,000 that the government spent in fiscal 2008.
This U.S. earnings season is on track to be the worst since 2009 as profits from oil & gas and commodity-related companies plummet.
So far, about three-quarters of the S&P 500 have reported results, with profits down 3.1 percent on a share-weighted basis, data compiled by Bloomberg shows. This would be the biggest quarterly drop in earnings since the third quarter 2009, and the second straight quarter of profit declines. Earnings growth turned negative for the first time in six years in the second quarter this year.
The damage is the biggest in commodity-related industries, with the energy sector showing a 54 percent drop in quarterly earnings per share so far in the quarter, with profits in the materials sector falling 15 percent.
The picture is brighter for the telecom services and consumer discretionary sectors, with EPS growth of 23 percent and 19 percent respectively so far this quarter.
The U.S. national debt jumped $339 billion on Monday, the same day President Obama signed into law legislation suspending the debt ceiling.
That legislation allowed the government to borrow as much as it wants above the $18.1 trillion debt ceiling that had been in place.
The website that reports the exact tally of the debt said the U.S. government owed $18.153 trillion last Friday, and said that number surged to $18.492 on Monday
Given the disastrous state of establishment Republicanism, it’s unlikely that the federal government would have significantly shrank if John McCain had won the presidency. However, it’s a safe bet that even the biggest RINO would not have succumbed so fully to socialist spending habits as Obama and his merry band of tax-and-spenders who have so damaged our nation’s finances.