In 1941, baseball great Joe DiMaggio reeled off a streak of 56 consecutive games with a hit. It’s a record that will probably never be broken.
Unfortunately, the federal government just set a far more dubious record – 33 straight months in the red. Even more unfortunately, the record appears poised to continue month after month after endless month.
The federal government notched its 33rd straight month in the red in June, extending its record deficit streak to three times the previous low-water mark, according to preliminary estimates Friday from the Congressional Budget Office.
But lower spending, thanks in large part to less money going to Fannie Mae and Freddie Mac, shrank the deficit to just $45 billion in June — down from $68 billion last year.
And with three months to go still in fiscal year 2011, the government has racked up $973 billion in total deficits, a pace which is slightly better than 2010, when the government had just crossed the $1 trillion mark at this point.
The record 33 month streak is the longest since they began keeping records in 1980.
Unfortunately, interest makes up a rapidly-increasing share of the debt: 18% more in 2011 than in 2010.
Ahhh, the power of compound interest. Combine it with the power of Congressional spending and it’s the perfect recipe to destroy the greatest economy the world has ever seen.
Source: Washington Times