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Friday, March 29 2024 @ 02:15 AM CDT

Year 2011 becomes one of the worst in US history

Reptilian Rule

The U.S. Treasury announced the completion of another financial year. The budget deficit in 2011 reached record high, amounting to nearly $1.3 trillion. Experts consider it the worst result in history as a larger budget deficit was only in 2009. At the moment the U.S. economy is still struggling with the effects of the global financial crisis of 2008-2009.

According to the Ministry of Finance, fiscal year 2011 that ended on September 30 was one of the worst in history: the budget deficit was $1.299 trillion, or 8.7% of GDP. According to Vzglyad, a year earlier this number was $1.294 trillion, or 8.9% of GDP.??

In the history of the country a larger annual budget deficit was recorded only in 2009, when it hit a record $1.416 trillion, or 10% of GDP. The U.S. expected budget deficit in 2011 fiscal year of about $1.65 trillion, and then the estimate has been lowered to $1.32 trillion.

Analysts noted that the U.S. economy was still unable to cope with the global financial crisis of 2008-2009. The negative trend can be traced to this day because of slow economic recovery and the recent volatility of financial markets, RIA "Novosti" reported. Recently, the U.S. received another blow - after months of negotiations between Republicans and Democrats on the national debt ceiling increase, which nearly resulted in a declaration of the country's technical default, S&P has downgraded the country's credit rating from AAA to AA +.??

At the same time there is not much hope that the global economic situation will improve. In the fall of 2011 the U.S. government's spending exceeded revenues by $64.6 billion, the revenues last year totaled $2.3 trillion (15.4% of the GDP), compared to $2.16 trillion (15.1% of GDP), a year earlier - an increase of 6.5%, while expenses increased by 4.2%, from $ 3.46 to $ 3.60 trillion, "Interfax" reported.

In August, the U.S. Congress considered the President's program to reduce the budget deficit by $3.6 trillion over 10 years. If Congress does not approve the program until December 23, automatic amendments to the budget for the next, 2013 financial year, will enter into force, aimed at reducing costs by approximately 12%.?

In September, the Committee on Open Markets of the Federal Reserve System (FRS) of the USA at the meeting noted that in the coming years the U.S. economy will be at risk, as the economic recovery is now more susceptible to negative shocks situations due to the slowdown of the economic activity.?

The experts see a likelihood of a more significant than previously expected medium-term fiscal consolidation, and the risk of negative influence from Europe in the event of a significant deterioration of the financial situation in the region.??

Participants at the meeting noted "considerable uncertainty" about the prospects for a gradual acceleration of the economic growth in the U.S. Fed, in connection with such conclusions, has decided to support the economy through the sale of short-term debt securities by $400 billion before the end of June 2012 and the purchase of the proceeds of securities maturing in 6-30 years.??It is not ruled out that this step is to reduce long-term interest rates and help make the financial conditions more benign. ?

Valentine Vasspard?

Bigness

pravda.ru


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