US Deficit Explodes In August Despite Rising Tariff Revenues As Government Spending Soars; EU To Resist Trump For 100% tariffs On China & India Tariffs; Epstein's Inbox Lays Out Gift Networks...
US Deficit Explodes In August Despite Rising Tariff Revenues As Government Spending Soars
“The DOGE myth was good while it lasted.”
“We used to dread covering the monthly update of US government income and spending because, without fail, it would show that the USS Titanic was getting that much closer to the inevitable iceberg crash. A few months ago, there was a glimmer of hope when thanks to Elon Musk and DOGE, there was a brief push to cut government spending, while at the same time the US also found a new revenue stream in the form of tariffs which helped reduce the massive monthly US deficit by a modest amount. Alas, in the grand scheme of things, the modest trim in spending and the bounce in revenue proved to be too little... and too late.
[The USS Titanic is a good example or metaphor of the U.S. economy. - JRD]
With that in mind, here is a look at the latest Treasury Income Statement for the month of August, published earlier today.
First, the good news: for the fifth month in a row, the US government benefited from outsized tariff revenues, which as shown in the chart below, continue to rise and in August hit just under $30BN - or about $360BN annualized - at the current tariff rate.
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ELON MUSK: "I haven't been to DC since May. The government is basically unfixable. I applaud David (Sacks') noble efforts...but at the end of the day if you look at our national debt...if AI and robots don't solve our national debt, we're toast."
[Because of the great and excessive spending by the government, especially of wars involving Ukraine and Israel, as well as the industrial military complex in American, the economy of this country is in a serious, serious situation. Also BRICS, and the meeting in China of 20 countries representing more than 50% of the world’s population means these countries are moving away from the dollar and trading with the United States. Theses countries are tired of the tariffs and threats of tariffs and tired of the inflationary price rises shifted to their countries due to the the dollar being the world’s reserve currency and the petrodollar. (I have blog posts regarding the new multipolar world.) The U.S. empire is falling right before our eyes. Then you may have seen on a blog post the following:
Boeing just lost billions in airplane contracts because India canceled them. Now President Trump postures as the worker’s protector, as the worker’s friend. Well, the workers at Boeing, and there are over 100,000 of them, and now they are looking at a tremendous loss in revenue and income. And Boeing selling aircraft to India is not putting our national security at risk. That’s ridiculous.”
“The original deal for six additional Boeing P-8I maritime patrol aircraft was approved by the US State Department in 2021 for $2.42 billion. The price has soared in the ensuing years due to supply chain disruptions, inflation, and the tariffs imposed by US President Donald Trump.”
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EU To Resist Trump Pressure To Hit China & India With 100% Tariffs
“US willing to implement matching tariffs if Europe proceeds...”
“Eyebrows have been raised as President Trump has reportedly been busy urging the European Union to impose tariffs of up to 100% on China and India over their purchases of Russian oil. Europe is unlikely to comply, most reports say.
According to the Financial Times and CNBC, Trump made the proposal during a meeting in Washington on Tuesday with top American and EU officials - with one aspect to the pitch being the US is willing to implement matching tariffs if Europe proceeds. The Europeans were led by the bloc's sanctions chief, David O'Sullivan, and the US side was led by senior US Treasury officials.
The European Commission has kept mum on the report, as has the White House, but the Commission has been touting its forthcoming 'tough' 19th sanctions package targeting Russia, given it includes measures to target sanctions evasion involving third countries.
India has blasted the current 50% tariff levied by Washington, including a 25% punitive duty it for its Russian oil purchases, and the EU is wary of any overly aggressive method which would damage relations with China and India.
But a US official told the Financial Times that the Trump White House is "ready to go, ready to go right now, but we are only going to do this if our European partners step up with us."
Trump had written Tuesday on Truth Social, "India, and the United States of America, are continuing negotiations to address the Trade Barriers between our two Nations."
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Epstein's Inbox Lays Out Gift Networks, PR Tactics, And Strange Habits
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