CNBC, that font of misinformation, would like you to know that “Anyone who ran a company with a balance sheet that looked like the U.S. probably wouldn’t have a company anymore.”
Of course, nobody can run a company with a balance sheet like the US, which is why it’s always a mistake to compare the US government to a corporation, much less a household. The government can pass taxes and print money. You and I can’t.But wait... it gets better...
Perhaps worse even than CNBC’s balance-sheet boo-boo is this whopper:
The declining national deficit this year due primarily to sequestration budget cuts has provided some optimism that the problem is becoming more manageable.
That’s flat false.
Higher tax receipts accounted for nearly 80 percent of the decline in the deficit. Government spending declined by $84 billion in fiscal year 2013, and sequestration was responsible for about $42 billion of that.
Tax receipts, meantime, rose $325 billion, accounting for the vast majority of the decline in the deficit.CNBC is challenging Fox News for the title of derpiest media outlet.