Random Friday: $1 trillion deficit, recessions, Elizabeth Warren saving Natives

News Story of the Day: So much for fiscal conservatism from the Republican Party…

It was reported this week that the July budget deficit ballooned to $120 billion, up from a $77 billion shortfall from the same time a year ago.

The primary cause? Spending. The government spent 23 percent more, primarily on Social Security, Medicare, and defense.

Receipts climbed a health 12 percent as revenues from income, payroll, and corporate taxes soared.

As expected, customs duties were up 59 percent last month.

Unfortunately for the administration, the budget deficit has increased 27 percent as the gap between spending and revenues continues to widen.

The White House is now anticipating a $1 trillion deficit.

Chart of the Day: Terrified of a recession? Well, when it happens, be sure to equip yourself with the knowledge of past recessions from around the world, courtesy of the Business Insider:

Illustration of the Day: Here is something to noodle:

Quote of the Day: So far, most of the reports and analysis of the White House’s proposal of buying Greenland has been comical. But The Washington Examiner has a piece that considers the pro side of the idea. Here is an excerpt:

The U.S. has intermittently expressed an interest in buying Greenland since 1867, and in 1946, President Harry Truman actually offered to purchase it for $100 million (the equivalent of $1.316 billion today).

While there is absolutely no sign that Denmark or the mostly autonomous Greenlanders themselves would be interested in becoming part of the U.S., it does make a certain sense for them. Greenland holds no military value for a nation as small as Denmark, which has no need to worry itself with “force projection” the way the U.S. does. And while the natural resources could be as valuable to Denmark as they would be to the U.S., Denmark right now spends nearly $600 million annually in subsidies to Greenland’s government. Ridding itself of those costs, plus getting a big lump-sump payment from its American allies to boot, could be a good deal for the Danes.

Each major time the U.S. has bought territory — the Louisiana Purchase in 1803, Alaska in 1867, what are now the U.S. Virgin Islands in 1917 — has proved to be a good investment. This one might be just as wise.

The price would need to be negotiated. The wishes of Greenland’s current population should be considered. The structure of territorial governance would need to be worked out. These and other considerations might argue against the deal even if Denmark were willing to sell.

Tweet of the Day: Did you hear about Sen. Elizabeth Warren (D-MA)’s new Native American proposal? The first-ever Native American senator to run for president has announced a number of measures to improve the lives of Native Americans. Well, the government has already done enough to the community that so many are addicted to drugs and alcohol. But, considering Warren’s past, the irony is too rich.

OK… Who is going to tell @ewarren? #Election2020 https://t.co/FBOjYCqKQD pic.twitter.com/PnJpwv98au

— Liberty Nation (@libertynation) August 16, 2019