The Deficit

#2
#2
How is that calc'ed?

Doesn't matter, in the land of the blind, one eyed man is king.
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#5
#5
BigPapaVol said:
But what are the moving parts? Numerator or denominator?
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Don't know. But hard to see how Treasury would measure it one way one year and another way two years later.

However they are calculating it, it is evidently significantly lower than the last GOP president.
 
#6
#6
lawgator1 said:
Don't know. But hard to see how Treasury would measure it one way one year and another way two years later.

However they are calculating it, it is evidently significantly lower than the last GOP president.
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Didn't say they calc it differently. There is an entirely different message in receipts increasing yet spending still massively outstripping that than there is in less wanton pissing away. I suspect receipts have rebounded because big losses are down.
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#7
#7
wait, last year we had the largest budget year deficit in history, this is projected as being number 2. What are you talking about?
 
#8
#8
crazyguy said:
wait, last year we had the largest budget year deficit in history, this is projected as being number 2. What are you talking about?
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That's what I'm not understanding. More news channel silliness is what this sounds like.
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#11
#11
BigPapaVol said:
The it doesn't include much of the stimulus. Fortunately for the clown, the healthcare debacle won't come home to roost for years.
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Not sure whether it includes only stimulus spent or designated and appropriate
 
#14
#14
BigPapaVol said:
I'll find it in the morning. Sounds like shenanigans to me.
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Has to be. I am thinking they are counting the last budget year that was both Bush and Obama as the "Republican year", which would have been the worst deficit in history. And this year's is number two, and 8% smaller.

Presto, Obama is "shrinking the deficit." But only by the metric of the massive deficit from the stimuli.
 
#15
#15
Elections are getting close. More and more BS will come out in the media as they attempt to sway stupid voters. How are ya LG?
 
#17
#17
Definitely some funny business going on here. Here's just a few early spending decisions Obama made in his first year (whether you count it as his budget or not).

1. Authorized second flight of TARP
2. Signed Ominbus spending bill that increase discretionary spending by 20%
3. Redirected repaid TARP funds/unused TARP funds to auto bailouts and cash for clunkers
4. Signed unemployment benefits extensions.

There's more I'm sure but claiming last year was not his deficit simply ignores the impact he had on that deficit.
 
#18
#18
In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.

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#19
#19
(MarketWatch) - The U.S. government's budget deficit was $91 billion in August, the Treasury Department said Monday, as the federal government again spent more than it brought in.
Receipts were $164 billion, while outlays totaled $255 billion. The August shortfall was 13 percent less than recorded a year ago.
The deficit is nearly $1.3 trillion in the first 11 months of the fiscal year, the Treasury report also showed Monday. That is $111 billion or eight percent lower than the same period in fiscal 2009.
 
#20
#20
I wonder if those numbers are with or without the Iraq/Afghanistan war spending?

Obama and co. wanted those figures to be put on-budget, but I'd almost be willing to bet that these new figures don't reflect that.
 
#22
#22
Corporate tax receipts are up 30% over last year. Spending has simply massively outpaced anything we might try to fix. Individual tax receipts are actually down. One would think corporate tax receipts would be a great sign, but it's actually just that last year the entire financial sector, which is huge, was booking losses and paying no taxes whatsoever. Improving on that is good, but not a sign of strengthening. Rather, it's just less broken.

This will be the second highest deficit as a % of GDP in our history, save the World Wars, only behind last year.

As I said, it's a numerator / denominator issue.
 
#24
#24
lawgator1 said:
as the federal government again spent more than it brought in.
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and people wonder why the country is in trouble. Do this as an individual and ruin your life but do this as the gov't and people like LG will pat you on the back.
 
#25
#25
BigPapaVol said:
Corporate tax receipts are up 30% over last year. Spending has simply massively outpaced anything we might try to fix. Individual tax receipts are actually down. One would think corporate tax receipts would be a great sign, but it's actually just that last year the entire financial sector, which is huge, was booking losses and paying no taxes whatsoever. Improving on that is good, but not a sign of strengthening. Rather, it's just less broken.

This will be the second highest deficit as a % of GDP in our history, save the World Wars, only behind last year.

As I said, it's a numerator / denominator issue.
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utvolpj said:
and people wonder why the country is in trouble. Do this as an individual and ruin your life but do this as the gov't and people like LG will pat you on the back.
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1. No one is defending deficit spending. Ideally, we would not have to do it. Reality is that from time to time we do. We've been here before and gotten out of it. I'm betting we can, again.

2. It is neither fair nor accurate to blame the size of the current deficit solely on Obama or Democrats. All parties are to blame. You can point to a particular snapshot in time and argue one is more at fault than the other (is it Democratic overspending? Is it GOP deregulation causing economic problems? Is it Republican overspending? Is it Democrat-sponsored tax cuts?), but that's just a circular debate that gets us nowhere fast.

3. Long-term, the three biggest threats to fiscal stability are Social Security, Medicare, and defense spending. Social Security and Medicare we can reasonably estimate how bad its going to get. Defense spending is obviously much more uncertain. Everyone has their pet projects and payoffs within those programs. Everyone has their sacred cows.

Would love to see a politician who calls it like it is, who won't say what he/she has to in order simply to get elected and will propose specific reforms and cuts.

Never happen.
 
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