Full Year 2012 deficit fell to $1.089 trillion, $207 billion less than 2011. (dollar, economic, education)
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I have a hard time fathoming how much money that is, honestly. The deficit should never become so out of control so fast. We went from a nearly balanced budget just over a decade ago, to this debacle we have now.
Deficit spending is not a bad thing, however, during times of recession, but I'm afraid when/if the economy gets back on its feet, we will still run $500+ billion deficits.
a cut of $200 billion in the deficit, not a bad start, but NOT the 50% cut that obama promised in 2008. so nice try, but no cigar.
EXACTLY RIGHT!
50% cut? He doubled it first, so to say $200B is a good start, a good start from what point?
I was for cutting the deficit after I was for doubling it?
Obama's fiscal prowess should be considered the eighth wonder of the world. Nobody will ever manage to do the political and social damage this cat has in just four short years.
This is bad news. We need to explode the deficit and actually invest into America. We need to modernize our infrastructure, put teachers, policemen, and firefighters back to work. We need an investment led recovery
To quote Sachs, A true recovery should be investment led rather than consumption led. We need long-term investments in human capital (skills) and in key infrastructure such as low-carbon energy systems, smart grids for cities, cutting-edge information and management systems for low-cost integrated healthcare delivery, and inter-city fast rail. Jeffrey Sachs: Economic Policy Beyond Gimmicks
Paltry tax cuts and austerity measurements are getting us nowhere.
I have a hard time fathoming how much money that is, honestly. The deficit should never become so out of control so fast. We went from a nearly balanced budget just over a decade ago, to this debacle we have now.
I have a hard time fathoming how much money that is, honestly.
Good for you that you can admit that.
You're not alone. It's really hard to visualize or conceptualize it. I'll be damned if I can even grasp it. Yeah, I know, if you take $1 Bills and stack them it will go to the Moon and back, blah, blah, blah, blah but that doesn't really do much.
I think sometimes it's best to view it in terms of individual responsibility. For example, for every American 16 years and over, the National Debt comes to $61,532.91 per person.
$1 TRILLION works out to $4,102.19 per person (over 16 years).
Is that a lot?
Surely we can develop an objective standard to view it. That's about 4 months of income for me.
Quote:
Originally Posted by emcee squared
The deficit should never become so out of control so fast. We went from a nearly balanced budget just over a decade ago, to this debacle we have now.
Well, sometimes you have to spend money to make money, but normally that is done by level-headed rational people who have a plan to recoup what they spent (as far as their initial indebtedness).
Sometimes it's also necessary to spend money to keep from spending money.
Would you spend $1,000 now in order to avoid spending $100,000 in the future? Your foreign policy as it relates to your wars is something like that.
Quote:
Originally Posted by emcee squared
Deficit spending is not a bad thing, however, during times of recession, but I'm afraid when/if the economy gets back on its feet, we will still run $500+ billion deficits.
You'll be running $TRILLION deficits forever (in any practical sense).
Consoling...
Mircea
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