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WASHINGTON — Closing the books on a fiscal year in which the federal budget deficit fell more sharply than in any year since the end of World War II, the Treasury Department reported on Thursday that the deficit for 2013 dropped to $680 billion, from about $1.1 trillion the previous year.
Gee, just 680 billion now. Since 1960 we have on average a recession every 7 years. When you are 5 years into a "recovery" and the annual deficit is 680 billion you have a problem.
Don't you just love how it's always "less robust than initially thought'" or "unexpected downturn", etc.
It's truly amazing, but that's what happens when government starts to believe its own lies.
Quote:
Originally Posted by mohawkx
I just love how you guys can spin good news into doom and gloom in less than 2 short pages. You're like a Hanukkah Dreidel.
That's funny.
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Originally Posted by BigJon3475
Yeah, you like that? Friday dumps and downward revisions. I mean it was almost a full percentage point this time. Yikes!
It should be illegal for any government agency to release any information after 2:00 PM (Eastern) on Thursdays.
They did that on purpose. They were trying to keep the McTraders from entering into a McPanic, with the hope that rational minds will prevail Monday morning on the stock market.
Plus it gives the entire weekend for the economic sections at the embassies and missions to work the phones and rub elbows with Treasury Ministers in other States so they don't panic and start selling US Dollars or dumping US treasury notes.
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Originally Posted by HappyTexan
They must have known this was coming. The way the GDP gets calculated changed last summer.
Of course they knew this was coming.
How could they not know? No one is that damn stupid. That's what is so aggravating.
You just redirected $400 Billion out of your economy into a massive black hole abyss that is Healthcare.....of course you're going to feel that -- and they know that -- and it will take a while for the economy to adjust, assuming it ever does.
That's why Obama hit the panic button and starting delaying part of the ACA.
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Originally Posted by HappyTexan
We went to "mark to magic" like the banks did with fairy tale values placed on intangibles.
Quote:
Originally Posted by BigJon3475
I know. That picture hanging on your wall now has a calculation in GDP. Artistic magical values!
Great....I wonder what my finger-paintings from elementary school are worth now.
WASHINGTON — Closing the books on a fiscal year in which the federal budget deficit fell more sharply than in any year since the end of World War II, the Treasury Department reported on Thursday that the deficit for 2013 dropped to $680 billion, from about $1.1 trillion the previous year.
............................. and still 50% higher than the average deficit under Bush, even with the democrat congress going on a wild spending spree that last two years!
In the mind of a liberal-
Bush deficits $450 billion- TERRIBLE!
Obama deficit $680 billion- FANTASTIC!
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