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The fact the Deficit hasn't actually plunged 32%, only the deficit SPENDING is currently 32% less we still have a deficit of TRILLIONS, and as long as we are still spending more than the government is taking in, it will get larger and larger.
The fact the Deficit hasn't actually plunged 32%, only the deficit SPENDING is currently 32% less we still have a deficit of TRILLIONS, and as long as we are still spending more than the government is taking in, it will get larger and larger.
Yes the deficit HAS "plunged 32%".
You don't seem to understand the difference between the DEFICIT and the DEBT.
The deficit is the YEARLY difference between revenue and spending.
The debt is ACCUMULATED deficits over many years.
So YES, the deficit HAS "plunged 32%" - though the debt has continue to climb - and will as long as there continues to be yearly deficits.
CBO projections mean nothing beyond 2013 as they are not allowed by law to take into account what people will do when their taxes hit them hard, or when obamacare really gets going. the CBO can only look at static economic models, not dynamic ones. i hope that this lowering of the deficit lasts, i fear it wont though. we shall see.
actually it was the republicans that drove the budget cutting, and the dems constantly hampered the efforts. enough dems finally came on board and the budget cutting began. if this continues it will ultimately be a win for the american people, but both parties have egg on their faces and mud in their pockets.
It's not the budget cutting that's cut the deficit (as mentioned many times - in spite of the cuts, spending has STILL risen), it was the REBOUNDING ECONOMY (you know - the very thing wingnuts CONTINUE to deny) and the TAX INCREASES that have resulted in the rapid decrease of the deficit.
It's not the budget cutting that's cut the deficit (as mentioned many times - in spite of the cuts, spending has STILL risen), it was the REBOUNDING ECONOMY (you know - the very thing wingnuts CONTINUE to deny) and the TAX INCREASES that have resulted in the rapid decrease of the deficit.
Ken
Rebounding economy, huh?
Quote:
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 1.8 percent in the first quarter of 2013 (that is, from the fourth quarter to the first quarter), according to the "third" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 0.4 percent. The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, real GDP increased 2.4 percent. With the third estimate for the first quarter, the increase in personal consumption expenditures (PCE) was less than previously estimated, and exports and imports are now estimated to have declined (for more information, see "Revisions" on page 3).
The economy is not rebounding. The Federal Reserve has injected $85 billion/month for quite a while now. from 2012 Q4 to 2013 Q1 the "current" dollar GDP grew by $120 billion. That's outstanding, right? At the same time the Fed inject $255 billion. That's still outstanding, right?
No, that's an economy that's still shrinking and is only limping along because of the Fed's actions. Had the Fed not been injecting $255 billion over that same time period we would be seeing a decreasing GDP... i.e. recession.
In fact no quarter since the Fed started injecting money has the GDP increased in current dollars more than the $255 billion they've been using to give the impression the economy is turning around.
When the economy grows own its own the economy will be rebounding. Till then it's all smoke and mirrors to make people think it's rebounding.
The Fed is adding almost a $1 trillion a year to the economy and ou're still not seeing inflation. That should be your key indicator that the economy is not "rebounding."
It's not the budget cutting that's cut the deficit (as mentioned many times - in spite of the cuts, spending has STILL risen), it was the REBOUNDING ECONOMY (you know - the very thing wingnuts CONTINUE to deny) and the TAX INCREASES that have resulted in the rapid decrease of the deficit.
Ken
the reality is that it is a combination of both. a slightly improved economy with increased tax revenues, and budget cuts, decidedly small as they are. the problem is, as i said, the economy is dynamic, but the CBO has to use static models, so everything after 2013 is rubbish as far as projections go. there is no accounting for what people do to cut their tax expenditure and liability. it also doesnt take into account what obamacare will do to the economy when it fully kicks in. so as i said, i fear that the good news wont last long.
The Clinton 'surplus' is nothing but a shell game. In Clinton's last four budgets, he increased how much money was being taken from intergovernmental holdings to pay down the public debt. Its like taking a home equity loan to pay off your credit cards and then claiming you're now debt free.
Spending was still far too high under Bush's term, but it exploded once the Democrats took control of the purse strings.
I suggest that when you think you know something about numbers you actually check the numbers. While spending was high under Bush it did NOT explode under the Democrats. In fact, spending under Obama has flattened.
That leftist rag the Wall Street Journal has a new assessment of the most influential business thinkers. Who are they?
1.Paul Krugman
2. Joseph Stiglitz
3. Bill Gates
4. Michael Porter
5. Thomas Friedman
6. Eric Schmidt
7. Richard Branson
8. Malcolm Gladwell
9. Robert Reich
10. Jack Welch
11. Muhammad Yunus
12. Niall Ferguson
13. Michael Dell
14. Howard Gardner
15. Jimmy Wales
This is like maxing your credit card in one year and then celebrating the fact you only maxed out other cards the next few years. It's only when you use the porkulus year of 2009 as a baseline that the deficit doesn't increase much under Obama....becsue it's already through the roof.
I fixed your graph for you:
Last edited by thecoalman; 08-01-2020 at 05:30 PM..
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