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This is good news for deficit hawks, not for those who know about economics or public finance.
Quote:
Bolstered by a strengthening economy and job market, the U.S. budget deficit has continued to shrink, reaching its lowest level for the fiscal year to date since 2008.
The deficit declined to $366 billion for the period from October 2013 through June 2014, according to the Treasury Department. That’s 28% percent lower than the deficit for the same nine months last year. The government had a small monthly surplus of $71 billion in June.
The recovery has helped lower the deficit by bolstering tax revenues and reducing the need for social programs, says Gus Faucher, senior economist for the PNC Financial Services Group. “This is more a reflection of the improving economy than anything else.” The falling deficit is also linked to the discretionary spending cuts that Congress and the White House have passed since 2011, along with a handful of tax increases.
Those cuts have concerned some policy experts who believe that such deficit-reduction measures were poorly timed and have hampered the overall pace of the recovery. At the same time, deficit hawks warn that Washington’s recent budget reforms – which barely affect entitlements or the vast majority of the tax code – do little to change the nation’s long-term deficit outlook.
It is threads like this that make me keep my grain of salt handy. A simple google search turns up the following:
"Better than 2008" isn't all that exciting. That was George W's worst year by miles. The economy recovered from it's 2007/2008 collapse and now revenues are recovering. Not sure how Obama can take credit for that. He hasn't actually decreased spending.
The TEA Party slammed the brakes on spending increases in 2010. Can't really give Obama credit for that one. Both parties like to take credit for things they didn't actually do and blame the other party for things that they are not to blame for. I don't think Obama actually did anything to make this one happen. Still, in a culture of giving credit where credit is not due, good job Mr O.
In the mid-session review by the Office of Management and Budget, the administration found the deficit would be 3.4 percent of GDP and nearly $1 billion less than last year’s deficit.
Doesn't anybody have any brains left at all? There is nothing that this administration has done to improve anything ! I grant you that Bush 2 was no damn good but I shudder to think what this empty suit in office now would have done under the same circumstances ! The economy is improving INSPITE of obama not because of him. As long as you lemmings keep defending this jerk the news will go along with you. Wake up, times are garbage, and they won't get better for a long time to come. As long as you keep putting the same idiots back in office you'll get the same results ! And you deserve it !!
When the GOP took the house in Jan 2011 federal spending ceased to spike skywards. Not surprised that the MSNBC article does not place the credit where it belongs, on Boehner, Cantor, Paul Ryan, and the house republicans. Historical Federal Receipt and Outlay Summary
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