Why is no one cheering the falling deficit?

[Sallow]

Just wait until the interest rates rise from the federal reserve, Sal.

And wait until Wall Street gets a wiff of that...

Indeed. This is what should happen to Obama voters:

It's too bad none of the folks who keep making those threats can actually make them happen, eh?

 

[Geaux4it]

Oppies..

Has anyone noticed that the U.S. budget deficit has plunged by nearly $1 trillion since its peak in 2009? Probably not.

It has become a politically inconvenient truth that budget deficits will only grow and never decline, and yet, an astounding $1 trillion dollars has been hacked from the annual shortfall.

Read More › CBO estimates lower deficits as health subsidies fall

The winding down of two decade-long wars, fiscal restraint, stronger than forecast economic growth, hence higher tax receipts, and higher tax rates, have all contributed to a very significant decline in government red ink.

And it certainly has defied conventional wisdom in Washington that wrongly suggested that such a turnabout was even remotely possible.

Recall the prevailing wisdom on budget deficits just five short years ago. This report from the Washington Post, July 24th, 2010, suggests that trillion-dollar deficits would become the norm after "The Great Recession," not the exception:


"The latest forecast from the White House budget office shows the deficit rising to $1.47 trillion this year, forcing the government to borrow 41 cents of every dollar it spends. Contrary to official projections, the budget gap will not begin to narrow much in 2011, because of an unexpectedly big drop in tax receipts … The White House predicted Friday it will not dip below 8 percent until the end of 2012."
The Congressional Budget Office is cutting its estimates of the U.S. deficit to $492 billion due to lower-than-expected Obamacare premiums, reports CNBC's Eamon Javers.


Oops! The deficit peaked in 2009 and has been on a rapid downward trajectory ever since.
Why is no one cheering the falling deficit??economy?Commentary!

There goes that "big spending" argument..

BFD- Just when Obama is set to finally get the hell out of the Oval office, deficits soar.

The damage Obama is doing now will be felt later 4-fold

-Geaux

Changes From CBO’s Previous Projections
Since May 2013, when CBO issued its previous baseline budget projections, the agency has reduced its estimate of this year’s deficit by $46 billion and raised its estimate of the cumulative deficit between 2014 and 2023 by $1.0 trillion. (That 10-year period was the one covered by the previous baseline.) Those changes result from revisions to CBO’s economic forecast; newly enacted legislation; and other, so-called technical factors, such as new information about recent spending and tax collections.

Most of the increase in projected deficits results from lower projections for the growth of real GDP and for inflation, which have reduced projected revenues between 2014 and 2023 by $1.4 trillion. Legislation enacted since May has lowered projected deficits during that period by a total of $0.4 trillion (including debt-service costs). Other changes to the economic outlook and technical changes have had little net effect on CBO’s deficit projections.

 

[TemplarKormac]

The GOP does not want anyone to know that. They love the deficit. The larger, the better for the challenged GOP.

Really now? Have you been living in a cave for the past 6 years? What have we been protesting so much? The deficit. So, to say we "love big deficits" is you shoving your head up your backside.

 

[Mac1958]

We are paying billions evey month just to cover the interest payments on the debt.
What will happen if / when the interest rate goes up..

Yeah, this is something you never hear about.

The existing debt is bad enough, but when treasuries go higher - and they could get a LOT higher - then our borrowing habit gets much more destructive.

This is why we so desperately need a Balanced Budget Amendment, but the fucking crooks in DC don't want to be constrained from buying votes, influence and donations.

.

 

[Sallow]

We are paying billions evey month just to cover the interest payments on the debt.
What will happen if / when the interest rate goes up..

Yeah, this is something you never hear about.

The existing debt is bad enough, but when treasuries go higher - and they could get a LOT higher - then our borrowing habit gets much more destructive.

This is why we so desperately need a Balanced Budget Amendment, but the fucking crooks in DC don't want to be constrained from buying votes, influence and donations.

.

We'd never be able to wage war again.

Hey..wait.

There's a thought.

 

[Zander]

We are paying billions evey month just to cover the interest payments on the debt.
What will happen if / when the interest rate goes up..

Yeah, this is something you never hear about.

The existing debt is bad enough, but when treasuries go higher - and they could get a LOT higher - then our borrowing habit gets much more destructive.

This is why we so desperately need a Balanced Budget Amendment, but the fucking crooks in DC don't want to be constrained from buying votes, influence and donations.

.

We'd never be able to wage war again.

Hey..wait.

There's a thought.

I'd support a balanced budget amendment.

The simple way to allow for unexpected contingencies is by writing the law in a way that allows the executive a bit of discretionary spending (say 2-3%) in the event of natural disasters, financial crisis, or war.

The feds spent 3.6 Trillion in 2012- 22.9% of GDP. A balanced budget would bring that down to 18%.

I don't see why the feds can't cut spending by 5%....it makes absolutely no sense.

 

[Mac1958]

We are paying billions evey month just to cover the interest payments on the debt.
What will happen if / when the interest rate goes up..

Yeah, this is something you never hear about.

The existing debt is bad enough, but when treasuries go higher - and they could get a LOT higher - then our borrowing habit gets much more destructive.

This is why we so desperately need a Balanced Budget Amendment, but the fucking crooks in DC don't want to be constrained from buying votes, influence and donations.

.

We'd never be able to wage war again.

Hey..wait.

There's a thought.

Sure as hell wouldn't break MY heart.

.

 

[Meister]

And wait until Wall Street gets a wiff of that...

Indeed. This is what should happen to Obama voters:

It's too bad none of the folks who keep making those threats can actually make them happen, eh?

Yeah, lucky for you.

 

[JimH52]

The GOP is like Chicken Little:

THE DEFICIT IS FALLING!

It is their worst nightmare.

 

[Sallow]

Indeed. This is what should happen to Obama voters:

It's too bad none of the folks who keep making those threats can actually make them happen, eh?

Yeah, lucky for you.

Having gone up against a few folks that could make that happen?

You bet!

 

[Sallow]

The GOP is like Chicken Little:

THE DEFICIT IS FALLING!

It is their worst nightmare.

Not really.

They are in Egypt on this.

Near Da Nile!

 

[TemplarKormac]

The GOP is like Chicken Little:

THE DEFICIT IS FALLING!

It is their worst nightmare.

Not really.

They are in Egypt on this.

Near Da Nile!

Sure, but you need to quit hogging Da Nile. Why aren't we cheering a "falling deficit?"

Because there isn't one.

 

[The T]

The GOP is like Chicken Little:

THE DEFICIT IS FALLING!

It is their worst nightmare.

Not really.

They are in Egypt on this.

Near Da Nile!

Sure, but you need to quit hogging Da Nile. Why aren't we cheering a "falling deficit?"

Because there isn't one.

By the same token CHEERING the falling MANDATES that are over $200 TRILLION?

It will NEVER be repaid or met. SALLOW lives in a dream world.

 

[Spoonman]

Oppies..

Has anyone noticed that the U.S. budget deficit has plunged by nearly $1 trillion since its peak in 2009? Probably not.

It has become a politically inconvenient truth that budget deficits will only grow and never decline, and yet, an astounding $1 trillion dollars has been hacked from the annual shortfall.

Read More › CBO estimates lower deficits as health subsidies fall

The winding down of two decade-long wars, fiscal restraint, stronger than forecast economic growth, hence higher tax receipts, and higher tax rates, have all contributed to a very significant decline in government red ink.

And it certainly has defied conventional wisdom in Washington that wrongly suggested that such a turnabout was even remotely possible.

Recall the prevailing wisdom on budget deficits just five short years ago. This report from the Washington Post, July 24th, 2010, suggests that trillion-dollar deficits would become the norm after "The Great Recession," not the exception:


"The latest forecast from the White House budget office shows the deficit rising to $1.47 trillion this year, forcing the government to borrow 41 cents of every dollar it spends. Contrary to official projections, the budget gap will not begin to narrow much in 2011, because of an unexpectedly big drop in tax receipts … The White House predicted Friday it will not dip below 8 percent until the end of 2012."
The Congressional Budget Office is cutting its estimates of the U.S. deficit to $492 billion due to lower-than-expected Obamacare premiums, reports CNBC's Eamon Javers.


Oops! The deficit peaked in 2009 and has been on a rapid downward trajectory ever since.
Why is no one cheering the falling deficit??economy?Commentary!

There goes that "big spending" argument..

We can thank the republicans for forcing austerity and budget cuts. boy remember how the democrats criticized them for that

 

[M14 Shooter]

FY2013 deficit : -$679B

While this is down significantly from Obama's first deficit of -$1,412B*, it is still amost 50% higher than GWB's highest deficit of $458B (FY2008).

So... if all of that "good work" and "progreess" gives you hope and qualiifies as "change", feel free to pat The Obama on the back.

Just remember:
The national debt was 10,626,877,048,913.08 whn GWB left offce.
Its risen 6,810,997,211,499.10 (64.92%) since then - every single dollar of which was spent by choice.

* FY2009 budget deficit. FY2009 budget was signed into law by The Obama in Marh 2009.

 

[Paperman299]

FY2013 deficit : -$679B

While this is down significantly from Obama's first deficit of -$1,412B*, it is still amost 50% higher than GWB's highest deficit of $458B (FY2008).

So... if all of that "good work" and "progreess" gives you hope and qualiifies as "change", feel free to pat The Obama on the back.

Just remember:
The national debt was 10,626,877,048,913.08 whn GWB left offce.
Its risen 6,810,997,211,499.10 (64.92%) since then - every single dollar of which was spent by choice.

* FY2009 budget deficit. FY2009 budget was signed into law by The Obama in Marh 2009.

This is incorrect. His first year in office, the President basically has to live with a budget made by the previous President. Clinton's last budget was FY2001, at a surplus of $127.3 Billion. Bush's last budget was FY2009, at a deficit of - well, see above.

 

[Missouri_Mike]

FY2013 deficit : -$679B

While this is down significantly from Obama's first deficit of -$1,412B*, it is still amost 50% higher than GWB's highest deficit of $458B (FY2008).

So... if all of that "good work" and "progreess" gives you hope and qualiifies as "change", feel free to pat The Obama on the back.

Just remember:
The national debt was 10,626,877,048,913.08 whn GWB left offce.
Its risen 6,810,997,211,499.10 (64.92%) since then - every single dollar of which was spent by choice.

* FY2009 budget deficit. FY2009 budget was signed into law by The Obama in Marh 2009.

This is incorrect. His first year in office, the President basically has to live with a budget made by the previous President. Clinton's last budget was FY2001, at a surplus of $127.3 Billion. Bush's last budget was FY2009, at a deficit of - well, see above.

You may have not noticed but it's 2014.

 

[The T]

FY2013 deficit : -$679B

While this is down significantly from Obama's first deficit of -$1,412B*, it is still amost 50% higher than GWB's highest deficit of $458B (FY2008).

So... if all of that "good work" and "progreess" gives you hope and qualiifies as "change", feel free to pat The Obama on the back.

Just remember:
The national debt was 10,626,877,048,913.08 whn GWB left offce.
Its risen 6,810,997,211,499.10 (64.92%) since then - every single dollar of which was spent by choice.

* FY2009 budget deficit. FY2009 budget was signed into law by The Obama in Marh 2009.

This is incorrect. His first year in office, the President basically has to live with a budget made by the previous President. Clinton's last budget was FY2001, at a surplus of $127.3 Billion. Bush's last budget was FY2009, at a deficit of - well, see above.

You may have not noticed but it's 2014.

PaperBOY just wapred in here from his alternate Universe.

 

[RandallFlagg]

This is incorrect. His first year in office, the President basically has to live with a budget made by the previous President. Clinton's last budget was FY2001, at a surplus of $127.3 Billion. Bush's last budget was FY2009, at a deficit of - well, see above.

You may have not noticed but it's 2014.

PaperBOY just wapred in here from his alternate Universe.

They LOVE. to tell us anything that they can make up for a positive spin on this idiot in the White House.


Folks....WE ARE 17 (Nearly 18) TRILLION IN DEBT!!!!!! The logic on the ongoing deficit being down slightly is like saying "My VISA is maxed out at 17 Trillion but it's OK, because my MasterCard is actually going down by $50 Bucks!"

My god - Wake the hell up!!!!

 

[The T]

You may have not noticed but it's 2014.

PaperBOY just wapred in here from his alternate Universe.

They LOVE. to tell us anything that they can make up for a positive spin on this idiot in the White House.


Folks....WE ARE 17 (Nearly 18) TRILLION IN DEBT!!!!!! The logic on the ongoing deficit being down slightly is like saying "My VISA is maxed out at 17 Trillion but it's OK, because my MasterCard is actually going down by $50 Bucks!"

My god - Wake the hell up!!!!

I smell what yer cookin' and I agree, and not to mention the unfunded mandates that are over $200 TRILLION. what a fucking MESS these politicians got us into and WE enabled them to do it...TO US.