Getbig Bodybuilding, Figure and Fitness Forums
Getbig Main Boards => Politics and Political Issues Board => Topic started by: Hawk on February 05, 2013, 12:23:00 PM
-
Deficit projected to shrink considerably
By Steve Benen - Tue Feb 5, 2013
(http://m.static.newsvine.com/servista/imagesizer?file=steve-benen8A95CCF7-372B-94D3-D1EE-964C4C099386.jpg&width=600)
We won't know for sure what this year's federal budget deficit is going to be until the end of the fiscal year, but if the projections are accurate, a whole lot of talking points are going to need revisions.
The federal budget deficit in 2013 is projected to be $845 billion, the first time the non-partisan Congressional Budget Office has forecast a deficit below $1 trillion under President Obama.
The reduction in the budget deficit comes after Congress approved higher tax rates on households with annual income above $450,000.
The CBO also projects the deficit will shrink again next year to $430 billion.
Why is this politically significant? For one thing, congressional Republicans said raising taxes on the wealthy would not improve the nation's finances, and it appears we now have even more evidence to the contrary. They also seem to enjoy complaining about "trillion-dollar deficits every year," and will have to drop the line from their repertoire.
What's more, it appears the deficit will have been cut nearly in half -- both in real terms and as a percentage of GDP -- since President Obama inherited a massive budget shortfall from the Bush/Cheney administration.
Of course, there's also the matter of the fiscal debate -- as GOP lawmakers continue to insist Washington take the deficit seriously, and adopt austerity measures intended to close the budget shortfall in a hurry, we're reminded today that the deficit is already shrinking.
--------------------------------------------------------------------------------
For the record, I still think it's a mistake to assume that shrinking deficits are good news. There's a competing school of thought -- which I'm sympathetic to -- that suggests the deficit is currently too small, and that given economic conditions, interest rates, and the current yield of Treasuries, we should be borrowing far more and investing that money in job creation.
But at least as far as the establishment conversation goes, we should at least have a fiscal debate based on facts -- and the facts are that the deficit is shrinking in a hurry.
-
Don't worry mom I only put $8,000 on the credit card, NOT $10,000.. LETS CELEBRATE!!!!!!!
-
Source...a Maddow graph. Hahahaha.
-
GDP growth at 3.4 % ???? LMFAO!!!
-
Notice the smiley face icon next to the subject? Only Benny B does that. ;D
-
Notice the smiley face icon next to the subject? Only Benny B does that. ;D
lol outed. He can't get enough of this place.
-
is this data correct?
-
is this data correct?
No - its a guess based on bullshit assumptions - just like everything else the CBO does
-
Amazing what can happen when you end these bullshit wars.
-
Amazing what can happen when you end these bullshit wars.
I wouldn't have as much of a problem with the wars if we were open about what the mission really was. :-\
-
I still have no idea what the mission was.
-
Really, and the US economy actually shrunk last quarter. Interesting how the liberal, do nothings always espouse the benefits of higher taxes on those who actually innovate and keep America strong. LMAO, what a complete load of BS. Stop getting your info from the Huffington Post and Daily Kos. 8.5 million Americans not even in the workforce is more concerning. Guess we need another stimulus to keep us going Barack Hussein ::)
-
Deficit projected to shrink considerably
By Steve Benen - Tue Feb 5, 2013
(http://m.static.newsvine.com/servista/imagesizer?file=steve-benen8A95CCF7-372B-94D3-D1EE-964C4C099386.jpg&width=600)
We won't know for sure what this year's federal budget deficit is going to be until the end of the fiscal year, but if the projections are accurate, a whole lot of talking points are going to need revisions.
The federal budget deficit in 2013 is projected to be $845 billion, the first time the non-partisan Congressional Budget Office has forecast a deficit below $1 trillion under President Obama.
The reduction in the budget deficit comes after Congress approved higher tax rates on households with annual income above $450,000.
The CBO also projects the deficit will shrink again next year to $430 billion.
Why is this politically significant? For one thing, congressional Republicans said raising taxes on the wealthy would not improve the nation's finances, and it appears we now have even more evidence to the contrary. They also seem to enjoy complaining about "trillion-dollar deficits every year," and will have to drop the line from their repertoire.
What's more, it appears the deficit will have been cut nearly in half -- both in real terms and as a percentage of GDP -- since President Obama inherited a massive budget shortfall from the Bush/Cheney administration.
Of course, there's also the matter of the fiscal debate -- as GOP lawmakers continue to insist Washington take the deficit seriously, and adopt austerity measures intended to close the budget shortfall in a hurry, we're reminded today that the deficit is already shrinking.
--------------------------------------------------------------------------------
For the record, I still think it's a mistake to assume that shrinking deficits are good news. There's a competing school of thought -- which I'm sympathetic to -- that suggests the deficit is currently too small, and that given economic conditions, interest rates, and the current yield of Treasuries, we should be borrowing far more and investing that money in job creation.
But at least as far as the establishment conversation goes, we should at least have a fiscal debate based on facts -- and the facts are that the deficit is shrinking in a hurry.
BTW, where the fuck did you get the moniker "Hawk"; whipping boy or Dove is far more appropriate. GTFO of this site and go to TMZ and the Huffington Post where you belong you pencil neck.
-
is this data correct?
LOL...Maddow. You tell me. haha
-
BTW, where the fuck did you get the moniker "Hawk"; whipping boy or Dove is far more appropriate. GTFO of this site and go to TMZ and the Huffington Post where you belong you pencil neck.
"Hawk" is Benny B's alternate gimmick.
"1"
-
Really, and the US economy actually shrunk last quarter. Interesting how the liberal, do nothings always espouse the benefits of higher taxes on those who actually innovate and keep America strong. LMAO, what a complete load of BS. Stop getting your info from the Huffington Post and Daily Kos. 8.5 million Americans not even in the workforce is more concerning. Guess we need another stimulus to keep us going Barack Hussein ::)
Trickle down economics. Meh...
-
Notice the smiley face icon next to the subject? Only Benny B does that. ;D
x2 - what a sad person.
-
Trickle down economics. Meh...
Wealth distribution. Meh...
-
Trickle down economics. Meh...
[/quote
SNX, I don't believe in trickle down economics. What I do believe in is working your ass off to achieve the most you can possibly attain with what God gave you. The problem with America is the laziness and entitled mentality we spew. Look at MSNBC. Any person who is successful stole it from the poor ::) ::). The President knows that in order to maintain power and his base, he preaches class warfare. Not everyone can be a millionaire, but the system as it is now is broken and with the mentality of liberals it will only get worse. Sorry you feel like I or any other working stiff owe you something ::)
-
I still have no idea what the mission was.
I'm pretty sure it had something to do with resources and strategic positioning. We did it on behalf of the entire first world, yet we take all the blame.
-
Not a chance in hell that projection is even remotely accurate.
Let's see the projection for 2014 when Leechcare Obamacare goes into effect.
-
Trickle down economics. Meh...
[/quote
SNX, I don't believe in trickle down economics. What I do believe in is working your ass off to achieve the most you can possibly attain with what God gave you. The problem with America is the laziness and entitled mentality we spew. Look at MSNBC. Any person who is successful stole it from the poor ::) ::). The President knows that in order to maintain power and his base, he preaches class warfare. Not everyone can be a millionaire, but the system as it is now is broken and with the mentality of liberals it will only get worse. Sorry you feel like I or any other working stiff owe you something ::)
I agree that taxing the rich to support a poorly run government with asinine agendas is stupid.
I agree that wealth distribution as meted out by a government is stupid.
The government is not in a position to gauge free market economic forces. It's impossible to do so. As a result, their re-distribution of wealth will come a day late and a buck short to help Americans.
Rather, the government, were it to run intelligently, would invest as much of the money as possible into education. To free the American populace from having to work low-paying jobs. In this case, I would support a taxation of the rich, if money were invested properly in educating the next generation of Americans. But we won't do that. We'll continue to attract off-shore foreign direct investment with a depressed dollar in the hopes of landing poorly paying manufacturing jobs and low-hanging-fruit labor positions. Spare me.
What do I believe in? Comparative advantage.
Trickle down economic theory is bogus. We all know that. Freeing up money for the wealthy by not taxing them will not create more opportunity for Americans. The rich will simply get richer, and work to outsource whatever capital investments to countries with a comparative advantage for that specific utility. Rich Americans know that continuing to in-source in America is losing proposition, for low paying labor. America should focus on what it can be competitive at. Innovation and education and managing developing economies and the outsourced work being fed into those countries.
But no, the government will tax the wealthy and waste the money.
I don't buy into the fact that taxing the rich will hurt the economy. I also don't buy into the fact that taxing the rich and letting the US gov't redistribute the wealth will be good either.
It's all bullshit. And poorly done at that.
The strategy is sound. The tactical execution of that strategy is where it all breaks down. The money will be used to bloat up an already bloated government.
That's why I'm keeping my guns, as a segue.
-
Maddow and anyone who actually believes this shit are in for a seriously rude awakening. These idiots don't look to the future AT ALL. Will it be a temporary fix, maybe, but in the long run we're fucked.
-
No - its a guess based on bullshit assumptions - just like everything else the CBO does
didn't you just post a article on the politics board based on "bullshit assumptions" by the CBO
-
Notice the smiley face icon next to the subject? Only Benny B does that. ;D
Yet another give away. Read the way he insults people and you'll see it's pretty much word-for-word how Benny does it.
He's probably got close to half a dozen gimmicks on here.
-
That graph is based off of some incredibly rosy CBO 10 Year projections. The author is conveniently leaving out the March 1st sequester which makes his stupid analysis a pile of half truths.
The 10 year projection in 2003 was just as rosy and was off by several orders of magnitutde.
-
That graph is based off of some incredibly rosy CBO 10 Year projections. The author is conveniently leaving out the March 1st sequester which makes his stupid analysis a pile of half truths.
The 10 year projection in 2003 was just as rosy and was off by several orders of magnitutde.
doesn't the graph show the projected deficit for 2013?
-
doesn't the graph show the projected deficit for 2013?
It does.
Before I go on, where is your line of questioning going because we may not be on the same page.
I'm going on the graph, the author/posters seeming lack of understanding of the subject and that I've read the meat of the actual report.
-
Deficit will be above 1 Trllion in 2013, probably 1.2 - 1.3 Trillion. Count on it.
-
total horseshit
only takes a few tweaks to make dire predictions on either side