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Thread: Govt. borrows 46 cents of every dollar it spends

  1. #111
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    Re: Govt. borrows 46 cents of every dollar it spends

    Quote Originally Posted by H. Lee White View Post
    FY2001 was his budget.
    Oh, hmm, you might be right...in the same way that Obama's first year was Bush's budget as well. I need to think about this a bit and get back to you later but I have to go tend to some business now. But that was good, Mr. White.

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    Re: Govt. borrows 46 cents of every dollar it spends

    Quote Originally Posted by Moot View Post
    Oh, hmm, you might be right...in the same way that Obama's first year was Bush's budget as well.
    Except that Obama signed the FY2009 budget in March 2009.

  3. #113
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    Re: Govt. borrows 46 cents of every dollar it spends

    Quote Originally Posted by H. Lee White View Post
    Except that Obama signed the FY2009 budget in March 2009.
    I thought Congress didn't pass a budget that year?
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

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    Re: Govt. borrows 46 cents of every dollar it spends

    Quote Originally Posted by Dittohead not! View Post
    I thought Congress didn't pass a budget that year?
    They did. They also made sure they passed it after GWB left office so he could not claim credit for any of the positive effects it was sure to have on the economy.

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    Re: Govt. borrows 46 cents of every dollar it spends

    Quote Originally Posted by H. Lee White View Post
    Except that Obama signed the FY2009 budget in March 2009.
    And by that time the fiscal year was already more than half over. Most of the 2009 budget was Bush's

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    Re: Govt. borrows 46 cents of every dollar it spends

    Quote Originally Posted by iguanaman View Post
    And by that time the fiscal year was already more than half over. Most of the 2009 budget was Bush's
    You missed the part where Obama, not Bush, signed the budget.

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    Re: Govt. borrows 46 cents of every dollar it spends

    Quote Originally Posted by H. Lee White View Post
    They did. They also made sure they passed it after GWB left office so he could not claim credit for any of the positive effects it was sure to have on the economy.
    You mean like the total meltdown of our financial sector, as well as TARP, and two unfunded wars.

    Somebody has been drinking the koolaid.

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    Re: Govt. borrows 46 cents of every dollar it spends

    Quote Originally Posted by H. Lee White View Post
    You missed the part where Obama, not Bush, signed the budget.
    No, you missed its irrelevance. The expenditures were the result of Bush's disastrous economic policies: two unfunded wars, the finanical meltdown and tax cuts for Paris Hilton. So it needed to be fixed and that involved big deficits.

    The koolaid, man, the koolaid.

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    Re: Govt. borrows 46 cents of every dollar it spends

    Quote Originally Posted by Moot View Post
    People often confuse budget deficit with national debt, but yes Bronson, there was indeed a "budget surplus" when Clinton left office precisely because he had raised taxes and reduced military spending.


    President Clinton announces another record budget surplus - CNN


    " When spending exceeds income, the result is a budget deficit, which must be financed by borrowing money and paying interest on the borrowed funds, much like an individual spending more than he can afford and carrying a balance on a credit card. A balanced budget occurs when spending equals income. The U.S. government has only had a budget surplus in a few years since 1950. The Clinton administration (1993-2001) famously cured a large budget deficit and created a surplus in the late 1990s.
    Read more: Budget Surplus Definition | Investopedia
    Again Bill Clinton used money from SOCIAL SECURITY TO PAY DOWN THE PUBLIC DEBT. NOT THE NATIONAL DEBT.

    HE HAD DEFICITS EVERY YEAR HE WAS IN OFFICE

    THE GOVERNMENT BORROWED MONEY FROM ITSELF TO PAY DOWN PUBLIC DEBT

    Go ahead. Check for yourself. Look at intergovernmental holdings for every single year Clinton was office. It went up every year because he was borrowing money from the Government to pay down PUBLIC DEBT which is not the same thing as NATIONAL DEBT

    Recession Puts a Major Strain On Social Security Trust Fund

    The Treasury Department has for decades borrowed money from the Social Security trust fund to finance government operations. If it is no longer able to do so, it could be forced to borrow an additional $700 billion over the next decade from China, Japan and other investors. And at some point, perhaps as early as 2017, according to the CBO, the Treasury would have to start repaying the billions it has borrowed from the trust fund over the past 25 years, driving the nation further into debt or forcing Congress to raise taxes.
    Have a nice day

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    Re: Govt. borrows 46 cents of every dollar it spends

    Quote Originally Posted by head of joaquin View Post
    No, you missed its irrelevance. The expenditures were the result of Bush's disastrous economic policies: two unfunded wars, the finanical meltdown and tax cuts for Paris Hilton. So it needed to be fixed and that involved big deficits.

    The koolaid, man, the koolaid.
    Those "2 unfunded wars" would not have been necessary had Bill Clinton done his job as Commander in Chief.

    The Financial Meltdown can directly be laid at the feet of Democrats, who along with their allies like James Johnson who led Fannie Mae, used their lobbying power in WA to get special rates on Government Subsidies for "affordable housing". The GSE's were able to convince investors that their money was insured by the Federal Government. As a result, they were able to buy up 70% of all the toxic loans. Private loan companies were able to make risk free loans for this exact reason. They just sold them to the GSEs who were eager to add the loans to their expanding portfolios.

    Revenue to the Treasury increased significantly after the Bush Tax Cuts. Economic Growth was strong. Unemployment was below 5%.

    Fannie Mae caught cooking the books

    Fannie, Freddie and the FHEO Cooking the Books Pt. 2 - YouTube

    Democrats blocking any reform of the GSEs in committee and calling anyone who criticized Franklin Raines a racist

    The Financial Crisis: Lets Go to the Video Tape... - YouTube

    Government Regulation is what relaxed lending standards. The regulators became corrupted.

    Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Created the Worst Financial Crisis of Our Time: Gretchen Morgenson, Joshua Rosner: 9781250008794: Amazon.com: Books

    The koolaid man. The koolaid.

    Have a nice day comrade

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