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Thread: U.S. economy bounces back sharply

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    Re: U.S. economy bounces back sharply

    Quote Originally Posted by imagep View Post
    I don't disagree that we are spending too much, but the fact that the rate of increase of spending under Obama are smaller...
    Right there! That's where you make the fatal error. When you are increasing the deficit by a $Trillion a year, the rate should have dropped a tremendous amount to just get back into a tolerable area. So, you are giving him credit for increasing the deficit by a $Trillion, year after year. When it should have dropped like a rock. It's all relative.
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    Re: U.S. economy bounces back sharply

    Quote Originally Posted by Anthony60 View Post
    First, it's rate of increase, not actual spending. Bloated, disgusting, spending. You would think Obama is really putting on the brakes, and keeping spending down. But no. Prior to Obama, the biggest deficits were around $400 billion, Odummy has been deficit spending over $1TRILLION per year.
    Let's keep in mind that it was Bush who took the Clinton surplus, and turned it into massive deficits.

    It's also not all "bloated disgusting spending." Huge swaths of the Obama deficits were a result of Bush tax cuts. We should note that a lot of that "bloated disgusting spending" were also Bush policies, most importantly waging two wars. Government receipts also tanked because of the recession.






    And jobs? We don't want government jobs. We want private sector jobs. Government jobs suck for the economy, literally. The government makes no money, it sucks money out of our pockets.
    Government jobs generally do not harm the economy. What they do is put people to work. Some of that income is recaptured as taxes (income, payroll, sales). Most of it gets spent, which goes right back into the economy. Some programs like unemployment will have a higher multiplier rate (since it almost all gets spent), but government employees are not a drag.

    We should note that this has helped, time and again, to combat recessions. Ideally you want to hire people to perform useful short-term tasks, such as fixing infrastructure. That in particular would have been perfect for the 2007 recession, since so much of the unemployment was in the construction sector, interest rates were ridiculously low, and those programs necessarily phase out after completion in a few years.

    What did we get instead? A bunch of tax breaks, and a stimulus that erred on the small side. I.e. Public sector jobs declined during Obama's term.


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    Re: U.S. economy bounces back sharply

    Quote Originally Posted by Anthony60 View Post
    Right there! That's where you make the fatal error. When you are increasing the deficit by a $Trillion a year, the rate should have dropped a tremendous amount to just get back into a tolerable area. So, you are giving him credit for increasing the deficit by a $Trillion, year after year. When it should have dropped like a rock. It's all relative.
    The deficit has been trending downward. Last years deficit was just over a half trillion, I believe that this years deficit is projected to be less than a half billion (right around where the 2008 Bush deficit was). Yes, that's too high, but we are trending in the correct direction, and as long as we continue to recover from the recession, the deficit will likely continue to trend downward - least until the end of the Obama administration.

    After that, it's really going to depend on President Hillary and the republican held congress as to what happens. If history is the best predictor of the future, I'd imagine that spending will be very restrained if our next POTUS is a democrat as long as republicans remain in control of at least one house of congress.

    In 2009-2010 tax revenues significantly declined due to the Great Recession, so the huge deficits those years was caused much more by a lack of revenue than an increase in spending. That would have happened regardless of who the president was.

    Regardless, congress controls our fiscal policy much more so than the president does. It's up to them. All the POTUS can do is to sign or veto spending legislation.
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    Re: U.S. economy bounces back sharply

    Quote Originally Posted by Visbek View Post
    Let's keep in mind that it was Bush who took the Clinton surplus, and turned it into massive deficits.
    It was really the Republican Congress and Reagan that are responsible for the boom in the '90's. Clinton was dragged along. He did manage to get a tax increase in there to put the brakes on the economy though.
    It's also not all "bloated disgusting spending." Huge swaths of the Obama deficits were a result of Bush tax cuts. We should note that a lot of that "bloated disgusting spending" were also Bush policies, most importantly waging two wars. Government receipts also tanked because of the recession.
    Tax cuts, do not cause deficits. You can't say you are out of money because you didn't take enough of mine. Over spending causes deficits. Bloated, disgusting spending of epic proportions. Bush spent too much, but Obama made that look like nothing.
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    Re: U.S. economy bounces back sharply

    Quote Originally Posted by Anthony60 View Post
    Tax cuts, do not cause deficits. You can't say you are out of money because you didn't take enough of mine. Over spending causes deficits. Bloated, disgusting spending of epic proportions. Bush spent too much, but Obama made that look like nothing.
    Actually it can, it can be part of the problem. For example the Conservatives cut the federal sales tax here, if they did not even the last 1%, they would have far more cash to budget and would not have had to make cuts that piss off literally everyone including the provinces and their own voting block.

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    Re: U.S. economy bounces back sharply

    Quote Originally Posted by American View Post
    August is always that miracle month when magic happens just before elections.
    There will be additional revisions even after August. Moreover, the advance estimate of Q3 GDP will be released on October 30 just prior to the election.

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    Re: U.S. economy bounces back sharply

    Quote Originally Posted by donsutherland1 View Post
    CNN reported:

    New data released Wednesday show the U.S. economy bounced back in the spring, growing at a 4% annual pace in the second quarter. That was even better than the forecast of 3% growth, according to a consensus of economists surveyed by CNNMoney.

    After terrible start to the year, the U.S. economy bounces back - Jul. 30, 2014

    The full GDP report can be found at: http://www.bea.gov/newsreleases/nati...dp2q14_adv.pdf
    Yeah right. Perhaps in la-la land but not in reality. This economy is stagnant at best.

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    Re: U.S. economy bounces back sharply

    Quote Originally Posted by imagep View Post
    The deficit has been trending downward. Last years deficit was just over a half trillion, I believe that this years deficit is projected to be less than a half billion (right around where the 2008 Bush deficit was).
    All of Obama's deficits are record high deficits. Down a bit up a bit, who cares? All records. If you get a raise of a penny every year, that would not be to good. I'm guessing you would not say,"Hey, at least it's trending upward!"

    Yes, that's too high, but we are trending in the correct direction, and as long as we continue to recover from the recession, the deficit will likely continue to trend downward - least until the end of the Obama administration.
    After that, it's really going to depend on President Hillary
    When did she get elected? As I remember, she was a shoe in for the 2008 election.
    Regardless, congress controls our fiscal policy much more so than the president does. It's up to them. All the POTUS can do is to sign or veto spending legislation.
    That's all the President does with regard to spending? Do you still believe in Santa? he's a bit more involved than that.
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    Re: U.S. economy bounces back sharply

    Quote Originally Posted by Mr.Nick View Post
    Yeah right. Perhaps in la-la land but not in reality. This economy is stagnant at best.
    I suspect that the U.S. remains in a modest to occasionally moderate growth phase. I would be surprised if Q3's results are as strong or stronger than the advance Q2 outcome. There are some emerging downside risks going forward, as well.

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    Re: U.S. economy bounces back sharply

    Quote Originally Posted by Carleen View Post
    And who do you think can do that?
    Any GOP Governor who has created the jobs that Obama is taking credit for. A pro growth economic policy is what is needed, not massive dependence

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