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Thread: U.S. Deficit Decline to 2.8% of GDP Is Unprecedented Turn

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    Re: U.S. Deficit Decline to 2.8% of GDP Is Unprecedented Turn

    Quote Originally Posted by Conservative View Post
    It must be lonely in your world as your self proclaimed brilliance trumps everyone else's. Please tell me exactly what Obama did to lower the deficit and why the Democrats got thumped in the midterms with what you perceive as results to cheer about??
    You need to try and stay relevant. I never claimed Obama did ANYTHING!
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: U.S. Deficit Decline to 2.8% of GDP Is Unprecedented Turn

    Quote Originally Posted by sangha View Post
    Obama has a record of decreasing deficits, and even with this one year increase his record will be one of reducing deficits, both in actual dollars and as a % of GDP. Even with this one year increase, Obama will have reduced the deficit as a % of GDP to a fraction of what it was when he took office. Even more important is that this one year projected increase is due to projections that have lowered the rate of economic growth (IOW, it's not caused by increased spending) and the same projections show continued reductions in the deficit in the years after.

    In addition, projections in 2014 show a $5 *trillion* reduction in deficits over the next ten years compared to the 2010 ten year projection. IMO, that is not an indication of a belief that deficits have a "floor"

    PS - With respect to bush*'s record, in four of his 8 years, the deficit increased as a % of GDP
    Really? please tell me when the Bush deficits ever exceeded one trillion dollars? All this talk about inflation adjusted deficits is bogus because it isn't only expenses that are inflation adjusted but also revenue. Deficits are paid for in today's dollars not inflation adjusted dollars. Further Bush never had a debt exceeding our yearly GDP, only Obama has done that. In Bush's 8 years the deficit dropped from 2004 to 2007 WITH a GOP Congress or did you forget or simply ignore??

    Also I cannot seem to get an answer to the question posed, what did Obama do to lower the deficit that you want to give him credit for?

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    Re: U.S. Deficit Decline to 2.8% of GDP Is Unprecedented Turn

    Quote Originally Posted by Conservative View Post
    Really? please tell me when the Bush deficits ever exceeded one trillion dollars? All this talk about inflation adjusted deficits is bogus because it isn't only expenses that are inflation adjusted but also revenue. Deficits are paid for in today's dollars not inflation adjusted dollars. Further Bush never had a debt exceeding our yearly GDP, only Obama has done that. In Bush's 8 years the deficit dropped from 2004 to 2007 WITH a GOP Congress or did you forget or simply ignore??

    Also I cannot seem to get an answer to the question posed, what did Obama do to lower the deficit that you want to give him credit for?
    *yawn*
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    the vast majority of folks that need healthcare are on Medicare.. both rich and poor..

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    Re: U.S. Deficit Decline to 2.8% of GDP Is Unprecedented Turn

    Quote Originally Posted by Conservative View Post
    please tell me when the Bush deficits ever exceeded one trillion dollars?
    Who claimed they did? Your response is a textbook example of a strawman fallacy.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: U.S. Deficit Decline to 2.8% of GDP Is Unprecedented Turn

    Quote Originally Posted by Kushinator View Post
    You need to try and stay relevant. I never claimed Obama did ANYTHING!
    You are pointing to a 1 trillion dollar reduction in the deficit as if that is some great accomplishment. That trillion dollar reduction still has generated record high deficits exceeding anything Bush ever generated and that is with the Bush tax cuts

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    Re: U.S. Deficit Decline to 2.8% of GDP Is Unprecedented Turn

    Quote Originally Posted by Conservative View Post
    You are pointing to a 1 trillion dollar reduction in the deficit as if that is some great accomplishment.
    No. I did say that a 2/3 reduction of a $1.3 trillion deficit is a great development given the state of the overall economy.

    That trillion dollar reduction still has generated record high deficits exceeding anything Bush ever generated and that is with the Bush tax cuts
    So what?
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: U.S. Deficit Decline to 2.8% of GDP Is Unprecedented Turn

    Quote Originally Posted by Kushinator View Post
    Who claimed they did? Your response is a textbook example of a strawman fallacy.
    Why do you continue to ignore the question? What did Obama do to lower the deficits?

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    Re: U.S. Deficit Decline to 2.8% of GDP Is Unprecedented Turn

    Quote Originally Posted by Conservative View Post
    Really? please tell me when the Bush deficits ever exceeded one trillion dollars? All this talk about inflation adjusted deficits is bogus because it isn't only expenses that are inflation adjusted but also revenue. Deficits are paid for in today's dollars not inflation adjusted dollars. Further Bush never had a debt exceeding our yearly GDP, only Obama has done that. In Bush's 8 years the deficit dropped from 2004 to 2007 WITH a GOP Congress or did you forget or simply ignore??

    Also I cannot seem to get an answer to the question posed, what did Obama do to lower the deficit that you want to give him credit for?
    He signed the sequester.

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    Re: U.S. Deficit Decline to 2.8% of GDP Is Unprecedented Turn

    Quote Originally Posted by jonny5 View Post
    He signed the sequester.
    You mean the sequester he ran away from and said would destroy the economy?

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    Re: U.S. Deficit Decline to 2.8% of GDP Is Unprecedented Turn

    Quote Originally Posted by Dittohead not! View Post
    There's an interesting example. He has a blank check to make payroll for the military.

    I wonder what would be said if the government ran out of money to give the soldiers their pay?
    Thats why they passed this bill, to ensure soldiers got paid during the "shutdown" At the moment, though, theres no borrowing cap, so they wouldnt run out of money. They would just borrow more. If there was a cap, then he would have to make some choices. And if he chose not to pay soldiers, then Dems would blame Reps and vice versa.

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