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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 CanadaJohn View Post
    You might want to throw a little credit the way of the Republican controlled House which insisted on the complete implementation of the trillion dollar sequestration agreement that Obama and Democrats tried to renege on and for also insisting on the end to the payroll tax holiday and reining in unemployment insurance extensions that again Obama and Democrats wanted to further extend.

    Just imagine, when the Republicans take control of the Senate and more Republican initiatives get to a vote on the Senate floor how much better the economic picture will get. And then, two years later, when the anchor in the White House is removed, it will be clear sailing again for the greatest economy in the world.
    Just so it's clear. The majority of credit for deficit reduction should go to the much improved economy. On two fronts, it has boosted tax revenue while lowering automatic stabilization outlays. Giving any credit to the "Republican controlled House" goes way beyond using your imagination.
    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.
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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
    1. It's not due to spending reductions, but to an improvement in the economy.
    2. It's not the president, but the Congress, that controls spending.


    None of this, not the giant debt, not the decrease in deficit spending, not the economic turn around, none of it is due to the current POTUS. The president is not in charge of the economy.

    So, when things go bad, as they did in 2008, that wasn't the fault of the Bush administration.
    When the economy started to come out of the tailspin created by OPEC, it was not due to there being a Republican in the WH at the time.

    And the country coming out of the deepest recession since the great depression is not due to the occupant of the WH.
    They can't have it both ways. They can't claim that Obama is a plague on deficit reduction then not credit him for actually reducing the deficit.
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    Re: U.S. Deficit Decline to 2.8% of GDP Is Unprecedented Turn

    Quote Originally Posted by Tettsuo View Post
    U.S. Deficit Decline to 2.8% of GDP Is Unprecedented Turn - Bloomberg



    OMG, we need to stop Obama from spending us into ruin!!

    Oh, wait.... the deficit is SHRINKING? Whodathunkit! I guess he's NOT the spender in chief as he's been labeled by the consistent and reliable deficit increasing Republicans.
    Here you go low information voters! This is news for you!
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    Re: U.S. Deficit Decline to 2.8% of GDP Is Unprecedented Turn

    Quote Originally Posted by Tettsuo View Post
    Oh, wait.... the deficit is SHRINKING?
    It is, but then again it's a matter of how one decides to view it and what they're arbitrarily comparing it too.

    Say I go play craps on my first day in Vegas and lose $1000

    Over the next few days going between slots and poker and blackjack I make $800

    I could go "WOOOHOO! I've made $800" if I'm speaking just of those past few days other than the first. Or I could go "Damn, I'm still down $200".

    It's a matter of perspective.

    The Budget Deficit in 2008 was $458 Billion.

    The Budget Deficit in 2009, largely on the back of Stimulus passed by the Democratic Congress and backed by both Bush (in 2008) and Obama (in 2009), balooned up to $1.4 Trillion

    Over the next 5 years we're down to $483 Billion....still worse than before the fiscal crisis, still very far off the low point ($157B) or the average ($442B) of the previous administration. The $442 average deficit of the previous administration is less than half of the average thus far under this administration, which is $968 billion. Mind you, this is with assigning all of the 2009 deficit to George Bush.

    So yes, government deficits* have "improved" over the past 5 years...when compared to the extremely artificially inflated numbers caused by the realities of the financial crisis. However, said improvement has been slow going and is still, even 5 years later, no where close to what we were looking at prior to 2008.

    I'd also note that the projected deficit for next year is actually slated to increase by nearly $100 billion, not continue to fall. Giving rise to the notion that while Obama has been cutting the deficit from the artifically inflated highs of the peak of the crisis, there's absolutely no intention nor expectation to see them actually return to the routine levels of that dominated the 90's and 00's. Prior the 20 some odd years before 2008 it was rare to see a deficit over $400 billion, with most hovering around the $100B to $200B range, give or take a bit here or there.

    You want to cheer a $200 loss at the table because it's not $1000. I consider such a thing a good thing, but hardly something to get the pom pom's out over.

    * Also note, having smaller deficits does not inherently indicate smaller spending. Deficits are a product of revenue brought in and expenditures going out.

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

    Quote Originally Posted by Tettsuo View Post
    Good thing I didn't assert that.

    Facts are fact. Deficit is decreasing. Obama is not and has not spent the US into ruin. He did indeed reduce the deficit. If we can eliminate the deficit, we can start attack the debt.

    First thing is first... address the deficit and then we can address the debt.
    if you raise taxes that much and i would hope the number would change.

    if only he had not increased spending a trillion perhaps the economy might have grown and pushed that number the easy way.

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

    Quote Originally Posted by Tettsuo View Post
    Good thing I didn't assert that.

    Facts are fact. Deficit is decreasing. Obama is not and has not spent the US into ruin. He did indeed reduce the deficit. If we can eliminate the deficit, we can start attack the debt.

    First thing is first... address the deficit and then we can address the debt.
    Tell us how exactly Obama reduced the deficit? What was his budget proposal? You want to find anything possible to give Obama credit for but that reality just doesn't exist. Obama proposed a 3.9 trillion dollar budget so how does that reduce the deficit? It was the sequester that reduced the deficit which is still at record levels. I don't think I would be trumpeting a record deficit that still adds to the record debt but then again results matter to me, apparently not you.

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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 was the sequester that reduced the deficit which is still at record levels. I don't think I would be trumpeting a record deficit that still adds to the record debt but then again results matter to me, apparently not you.
    LOL!

    The term you are looking for is expenditure. And as we have seen, expenditures have continued to increase while receipts have increased by more than 45% since Obama has been in office.



    It must suck being a partisan conservative these days.
    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
    LOL!

    The term you are looking for is expenditure. And as we have seen, expenditures have continued to increase while receipts have increased by more than 45% since Obama has been in office.



    It must suck being a partisan conservative these days.
    Not as much as being an Obama supporter and someone who wants to give credit where credit isn't due. Please explain exactly what Obama did to lower the deficit and how a 3.9 trillion dollar budget proposal does that?

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

    Quote Originally Posted by Zyphlin View Post
    It is, but then again it's a matter of how one decides to view it and what they're arbitrarily comparing it too.

    Say I go play craps on my first day in Vegas and lose $1000

    Over the next few days going between slots and poker and blackjack I make $800

    I could go "WOOOHOO! I've made $800" if I'm speaking just of those past few days other than the first. Or I could go "Damn, I'm still down $200".

    It's a matter of perspective.

    The Budget Deficit in 2008 was $458 Billion.

    The Budget Deficit in 2009, largely on the back of Stimulus passed by the Democratic Congress and backed by both Bush (in 2008) and Obama (in 2009), balooned up to $1.4 Trillion

    Over the next 5 years we're down to $483 Billion....still worse than before the fiscal crisis, still very far off the low point ($157B) or the average ($442B) of the previous administration. The $442 average deficit of the previous administration is less than half of the average thus far under this administration, which is $968 billion. Mind you, this is with assigning all of the 2009 deficit to George Bush.

    So yes, government deficits* have "improved" over the past 5 years...when compared to the extremely artificially inflated numbers caused by the realities of the financial crisis. However, said improvement has been slow going and is still, even 5 years later, no where close to what we were looking at prior to 2008.

    I'd also note that the projected deficit for next year is actually slated to increase by nearly $100 billion, not continue to fall. Giving rise to the notion that while Obama has been cutting the deficit from the artifically inflated highs of the peak of the crisis, there's absolutely no intention nor expectation to see them actually return to the routine levels of that dominated the 90's and 00's. Prior the 20 some odd years before 2008 it was rare to see a deficit over $400 billion, with most hovering around the $100B to $200B range, give or take a bit here or there.

    You want to cheer a $200 loss at the table because it's not $1000. I consider such a thing a good thing, but hardly something to get the pom pom's out over.

    * Also note, having smaller deficits does not inherently indicate smaller spending. Deficits are a product of revenue brought in and expenditures going out.
    Given the Republican chant of Obama will spend America into ruin, you don't see this as a clear and definitive black mark on Republican sloganeering? Come on, you're a reasonable poster. The consistently decent job numbers (given the circumstances) and the consistent lowering of the deficit a clear indicator that Obama is not the face of the coming fiscal apocalypse?
    A man without fear is a fool, a man that succumbs to his fear is a coward and a brave man acknowledges fear yet presses on.
    http://soulinblackandwhite.blogspot.com/

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

    Quote Originally Posted by Conservative View Post
    Not as much as being an Obama supporter and someone who wants to give credit where credit isn't due. Please explain exactly what Obama did to lower the deficit and how a 3.9 trillion dollar budget proposal does that?
    I am not here to toot Obama's horn. Facts are facts, and they are extremely painful for partisan conservatives.
    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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