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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 a351 View Post
    Not all deficits are created equal. Running a similar deficit to FY09 during different circumstances (full employment) would be wildly irresponsible, as would balancing the budget during the early 1930's or 40's. The economic circumstances of the time in question determine what and what is not considered terrible, not merely the fear of big numbers.
    That was my point. A high deficit during the FY2009 period when we had the worst recession for 30 or more years is perhaps acceptable. The recession ended during FY2009. But here we are 6 years removed from the end of that recession, probably a year or two from the next recession and we have a proposed deficit of $564 billion in FY2015.

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

    Quote Originally Posted by a351 View Post
    Reducing the deficit by roughly a trillion dollars over a 5 year period without inducing a double-dip recession is a good thing.
    Reducing the deficit today to zero is a good thing.
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    Re: U.S. Deficit Decline to 2.8% of GDP Is Unprecedented Turn

    Quote Originally Posted by Phys251 View Post
    Please unplug from Fox "News" or whatever your right-wing source is. It will do you good.
    Please let us know which news service you find credible since it isn't Fox and then support your insinuation that Obama is like Clinton?

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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
    The GDP is quite relevant. The higher the GDP, the better able the government is to service the debt.

    Oh, and the Congress has increased the debt over the past six years, not the president. Not that he stood in their way, you understand, but the comparison of deficits by who occupies the White House is largely irrelevant.
    He didnt sign the spending bills? The debt limit increases? He isnt responsible for the Treasury? He not only did not stand in the way, he endorsed it.

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

    Quote Originally Posted by Eric7216 View Post
    That was my point. A high deficit during the FY2009 period when we had the worst recession for 30 or more years is perhaps acceptable. The recession ended during FY2009. But here we are 6 years removed from the end of that recession, probably a year or two from the next recession and we have a proposed deficit of $564 billion in FY2015.
    And worse, the highest level of debt, in total, and per GDP, and deficit and debt are predicted to go up.

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

    Quote Originally Posted by a351 View Post
    Reducing the deficit by roughly a trillion dollars over a 5 year period without inducing a double-dip recession is a good thing.
    At what cost though? Another credit bubble later? 400bn a year in interest, in which a significant chunk is sent overseas. A significant increase in tax collections.

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

    Quote Originally Posted by American View Post
    Reducing the deficit today to zero is a good thing.
    You mean like it was when Clinton left office, just before Bush spent like a drunken sailor and cut taxes for the rich?
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    I see a big problem with the idea that whatever the majority wants is OK.

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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 didnt sign the spending bills? The debt limit increases? He isnt responsible for the Treasury? He not only did not stand in the way, he endorsed it.
    I have no doubt that Obama was all for the deficit spending, just as other presidents have been in the past. He still could not initiate deficit spending, however. All he could do is not stand in the way.
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    Re: U.S. Deficit Decline to 2.8% of GDP Is Unprecedented Turn

    Quote Originally Posted by imagep View Post
    You mean like it was when Clinton left office, just before Bush spent like a drunken sailor and cut taxes for the rich?
    Please explain to me how Clinton had zero deficit and still added 1.4 trillion to the debt? You don't seem to really have a clue about the deficit and what makes up that number. Let me help you. Clinton took from intergovt. holdings which includes SS and Medicare leaving them with IOU's. Those IOU's are deficits and although he came close to eliminating the public deficit he still had an intergovernment holding deficit which makes up part of the 1.4 trillion he added to the debt. You are way too smart to be fooled this easily

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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
    I have no doubt that Obama was all for the deficit spending, just as other presidents have been in the past. He still could not initiate deficit spending, however. All he could do is not stand in the way.
    Do you really believe that the Democrat Controlled Congress didn't give Obama everything he wanted?

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