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

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

    U.S. Deficit Decline to 2.8% of GDP Is Unprecedented Turn - Bloomberg

    Robust economic growth has helped push the U.S.budget deficit down to the lowest level since 2008, marking the sharpest turnaround in the government’s fiscal position in at least 46 years.The shortfall of $483.4 billion in the 12 months ended Sept. 30 was 2.8 percent of the nation’s gross domestic product of $17.2 trillion over the same period, according to data compiled by Bloomberg using Commerce Department figures. The figure peaked at 10.1 percent of GDP in December 2009.


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

    Using debt/deficit to GDP ratio is a cool statistic but the GDP is not federal revenue, only about 20% of GDP is. We are also (artificially?) enjoying the lowest interest rate in a very long time and far below its historical average. To assert that federal spending decreases, and not federal revenue increases, are causing this is also dishonest.

    Politicians do not enjoy spending funds on debt payments as it produces no photo ops and no grateful voters. Yet without quick and significant action on the federal budget, as soon as interest rates begin to rise toward normal the burden of the national debt on the federal budget will become heavy indeed. Something will have to give.
    Forget Debt As A Percent Of GDP, It's Really Much Worse - Forbes
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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

    He thinks it's okay to have annual deficits when you have an $18,000,000,000,000 debt.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
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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.[/FONT][/COLOR]
    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.
    "Liberals claim to want to give a hearing to other views, but then are shocked and offended to discover that there are other views." William F. Buckley Jr.

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

    Quote Originally Posted by American View Post
    He thinks it's okay to have annual deficits when you have an $18,000,000,000,000 debt.
    Yep. Celebrating an obese gent gaining weight at a lower rate is not exactly the same as saying that the diet is working well.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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

    Quote Originally Posted by ttwtt78640 View Post
    Using debt/deficit to GDP ratio is a cool statistic but the GDP is not federal revenue, only about 20% of GDP is. We are also (artificially?) enjoying the lowest interest rate in a very long time and far below its historical average. To assert that federal spending decreases, and not federal revenue increases, are causing this is also dishonest.



    Forget Debt As A Percent Of GDP, It's Really Much Worse - Forbes
    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.
    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 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.
    Lower spending that could have happened all along, but NOOOOOOOOO can't have that. Reid wouldn't allow it.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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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.[/FONT][/COLOR]
    What specific spending reductions has Obama implemented that brought about this shrinking 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
    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.
    It was not passing any "Obama budget" that decreased the deficit but the insistence by (mostly republicant) congress critters that we not spend as much as more Obama wanted to. We could cut "discretionary" federal spending in half and still have a deficit. As I noted, the deficit is still big and will be even bigger if (when?) interest rates return to normal. What we have done is to simply slow the growth of federal spending while enjoying a federal revenue increase from modest GDP growth.
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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

    total national debt exceeds GDP.
    Go Vols

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