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Thread: Federal deficit higher in July, $1.27T this year

  1. #11
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    Re: Federal deficit higher in July, $1.27T this year

    Quote Originally Posted by Kandahar View Post
    Yep, a huge recession will do that.
    And huge spending sprees by our current government make it even worse.
    "The problem in defense is how far you can go without destroying from within what you are trying to defend from without."

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    Re: Federal deficit higher in July, $1.27T this year

    Quote Originally Posted by Goobieman View Post
    Well, lets see.

    The recession started in December 2007
    It's official: U.S. in a recession since December 2007 - Dec. 1, 2008

    Since 1st quarter of 2008, quarterly GDP growth was:
    2008
    -0.7 +1.5 -2.7 -5.4
    2009
    -6.4 -1.0

    Unemployment 2008 (by quarters)
    4.9% 5.4% 6.0% 6.9%
    2009
    8.0% 9.3%

    Inflation 2008 (by quarter)
    +4.1 +4.4 +5.3 +2.0
    2009
    +0.0 +1.1

    This is a "huge" recession, compared to...?
    Uhh compared to every other recession since the Great Depression, including the 1982 recession which was formerly the largest.

    You think -5.4% growth in Q4 2008 and -6.4% growth in Q1 2009 is minor?

    Quote Originally Posted by Goobieman
    And then, explain how a "huge" recession excuses almost $2T (~15% of the GDP) in deficits.
    Well, think about all the things we've spent money on this year (above and beyond what we normally spend money on). How many of those expenditures would have happened if the economy was booming? Not many.
    Last edited by Kandahar; 08-12-09 at 06:07 PM.
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    Re: Federal deficit higher in July, $1.27T this year

    We're in the middle of a badass recession. Alot of people are making less than half what they made last year. Most folks don't have the money to pay their taxes in this economy. A tax cut would rake in billions, but we know that ain't gonna happen.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Federal deficit higher in July, $1.27T this year

    Quote Originally Posted by Kandahar View Post
    Yep, a huge recession will do that.
    It's Bushes fault, he caused it all.... everything is Bushes fault, and will be until the end of time.

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    Re: Federal deficit higher in July, $1.27T this year

    Quote Originally Posted by Crunch View Post
    It's Bushes fault, he caused it all.... everything is Bushes fault, and will be until the end of time.
    Did you see me mention Bush anywhere in that post to which you responded? No? I'm pretty sure I didn't.

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    Re: Federal deficit higher in July, $1.27T this year

    Quote Originally Posted by Kandahar View Post
    A deep recession means that tax revenues fall off a cliff because individuals/businesses aren't making as much money to tax. It also means that tax expenditures will increase because there are more unemployment claims and more strains on anti-poverty programs...not to mention bailouts and stimuli.

    Hmm. Less tax revenue + more tax expenditure = Bigger deficit. How is this an excuse?

    10th grade economics fail.
    Makes perfect sense.... we are in "the worst recession since the great depression", so let's spend $870,000,000,000 on a stimulus that didn't stimulate anything except more government and payback some political debts, then increase the budget by $500,000,000,000 to fund more big government, then, just to make sure we are totally broke, let's fund a $2,000,000,000,000 government heath care system.

    So you must be right.... Obama and this Congress must have failed 10th grade economics.

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    Re: Federal deficit higher in July, $1.27T this year

    Quote Originally Posted by Kandahar View Post
    Did you see me mention Bush anywhere in that post to which you responded? No? I'm pretty sure I didn't.

    Welcome to the forum. You're off to a great start.
    I just thought I'd get that out of the way...... it was sure to come up by the 3rd page.

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    Re: Federal deficit higher in July, $1.27T this year

    Quote Originally Posted by Goobieman View Post

    Did anyone catch this part:
    $1.84T is >90% of the TOTAL of the deficts run under GWB.
    It should be noted that had the Bush Administration not kept signficant expenditures off-budget, the deficit would have been substantially higher. For example, during President Bush's last year in office, gross public debt rose by just over $1 trillion. In part, the recession's rapid deepening contributed. However, in part, earlier tax policy changes, the creation of Medicare Part D, and the off-budget treatment of such expenditures as the costs associated with the Iraq war also contributed. IMO, policy differences aside, transparency would be served by keeping all expenditures on-budget.

    Of course, the government is not alone in carrying out practices that limit transparency. In the private sector, major items e.g., derivatives exposures, etc., are generally maintained off the balance sheet, stock options are not expensed, etc.

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    Re: Federal deficit higher in July, $1.27T this year

    Quote Originally Posted by Goobieman View Post
    I wondered how long it would take someone to post an excuse.
    Didn't take long.

    There are only two reasons socialists can think of for the presence of a budget deficit:

    Taxes aren't high enough.

    People aren't paying enough taxes.

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    Re: Federal deficit higher in July, $1.27T this year

    Quote Originally Posted by Goobieman View Post
    Well, lets see.

    This is a "huge" recession, compared to...?
    The current recession is the largest of the post-WW II era. The five worst recessions during that timeframe are:

    Peak-to-Trough Contraction in Real GDP:
    1. 2007-Present: -3.9%
    2. 1957-58: -3.7%
    3. 1973-75: -3.2%
    4. 1981-82: -2.9%
    5. 1953-54: -2.6%

    Furthermore, in the current recession, the M1 money multiplier collapsed by 47%. During the Great Depression, the multiplier fell by 60%. No other post-WW II recession saw the money multiplier plunge by anything close to what happened during the current recession. Had the Fed not stepped in with collosal monetary stimulus, the money supply would have crashed and the economy almost certainly would have fallen into the kind of debt-deflation spiral that was at the heart of the Great Depression.

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