US deficit tops Obama forecast by 1.2 trillion dollars: CBO

[Taylor]

(AFP) US President Barack Obama has underestimated the government budget deficit for the next decade by 1.2 trillions dollars, estimates by Congress showed Friday.

Under Obama's latest budget projections, the cumulative deficit over the 2011-2020 period would be 8.532 trillion dollars, or 4.5 percent of gross domestic product, the nation's economic output.

But the Congressional Budget Office estimated Friday the deficit would snowball to 9.761 trillion dollars or 5.2 percent of GDP.

AFP: US deficit tops Obama forecast by 1.2 trillion dollars: CBO


And we thought the Bush deficits were bad. Obama's spending craze has us well into the red for at least a decade, with the most hopeful estimates dwarfing the "massive" debt years during the Bush admin.

And today we're blaming job losses on snow.

CBO Analysis:
Director’s Blog Blog Archive Preliminary Analysis of the President’s Budget

 

[Deuce]

AFP: US deficit tops Obama forecast by 1.2 trillion dollars: CBO


And we thought the Bush deficits were bad. Obama's spending craze has us well into the red for at least a decade, with the most hopeful estimates dwarfing the "massive" debt years during the Bush admin.

And today we're blaming job losses on snow.

CBO Analysis:
Director’s Blog Blog Archive Preliminary Analysis of the President’s Budget

$120 billion/year is, sadly, not a huge amount of money these days.

Deficit is not the only measurement you should take if you want to know how good we're doing. Economic experts agree that the recession would have been likely a depression without the stimulus spending.

Record snowfalls do affect construction work, I don't see how that's hard to understand. Although I wouldn't expect the end result of that to be that severe.

When the economy starts to improve, and jobs start coming back, what are you guys going to talk about?

Edit: And seeing how both are forecasts, it's hard to say that one of them is "wrong" right now, isn't it?

 

[doc mercer]

Reagan Tripled the National Debt

Bush Doubled the National Debt

Cheney in 2002 said "deficits don't matter"

The Righties should be happy as heck ...

 

[Deuce]

Has any republican president managed to run at a surplus, ever?

(honest question, certainly none in my lifetime)

 

[Conservative]

$120 billion/year is, sadly, not a huge amount of money these days.

Deficit is not the only measurement you should take if you want to know how good we're doing. Economic experts agree that the recession would have been likely a depression without the stimulus spending.

Record snowfalls do affect construction work, I don't see how that's hard to understand. Although I wouldn't expect the end result of that to be that severe.

When the economy starts to improve, and jobs start coming back, what are you guys going to talk about?

Edit: And seeing how both are forecasts, it's hard to say that one of them is "wrong" right now, isn't it?

Spoken like a true liberal soldier that would throw himself on a sword to protect an ideology. We weren't close to a depression in 2009 but are closer now. What was missing in 2009 when Obama took office that you and others want to ignore was high inflation and high interest rates.

When Obama took office the labor force was 154.6 million and today that number is 153.5 or a reduction of 1.1 million workers that needs to be added to the unemployment number of 15 million. Those people are in a depression.

All I have heard over and over again was the Bush debt, the Bush debt, and the Bush debt but now Obama will create more debt in 3 years than Bush did in 8 and according to liberals that was terrible. Now this is your spin?

 

[Taylor]

$120 billion/year is, sadly, not a huge amount of money these days.

The CBO estimate is 1.85 trillion. That's 15 times the number you say is not a huge amount.

Deficit is not the only measurement you should take if you want to know how good we're doing. Economic experts agree that the recession would have been likely a depression without the stimulus spending.

No....

Economic experts agree that the spending "stimulus" had no impact on the recession.

 

[OxymoronP]

War production could help.

"China is now illegal, bombing starts in 5 minutes".

 

[Taylor]

Has any republican president managed to run at a surplus, ever?

(honest question, certainly none in my lifetime)

Eisenhower was the last president (republican or democrat) to run a surplus. And it was a meager one.

That's because we don't aim to "pay off" the debt - we merely try to keep it at a reasonable level with respect to GDP.

 

[Taylor]

And now the AP has picked up the story:

Congressional estimates show grim deficit picture - Yahoo! News

A new congressional report released Friday says the United States' long-term fiscal woes are even worse than predicted by President Barack Obama's grim budget submission last month.

The deficit picture has turned alarmingly worse since the recession that started at the end of 2007, never dipping below 4 percent of the size of the economy over the next decade. Economists say that deficits of that size are unsustainable and could put upward pressure on interest rates, crowd out private investment in the economy and ultimately erode the nation's standard of living.

 

[Slartibartfast]

Economic experts agree that the spending "stimulus" had no impact on the recession.

Meanwhile, in reality ...

In a report released on Jan. 13, 2010, the president's Council of Economic Advisers estimated that between 1.77 million jobs and 2.07 million jobs were created or saved by the stimulus through the fourth quarter of 2009.

-- CBO: Between 800,000 jobs and 2.4 million jobs.

-- IHS/Global Insight: 1.25 million jobs

-- Macroeconomic Advisers: 1.06 million jobs

-- Moody's economy.com: 1.59 million jobs

Obviously, its less than projected, but its stupid to pretend that nothing happened.

 

[Conservative]

Meanwhile, in reality ...





Obviously, its less than projected, but its stupid to pretend that nothing happened.

Something did happen, the labor force dropped by 1.1 million and the unemployment number excluding the 1.1 million exceeded 15 million. So adding your two million "saved" jobs the unemployment rate is over 20% instead of 16.8% which it is now.

How you can support this empty suit is beyond logic and reason.

 

[doc mercer]

Lets look at reality:

Bush's last 4 months: 2.8 million jobs lost

Bush doubled the National Debt


Reagan-Bush I-Bush II did not pay down a penny of debt in 20 years

 

[doc mercer]

The Republicans' shameless cynicism was perfectly captured by Vice President Dick Cheney, who in 2002 proclaimed, "Reagan proved deficits don't matter."

Not, that is, if a Republican is in the White House. But when Barack Obama stepped into the Oval Office and the $1.2 trillion deficit George W. Bush left for him there, the GOP quickly changed its tune. While the national debt tripled under Ronald Reagan and doubled again under President Bush, House Minority Leader John Boehner in February decried the $787 billion emergency economic recovery spending as "one big down payment on a new American socialist experiment."

 

[The Prof]

so backward looking

leaders by definition must look forward

obama's such a loser

 

[Conservative]

Lets look at reality:

Bush's last 4 months: 2.8 million jobs lost

Bush doubled the National Debt


Reagan-Bush I-Bush II did not pay down a penny of debt in 20 years

You need to get over your Bush Derangement Syndrome. Bush had a Democrat Congress, just like Obama has.

Bush doubled the National Debt and Obama has put Bush spending on steroids. Obama will create more debt in 3 years than Bush did in 8 and will doulbe the national debt from 10.6 trillion to over 20 trillion dollars yet not a word from you.

No President paid a penny of the debt in the last 40 years so what is your point?

 

[Conservative]

The Republicans' shameless cynicism was perfectly captured by Vice President Dick Cheney, who in 2002 proclaimed, "Reagan proved deficits don't matter."

Not, that is, if a Republican is in the White House. But when Barack Obama stepped into the Oval Office and the $1.2 trillion deficit George W. Bush left for him there, the GOP quickly changed its tune. While the national debt tripled under Ronald Reagan and doubled again under President Bush, House Minority Leader John Boehner in February decried the $787 billion emergency economic recovery spending as "one big down payment on a new American socialist experiment."

Please show me the 1.2 trillion dollar deficit that Bush left Obama? Like all Obama supporters you seem to have a problem with posting factual data. Your statement is a lie.

Obama voted for everything that Bush proposed in fiscal year 2009 yet apparently voting for the deficit doesn't create the deficit? Interesting logic on your part. You have been brainwashed by "your" President.

 

[doc mercer]

Conservative:

what planet are you on?


Between Jan 20 2001-2009 under president bush's leadership:

Unemployment doubled from 4% to 8.8%
National debt doubled from 5.7 trillion to 10.7 trillion
Yearly budget went from a 236 billion surplus to a 1.2 TRILLION deficit (a 1.4 trillion drop)
Dow Jones plunged 25% from to 10,587 to 7949
Losing 700,000 jobs monthly
Economy in total freefall



SOURCES:
BUSH MORE THAN DOUBLED UNEMPLOYMENT FROM 4% TO 8.8% -----(Jan 2001-2009)
(Source: US Dept of Labor - Bureau of Labor Statistics-)
(http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?data_tool=latest_numbers&series_id=LASST39000003)

BUSH DOUBLED OUR DEBT FROM 5.7 TRILLION TO 10.7 TRILLION
(Source: US Treasury Dept - Bureau of Public Debt - Debt to the Penny (Daily History Search Application))

BUSH TURNED A 236 BILLION BUDGET SURPLUS INTO A 1.2 TRILLION DEFICIT (A 1.4 TRILLION DROP)
(Source 1: CBO - Congressional Budget Office - Historical Budget data - Shows the 236 billion surplus in 2000)
(http://cbo.gov/ftpdocs/108xx/doc10871/historicaltables.pdf)

(Source 2: Congressional Budget Office - Annual budget and economic report and testimony before Congress on Jan 8, 2009) (Declares 1.2 trillion deficit for fiscal year 2009 ---2 weeks before obama takes office)
(http://cbo.gov/ftpdocs/99xx/doc9958/01-08-Outlook_Testimony.pdf)

(Please note: The fiscal year 2009 started Oct 1, 2008 under president bush. At that time, the 2009 deficit was projected at 600 billion. Then the banking crisis occured in Oct 2008 and bush started a 700 billion TARP bailout program which was added to the 600 billion deficit which left obama with a 1.2 Trillion deficit the day he took office according to the CBO)

BUSH OVERSAW A DOW JONES THAT PLUNGED 25% OVER 8 YEARS
(Source: http://finance.yahoo.com/q/hp?s=^DJI)



OBAMA IS DOING A GREAT JOB FIXING THE BUSH DEPRESSION

The dow jones rose 33% in his first year from 7949 to 10,600 on Jan 20, 2010
The job loss rate plunged 97% from 700,000 jobs lost in Jan 2009 to 20,000 jobs lost in Jan 2010
The GDP rate rose to 5.7%, the highest in 6 years
Existing home sales up 27% in 4th quarter of 2009

 

[Taylor]

Meanwhile, in reality ...

-- CBO: Between 800,000 jobs and 2.4 million jobs.

-- IHS/Global Insight: 1.25 million jobs

-- Macroeconomic Advisers: 1.06 million jobs

-- Moody's economy.com: 1.59 million jobs

Obviously, its less than projected, but its stupid to pretend that nothing happened.

Not that jobs "created or saved" are the best indicator of an impact on the recession, nonetheless your meager job estimates do little to help you.

Even if we were to believe those job totals (and apparently only 6% of Americans do)... it amounts to well over $600,000 of taxpayer money for each job "created or saved."

6% Believe Stimulus Created Jobs

 

[Taylor]

Meanwhile, in reality ...

CBO: Between 800,000 jobs and 2.4 million jobs.

You might want to read that report. The CBO predicted the stimulus would produce short term gains in employment followed by a long term reduction in GDP, worker productivity and wages:

CNSNews.com - Obama?s Stimulus Will Cause 'Lower Wages' for American Workers, Says Congressional Budget Office

The CBO analysis, dated Feb. 11 and sent to Sen. Judd Gregg (R-N.H.), says the $787-billion plan will increase employment in the short-term, but will run up deficit spending which will “crowd out” private investment in the economy in the long-term.

The reduction in GDP is therefore estimated to be reflected in lower wages rather than lower employment, as workers will be less productive because the capital stock is smaller

 

[The Prof]

who's bush?

oh, you mean w-stands-for-what's-his-name?

i'd sincerely forgotten

history's fun, i love history, thanks

obama's a loser

 

[Taylor]

who's bush?

oh, you mean w-stands-for-what's-his-name?

i'd sincerely forgotten

history's fun, i love history, thanks

obama's a loser

He's the guy you blame when you've run out of excuses for your guy.

The argument can be summed up thusly:

"But, but, Buuush!" :2bigcry:

 

[doc mercer]

The "Prof"

instead of yapping .... why not "educate" us all

 

[The Prof]

i do

all day, every day

stay tuned

and clean up your act

please stop grossing out the members with your puerile images

 

[doc mercer]

Bring it on ...

this should be amusing

 

[The Prof]

buttcracks

name calling

bring it on

JER-REE!

JER-REE!

LOL!