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Thread: Budget Deficit in U.S. Narrows 13% to $90.5 Billion on Rising Tax Receipts

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    Budget Deficit in U.S. Narrows 13% to $90.5 Billion on Rising Tax Receipts

    Look at this good news.; looks like were headed in the right direction.

    < The U.S. government posted a smaller budget deficit in August compared with the same month last year, helped by rising tax receipts.>


    <The excess of spending over revenue totaled $90.5 billion last month, smaller than the median forecast of economists surveyed by Bloomberg News and down 13 percent from $103.6 billion in August 2009, according to a Treasury Department report issued today in Washington. The gap for the fiscal year that started in October was $1.26 trillion compared with $1.37 trillion last year at the same time. >


    <The economic recovery has helped generate more tax revenue for the Treasury, even as the Congressional Budget Office forecasts the deficit this fiscal year will reach $1.34 trillion, the second-largest on record. The Obama administration faces the challenge of trying to limit the shortfall while stimulating an economy with joblessness close to 10 percent. >


    More here.

    Budget Deficit in U.S. Narrows 13% to $90.5 Billion on Rising Tax Receipts - Bloomberg
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: Budget Deficit in U.S. Narrows 13% to $90.5 Billion on Rising Tax Receipts

    This is a one time one month basically meaningless blip and says nothing about the reduction of the actual debt or a reduction in the real unemployment numbers which are according to some is closer to 22%.

    So hold on to your party hats for now boys and girls.

    http://http://www.nypost.com/p/news/...hnMcCi537pucaJ

    his'll make you laugh.

    Back in November 2003 an economist named Austan Goolsbee from the University of Chicago wrote an op-ed piece for The New York Times criticizing a Labor Department announcement about job growth the month before.

    And he attacked the idea that the country had just experienced nothing more than a mild recession.

    "Unfortunately, underreporting unemployment has served the interest of both political parties," wrote Goolsbee. "The situation has grown so dire, though, that we can't tell whether the job market is recovering."

    OK, I promised you a laugh. So here it comes.

    Goolsbee no longer works at the University of Chicago. He now has a job at the White House as President Obama's top economic adviser.

    So the president and Goolsbee will now have to convince the American public that the slight statistical improvement in the employment situation over the past year really is credible -- even if Goolsbee doesn't believe it.

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    Re: Budget Deficit in U.S. Narrows 13% to $90.5 Billion on Rising Tax Receipts

    Quote Originally Posted by Councilman View Post
    This is a one time one month basically meaningless blip and says nothing about the reduction of the actual debt or a reduction in the real unemployment numbers which are according to some is closer to 22%.

    So hold on to your party hats for now boys and girls.

    http://http://www.nypost.com/p/news/...hnMcCi537pucaJ

    I always thought that the budget deficit dropping to 9.1 percent of gross domestic product in one year, from 9.9 percent was a good thing. What do you consider good news councilman?
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: Budget Deficit in U.S. Narrows 13% to $90.5 Billion on Rising Tax Receipts

    I would jump for joy if the Amateur in Chief Obama Would do the Country a solid and resign.

    Now that would be great news.

    Party on.

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    Re: Budget Deficit in U.S. Narrows 13% to $90.5 Billion on Rising Tax Receipts

    Quote Originally Posted by donc View Post
    I always thought that the budget deficit dropping to 9.1 percent of gross domestic product in one year, from 9.9 percent was a good thing. What do you consider good news councilman?
    I would consider it good news, when the government stops spending more than it takes in and doesn't idiotically try to shrink the deficit by raising taxes.

    How about we create a taxation system that motivates people to pay taxes, rather than hiring 10,000 new IRS headhunters to hunt down people that are a quarter behind on thier payroll taxes?

    Well, now that I think about it, that would make too much sense and be too kind to the American people. Can't have that ****!
    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: Budget Deficit in U.S. Narrows 13% to $90.5 Billion on Rising Tax Receipts

    more good news

    News Headlines (foreclosures rise, repo's set record, cnbc)

    U.S. Economy: Confidence Declines to a One-Year Low - BusinessWeek

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    Re: Budget Deficit in U.S. Narrows 13% to $90.5 Billion on Rising Tax Receipts

    Quote Originally Posted by donc View Post
    Look at this good news.; looks like were headed in the right direction.

    < The U.S. government posted a smaller budget deficit in August compared with the same month last year, helped by rising tax receipts.>


    <The excess of spending over revenue totaled $90.5 billion last month, smaller than the median forecast of economists surveyed by Bloomberg News and down 13 percent from $103.6 billion in August 2009, according to a Treasury Department report issued today in Washington. The gap for the fiscal year that started in October was $1.26 trillion compared with $1.37 trillion last year at the same time. >


    <The economic recovery has helped generate more tax revenue for the Treasury, even as the Congressional Budget Office forecasts the deficit this fiscal year will reach $1.34 trillion, the second-largest on record. The Obama administration faces the challenge of trying to limit the shortfall while stimulating an economy with joblessness close to 10 percent. >


    More here.

    Budget Deficit in U.S. Narrows 13% to $90.5 Billion on Rising Tax Receipts - Bloomberg
    Looks like the Bush tax relief is working

    might as well keep it going



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    Re: Budget Deficit in U.S. Narrows 13% to $90.5 Billion on Rising Tax Receipts

    Quote Originally Posted by The Prof View Post
    more good news

    News Headlines (foreclosures rise, repo's set record, cnbc)

    U.S. Economy: Confidence Declines to a One-Year Low - BusinessWeek
    Don't forget, we have a record high poverty level.
    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: Budget Deficit in U.S. Narrows 13% to $90.5 Billion on Rising Tax Receipts

    apdst

    I would consider it good news, when the government stops spending more than it takes in and doesn't idiotically try to shrink the deficit by raising taxes.
    Then the OP should have been good news to you then. Did you overlook this part of my post?

    (The excess of spending over revenue totaled $90.5 billion last month.)
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: Budget Deficit in U.S. Narrows 13% to $90.5 Billion on Rising Tax Receipts

    Quote Originally Posted by donc View Post
    Then the OP should have been good news to you then. Did you overlook this part of my post?

    (The excess of spending over revenue totaled $90.5 billion last month.)
    Except, that wasn't the point of your thread; which was, "...Budget Deficit in U.S. Narrows 13% to .5 Billion on Rising Tax Receipts".

    i.e. the government didn't stop pissin' away money, it just got an influx of tax cash to narrow the gap.
    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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