Budget May Be In Surplus Next Year

Discussion in 'Economy' started by red states rule, Feb 24, 2007.

  1. red states rule
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    red states rule Senior Member

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    This will put libs and the Bush haters into a deep depression

    The Bush tax cuts have increased economic activity to a point where the record revenues may push the Federal budget into a SURPLUS next year

    These are the tax cuts the Dems said would cripple the US economy, and kill people since "vital" funding of government prograns would be impacted

    The liberal media will ignore or downplay the good news; but the word is getting out




    US deficit is shrinking, for now
    With the robust economy, tax revenues are pouring in. But rising costs lie ahead.
    By Mark Trumbull | Staff writer of The Christian Science Monitor
    Page 1 of 2

    Despite the ongoing costs of US military campaigns in Iraq and Afghanistan, the outlook for the federal budget has grown substantially brighter.

    Tax revenues are rising much faster than spending, according to Treasury Department numbers released last week. The recent trend is strong enough that, were it to continue, the budget could move into surplus in barely a year, one economist calculates.

    Already, the federal deficit is shrinking toward about half the size that it has averaged since 1970, when analyzed as a percentage of gross domestic product.

    The shift reflects a strong economy, with higher incomes and corporate profits generating a bigger flow of tax revenue. In turn, the Treasury's progress could help the economy by buoying investor confidence in the nation's fiscal position.

    Although it is a welcome change, the improvement does little to stave off the long-run challenges to the nation's financial health, many economists say. Baby boomers are starting to retire, placing new demands on government. Costs for healthcare programs like Medicare are still projected to rise faster than overall inflation.

    "The picture is getting brighter," and if there's no recession over the next several years "there are going to continue to be some good strides made," says Mark McMullen, a senior economist at Moody's Economy.com in West Chester, Pa. But "it's unlikely that we're going to see a balanced budget anytime in the near or long term."

    Some experts say the budget could achieve balance in the short run of the next few years. In unveiling its proposed budget this month, the Bush administration forecast black ink on the federal ledger in 2012. The nonpartisan Congressional Budget Office (CBO), in its recent annual outlook, also shows a surplus for that year.

    A year ago, the CBO's forecast for the 2007 fiscal year called for a deficit of $270 billion. In the annual outlook released last month, the 2007 gap is projected at $172 billion.

    "Right now, we're in some sense in a relatively good spot," says Jim Horney, a budget analyst at the Center for Budget and Policy Priorities, a liberal think tank in Washington. "We're in the sixth year of an economic expansion," a time when federal revenues often rise along with a growing economy.

    But both the CBO and the White House make important assumptions that are far from assured.

    The CBO's annual outlook assumes that President Bush's tax cuts phase out in 2010 as scheduled, thus adding new tax revenues.

    Mr. Bush's budget calls for the tax cuts to be made permanent, but foresees a surplus in 2012 thanks to a sharp fall in Iraq spending and robust productivity growth in the economy.

    http://www.csmonitor.com/2007/0221/p01s03-usec.html
     
  2. Creek_George
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    Creek_George Member

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    This is a 5 year hopeful layout of things...but so many factors are left out & misrepresented...and distorted...

    Is President Bush behind all this...or what gives here?...I can't remember the last time I checked..but this Iraq War took alot of federal tax money out of our pockets to fund this.."thing"...and the cost will go down...No choice in the matter...

    Baby Boomers...what about the middle class losing ground...

    In 2012 we will have Social Security Problems not even imagined..Health Care out of control...and who knows what will happen between now & then...

    If you think people are gona start throwing money in the wishing well fountains outside our capitals again..I just can't see it...

    People struggle...Most of us are just making ends meet...Any surplus in 2012 don't mean squat....I pay taxes up the ass..and Republican aint Republican anymore..anyways....

    I've noticed some...are true die hards to a political party...Almost as if one is born into a religion...

    So in 2012..a debt free America..big cash surplus...gas at 2.00 a gallon..and less taxes...

    Thanks Mr.Bush..I knew you could do it..:).....(shaking my head).
     
  3. Creek_George
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    Creek_George Member

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    Well I hope my surplus rebate check is enough to buy...at least a couple punds of the 70% lean hamburger(that's been reduced in price) & a 12 pack of Old Milwaukee..or whatever is on sale.

    I bet I'll be walking into H&R Block in the 2008 & 2009 tax season with this good news.

    I know libs are more generous to the needy...and just as much against anything..and some things that get a Republican elected these days...

    Your average American paid about..if not more than 2000.00 in money spent..or at tax time funding the Iraq War since it started....All you Republicans can handle that...even being this war was a mistake to begin with...That's not my point here...But a fact..that proves a point.

    That money we could afford for a needy situation....and to knock after school programs,programs for the needy...things that us average American could never take advantage of...at least go to an American that needs our generosity....American People are known for that....

    We all wana shut the country out of our lives that we live in....Imagine if a group of us camping did that...Jamestown...the first Colonies..

    The Great Depression..and so many..farmers..I can't begin to tell you all the hard working poeple in this country found comfort in a Democrat...

    To be a full time party basher...don't make a point..unless you're paid for doing it....It's like going into a break room at work..and accuse everybody for being not up to your way of thinking...Go in at lunch everyday with proof they are more stupid.....You accuse everybody around you in your life...never bend...Like it's a sports team...

    Instead of suggesting who's gona save us all....You should buy us all a case of beer each..for putting up with this circus in the White House..

    Ok..said my bit..Like I said...just yacking..with a cold beer tonight..No offense against you...One of my best friends is a die hard Republican....he's my best friend...Don't see things his way all the time...but the beers always taste great in his company..:)

    Peace..:)
     
  4. red states rule
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    red states rule Senior Member

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    Hmmmmmm.........I laugh when libs bring up Soical Security. Pres Bush had a great idea to solve the issue, and Dems sneered how it was a boom to Wall Street

    Now libs offer the same old solution as they have for every problem - raise taxes
     
  5. red states rule
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    red states rule Senior Member

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    Of course libs are never happy (that si part of being a lib)

    Witht eh booming economy growing because of tax CUTS, libs are in dire need of therapy and anti depressents
     
  6. Creek_George
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    Creek_George Member

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    Let me hear this again...Are you telling me President Bush came up with a great idea?

    At this point in time..he could not develop a free energy source & let alone a cure for old age that anyone would care into..."To Believe It"...including all known forms of cancer cure...

    Why does one have to be called a "Lib"..pointing out the fact this administration is stupid....I'm not a "Lib" dude..I just call the play like I see it...

    Now..I'm gona take a bow for the other 80%'ers (Cons & Libs Alike)..

    Taking a Bow Now..My hands raised high...Yeehaaa..:)

    :clap2: :clap2: :clap2: :clap2: :clap2: :clap2:
     
  7. red states rule
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    red states rule Senior Member

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    I know the Bush haters oppose anything Pres Bush wants to do - even if it is a good idea and will solve a probem

    With Social Security, Pree Bush wanted people to invest 2% of THEIR money into THEIR retirement accounts

    Lubs will have none of this. Why? If people took control of THEIR OWN retirement, what the hell would libs do? Libs could no longer use the standard talking point on how Republicans want to take Grandma's SS check away from her. Clinton wanted private accounts and libs were all for it. Funny how things change all of a sudden

    As far as energy, one way to get more oil to market and lower the price of gas. Let the oil companies do what they do best - drill/ Start drilling of the East Coast, West Cpast. the Gulf, Alaska. and let them start building/expanding refineries

    Back to the topic at hand - how tax cuts are bringing the budget back into SURPLUS. I know this must by very upsetting to the Bush hating left. Libs live to raise taxes and once again, to have to proven tax cuts INCREASE revenues must be so depressing to libs
     
  8. JeffWartman
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    JeffWartman Senior Member

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    There's a lot more to it than that. President Bush's private accounts plan was a good plan, but it was VERY poorly political managed and didn't solve the entire issue.

    The initial post you made was regarding the federal deficit. You do realize the private accounts plan would GREATLY increase deficits and add a lot to the debt. This isn't saying the retirement account plan isn't a good idea, but you can't have it both ways.

    Retirement accounts are not an answer in itself. We need more. First, tell the big spending Republican and Democrats in Congress that from this point on, they will no longer have access to the Social Security trust fund. Congress has been raiding the trust fund for years, which means the treasury notes which currently make up the trust fund are worthless. If we form a policy of putting the trust fund into other sources than T-Bills, we will help with solvency. It won't be a big help, but it would be something.

    Thirdly, we need an increase in the retirement age. Anyone that says otherwise is not thinking clearly.

    Republicans are as much to blame for the expansion of the welfare state as Democrats are. As soon as we understand this simple fact, and now why people are so dependent on it, we will then have political freedom and liberty.
     
  9. JeffWartman
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    JeffWartman Senior Member

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    Creek,

    One of the problems on here is that some people adhere so rigidly to mindless partisanship it could lead one to insanity.

    Some do not come on here to debate issues. It's merely a conflict of:

    "President Bush is right all the time and the Libs are dumb"
    vs.
    "Bush is a racist, dumb, primate and the Democrats are right all the time"

    Just a few on the board. Ten minutes of surfing will make it painfully obvious who they are on either side of the political spectrum.

    :eusa_wall:
     
  10. sitarro
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    sitarro Gold Member Supporting Member

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    Have another case of beer.:cuckoo:
     

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