Deficit shrinking faster than any time since WWII

Discussion in 'Economy' started by rdean, Nov 22, 2012.

  1. rdean
    Offline

    rdean rddean

    Joined:
    Aug 9, 2009
    Messages:
    60,164
    Thanks Received:
    6,900
    Trophy Points:
    1,840
    Location:
    chicago
    Ratings:
    +15,012
    [​IMG]

    From fiscal 2009 to fiscal 2012, the deficit shrank 3.1 percentage points, from 10.1% to 7.0% of GDP.
    That's just a bit faster than the 3.0 percentage point deficit improvement from 1995 to '98, but at that point, the economy had everything going for it.
    Other occasions when the federal deficit contracted by much more than 1 percentage point a year have coincided with recession. Some examples include 1937, 1960 and 1969.

    TARP and the bailouts of Fannie Mae and Freddie Mac also make the deficit improvement look better, boosting the fiscal '09 deficit by about $200 billion more than in fiscal '12 (though the initial cost of TARP was overstated).
    Still, military spending is now on the decline due to fewer troops in Iraq and Afghanistan; Medicare costs rose 3% last year vs. the average 7% growth in recent years; and after the last year's Budget Control Act, excluding the automatic cuts set to take effect in January, nondefense discretionary spending is already on a path to shrink to 2.7% of GDP, well below the 3.9% average, notes the Center on Budget and Policy Priorities.

    U.S. Deficit Shrinking At Fastest Pace Since WWII, Before Fiscal Cliff - Investors.com

    Republicans were wrong about Romney, wrong about economics, wrong about health care, wrong about Iraq, wrong. Just "wrong". Notice the line at the far right. Every line above zero is the deficit shrinking. I wonder who was in office the years when the deficit was shrinking?

    Better yet, after the health care bill goes into full effect, only 19 million won't be covered and a third of them are illegal immigrants. The CBO says we will see major savings after 20 years.

    This information is coming from "Investor's Business Daily", not some extreme site. But you can bet, because this information isn't showing up on Fox, these USMB right wingers will call it all "lies". At least we all know they have no proof that says otherwise. Except what comes from the Heritage Foundation, a group that is always wrong. There goes that word again:

    [​IMG]
     
  2. Rshermr
    Offline

    Rshermr VIP Member

    Joined:
    May 30, 2012
    Messages:
    5,804
    Thanks Received:
    287
    Trophy Points:
    85
    Location:
    LaConner, WA
    Ratings:
    +855
    Yes, well, it is kind of difficult for the cons. They post dogma. That is their job. Hell, some are paid to do so. Others just love to hate. And con dogma is hate. So, that is what they WANT to believe. Which is so much easier than actually working with truth, doing all that troublesome research.
    So if it is not Heritage, which brings in con wanabees, and provides "training", and con talking points, then it is the American Enterprise Institute, which does the same. Or the real bat shit crazy con site, CATO, which pays big bucks to anyone who wants to spout libertarian based dogma. And CATO, which was founded by the Koch brothers, and last I knew was still run by them, has money to spread around.
    Then, there are the hundreds of right wing hate talk shows on the radio, and Fox tv. All liberally sprinkled with money from the far, far right. Couple that with about 15 to 20% of the population who want to be told what to believe and who to hate, and you have the cons of USMB. Just normal con tools. Dogma, no evidence. Totally partial sources, if any at all. Just dogma, and group think.
     
  3. Sunni Man
    Offline

    Sunni Man Diamond Member

    Joined:
    Aug 14, 2008
    Messages:
    40,001
    Thanks Received:
    5,328
    Trophy Points:
    1,860
    Location:
    Patriotic American Muslim
    Ratings:
    +12,444
    ^^^^^ Idiotic rant :cool:
     
    • Thank You! Thank You! x 2
  4. PredFan
    Offline

    PredFan Gold Member

    Joined:
    Oct 13, 2011
    Messages:
    29,225
    Thanks Received:
    4,428
    Trophy Points:
    290
    Location:
    In Liberal minds, rent free.
    Ratings:
    +11,653

    Great! That means the Bush Tax cuts are working and that we don't need to increase taxes on anyone!

    Thanks dean!
     
    • Thank You! Thank You! x 4
  5. rdean
    Offline

    rdean rddean

    Joined:
    Aug 9, 2009
    Messages:
    60,164
    Thanks Received:
    6,900
    Trophy Points:
    1,840
    Location:
    chicago
    Ratings:
    +15,012
    Actually, it's the Bush tax cuts that caused the mess. Remember, they are years old. It's what Obama has done since Republicans tried to destroy the economy and turn over government to big business.
     
  6. PredFan
    Offline

    PredFan Gold Member

    Joined:
    Oct 13, 2011
    Messages:
    29,225
    Thanks Received:
    4,428
    Trophy Points:
    290
    Location:
    In Liberal minds, rent free.
    Ratings:
    +11,653
    False moron. How did the bush Tax Cuts cause the war in Afghanistan? How did they cause the housing market to fail. nevermind, don't answer that, i don't know how much more of your stupidity i can take today.
     
  7. Rozman
    Offline

    Rozman Gold Member Supporting Member

    Joined:
    Sep 18, 2009
    Messages:
    16,576
    Thanks Received:
    3,060
    Trophy Points:
    290
    Location:
    Brooklyn,NY
    Ratings:
    +6,688
    They keep saying the Bush tax cuts caused it all...
    What are they going to say when they go away and
    we aren't much better off.
     
  8. Koios
    Offline

    Koios Recreational Kibitzer

    Joined:
    Nov 12, 2012
    Messages:
    2,841
    Thanks Received:
    116
    Trophy Points:
    48
    Ratings:
    +116
    That we were wrong, I'd hope.

    Meanwhile what do you on the Right have to say now? Did the cuts turn into the economic nirvana you'd hoped? Prosperity was turned into uber prosperity was it? Or is supply side dead wrong as should be obvious to all with IQs north of a turnip's?

    Whadaya say?
     
    Last edited: Nov 22, 2012
  9. rdean
    Offline

    rdean rddean

    Joined:
    Aug 9, 2009
    Messages:
    60,164
    Thanks Received:
    6,900
    Trophy Points:
    1,840
    Location:
    chicago
    Ratings:
    +15,012
    Not much. "South of a turnip", obviously.
     
    Last edited: Nov 22, 2012
  10. Koios
    Offline

    Koios Recreational Kibitzer

    Joined:
    Nov 12, 2012
    Messages:
    2,841
    Thanks Received:
    116
    Trophy Points:
    48
    Ratings:
    +116
    You thought that up all by yourself and in under five hours?

    Give the lad a gold star! A prodigy in the making.
     

Share This Page