It is liberal education time, Budgets and how they work

[editec]

Same with Reagan and him getting blamed for a democratic controlled congress

Here, mate. A BOOK written by a former Reaganista DAVID STOCKMAN.

READ IT.

EDUCATE YOURSELF, citizen

David Stockman, a former budget official in Ronald Reagan's administration and author of The Great Deformation: the Corruption of Capitalism in America, is one deeply pissed-off dude. The scope of his disdain is wide -- it would take a lot of fence to corral those he deems responsible for a century of wildly wrong-headed developments that, in his view, are destined to sink America.


What's more, his perps would have to be held in separate cells, because they're of remarkably different stripes. Milton Friedman is implicated (his sin: advocating managing the money supply), but so is Paul Krugman (and of course his spiritual mentor John Maynard Keynes). Franklin Roosevelt is on the list of "policy villains," but so is Richard Nixon, who dealt the final blow to the gold standard. Former Reagan economic advisor Art Laffer (Mr. Supply Side) is there, a few names away from Larry Summers (these days, Mr. Demand Side), who served, most recently, as Barack Obama's top economic advisor.

I'll just saying this until you partisans finally get it.

You have NO dog in the political fight.

No matter which teams wins?

AMERICANS LOSE.

 

[NYcarbineer]

That's a lie.

"By May 1997, Republican congressional leaders reached a compromise with Democrats and President Clinton on the federal budget. The agreement called for a federal spending plan designed to reduce the federal deficit and achieve a balanced budget by 2002. The plan included a total of $152 billion in Republican sponsored tax cuts over five years. Other major parts of the spending plan called for $115 billion to be saved through a restructuring of Medicare, $24 billion set aside to extend health insurance to children of the working poor, tax credits for college tuition, and a $2 billion welfare-to-work jobs initiative."

-Newt's Wikipedia page

"The Omnibus Budget Reconciliation Act of 1993 (or OBRA-93[1]) was a federal law that was enacted by the 103rd United States Congress and signed into law by President Bill Clinton. It has also been referred to, unofficially, as the Deficit Reduction Act of 1993. Part XIII, which dealt with taxes and is also called the Revenue Reconciliation Act of 1993."

Clinton's dynamite tax plan passed without a single GOP vote, and is widely considered what caused the massive surplus.

Yep you think that I have no doubt. There was never a surplus by the way. You can't borrow your way to a surplus. So all parties failed on that.

A budget surplus or deficit is the annual difference between revenue and spending. Yes, we did have budget surpluses several years.

 

[NYcarbineer]

Contrary to what the OP implies, the 1996 Budget was not the Republican alternative to Clinton's budget -

it was a compromise budget where neither side got everything they wanted.

 

[JRK]

Reagan was in office January, 1981-January, 1989.

97th United States Congress - Wikipedia, the free encyclopedia

98th United States Congress - Wikipedia, the free encyclopedia

99th United States Congress - Wikipedia, the free encyclopedia

100th United States Congress - Wikipedia, the free encyclopedia

again, I noted that it was the house the Dems controlled, not congress
what does that have to do with the fact that your blaming the presidents for budgets that congress appropriates?
The GOP had a small majority 6 of those 8 years in the senate
The GOP had full majority from 94 through 06 excpet the senate in 00-02

The wheels came off in 08 with 2009 exploding

Blaming RR or GWB or giving BC credit for events that congress appropriates is another lie that the left keeps re peating

Unless as BHO had in 2009 with close to a super majority, blaming past presidents without being honest about who really spent the money is un ethical

In 2009 BHO added the last 50% of tarp
Omnibus
Stimulus

The dems added 800 billion from the last GOP budget of 07 to 09 then never voted on another budget sense

GWB did not sign the 09 budget, BHO did

um, your precise words were

Same with Reagan and him getting blamed for a democratic controlled congress

what characterized the budgets of in the late 90's ware the record high revenue, which have not been surpassed since, in CONSTANT dollars.* These would not have come in if Clinton had caved to the GOP demand for tax cuts during the Government Shutdown fiasco.

*Crackpot Doom Scandal: "The Laffer Curve"

really?
okay i will bite
GWB tax rates gave us record revenues for most of his term(s)
With medicare D
No Child
9-11
2 wars
7 major hurricanes
We got close to a balanced budget

without 9-11 it would have been a boom

What changed?

Congress then the white house

BTW that 800 billion the dems added to the last GOP budget? it had the Iraqi war removed sense
Where did that money go?

 

[editec]

So no REAGAN WORSHIPERS here want to comment on the fact that Reagan's HIGH PRIEST of FINANCE recanted his policies as a fraud and disaster for America's economy?

Of course not...that would demand that you actually paid attention to what is really going on, wouldn't it?

 

[JRK]

So no REAGAN WORSHIPERS here want to comment on the fact that Reagan's HIGH PRIEST of FINANCE recanted his policies as a fraud and disaster for America's economy?

Of course not...that would demand that you actually paid attention to what is really going on, wouldn't it?

40 million jobs from 80 through 07
15 on his watch

what do you call what BHO has done then

 

[JRK]

Reaganomics Vs. Obamanomics: Facts And Figures - Forbes
my point has been how important congress is when we talk about a president
GWB had 6 very good years with 9-11 and 2 wars prior to the dems taking over congress for the first time in 12 years
the best 12 years we ever had

 

[edthecynic]

That's a lie.

"By May 1997, Republican congressional leaders reached a compromise with Democrats and President Clinton on the federal budget. The agreement called for a federal spending plan designed to reduce the federal deficit and achieve a balanced budget by 2002. The plan included a total of $152 billion in Republican sponsored tax cuts over five years. Other major parts of the spending plan called for $115 billion to be saved through a restructuring of Medicare, $24 billion set aside to extend health insurance to children of the working poor, tax credits for college tuition, and a $2 billion welfare-to-work jobs initiative."

-Newt's Wikipedia page

"The Omnibus Budget Reconciliation Act of 1993 (or OBRA-93[1]) was a federal law that was enacted by the 103rd United States Congress and signed into law by President Bill Clinton. It has also been referred to, unofficially, as the Deficit Reduction Act of 1993. Part XIII, which dealt with taxes and is also called the Revenue Reconciliation Act of 1993."

Clinton's dynamite tax plan passed without a single GOP vote, and is widely considered what caused the massive surplus.

Yep you think that I have no doubt. There was never a surplus by the way. You can't borrow your way to a surplus. So all parties failed on that.

Then there never was a 162 billion deficit in 2007 as the OP claims. You can't have it both ways.

 

[edthecynic]

again, I noted that it was the house the Dems controlled, not congress
what does that have to do with the fact that your blaming the presidents for budgets that congress appropriates?
The GOP had a small majority 6 of those 8 years in the senate
The GOP had full majority from 94 through 06 excpet the senate in 00-02

The wheels came off in 08 with 2009 exploding

Blaming RR or GWB or giving BC credit for events that congress appropriates is another lie that the left keeps re peating

Unless as BHO had in 2009 with close to a super majority, blaming past presidents without being honest about who really spent the money is un ethical

In 2009 BHO added the last 50% of tarp
Omnibus
Stimulus

The dems added 800 billion from the last GOP budget of 07 to 09 then never voted on another budget sense

GWB did not sign the 09 budget, BHO did

um, your precise words were

Same with Reagan and him getting blamed for a democratic controlled congress

what characterized the budgets of in the late 90's ware the record high revenue, which have not been surpassed since, in CONSTANT dollars.* These would not have come in if Clinton had caved to the GOP demand for tax cuts during the Government Shutdown fiasco.

*Crackpot Doom Scandal: "The Laffer Curve"

really?
okay i will bite
GWB tax rates gave us record revenues for most of his term(s)
With medicare D
No Child
9-11
2 wars
7 major hurricanes
We got close to a balanced budget

without 9-11 it would have been a boom

What changed?

Congress then the white house

BTW that 800 billion the dems added to the last GOP budget? it had the Iraqi war removed sense
Where did that money go?

What changed is the Bush/GOP economic house of cards fell down of its own inertia. The GOP Senate filibustered and Bush found his long lost veto pen stopping everything the the Dems tried to do in 2007. Nothing could pass without Bush and the GOP's approval.

 

[NYcarbineer]

So no REAGAN WORSHIPERS here want to comment on the fact that Reagan's HIGH PRIEST of FINANCE recanted his policies as a fraud and disaster for America's economy?

Of course not...that would demand that you actually paid attention to what is really going on, wouldn't it?

40 million jobs from 80 through 07
15 on his watch

what do you call what BHO has done then

You falsely assume that presidents control how many jobs are created.

 

[NYcarbineer]

again, I noted that it was the house the Dems controlled, not congress
what does that have to do with the fact that your blaming the presidents for budgets that congress appropriates?
The GOP had a small majority 6 of those 8 years in the senate
The GOP had full majority from 94 through 06 excpet the senate in 00-02

The wheels came off in 08 with 2009 exploding

Blaming RR or GWB or giving BC credit for events that congress appropriates is another lie that the left keeps re peating

Unless as BHO had in 2009 with close to a super majority, blaming past presidents without being honest about who really spent the money is un ethical

In 2009 BHO added the last 50% of tarp
Omnibus
Stimulus

The dems added 800 billion from the last GOP budget of 07 to 09 then never voted on another budget sense

GWB did not sign the 09 budget, BHO did

um, your precise words were

Same with Reagan and him getting blamed for a democratic controlled congress

what characterized the budgets of in the late 90's ware the record high revenue, which have not been surpassed since, in CONSTANT dollars.* These would not have come in if Clinton had caved to the GOP demand for tax cuts during the Government Shutdown fiasco.

*Crackpot Doom Scandal: "The Laffer Curve"

really?
okay i will bite
GWB tax rates gave us record revenues for most of his term(s)
With medicare D
No Child
9-11
2 wars
7 major hurricanes
We got close to a balanced budget

without 9-11 it would have been a boom

What changed?

Congress then the white house

BTW that 800 billion the dems added to the last GOP budget? it had the Iraqi war removed sense
Where did that money go?

Tax cuts do not increase revenues. Tax cuts lower revenues. If something else happens in the economy that increases revenues, that's another thing altogether, but tax cuts themselves lower revenues.

 

[editec]

So no REAGAN WORSHIPERS here want to comment on the fact that Reagan's HIGH PRIEST of FINANCE recanted his policies as a fraud and disaster for America's economy?

Of course not...that would demand that you actually paid attention to what is really going on, wouldn't it?

40 million jobs from 80 through 07
15 on his watch

what do you call what BHO has done then

Its just beyond your ability to imagine that anyone who faults St Ronnie doesn't then automatically and blindly love Obama, isn't it?

You just cannot get you tiny mind around that, can you, JRK.

 

[JRK]

So no REAGAN WORSHIPERS here want to comment on the fact that Reagan's HIGH PRIEST of FINANCE recanted his policies as a fraud and disaster for America's economy?

Of course not...that would demand that you actually paid attention to what is really going on, wouldn't it?

40 million jobs from 80 through 07
15 on his watch

what do you call what BHO has done then

Its just beyond your ability to imagine that anyone who faults St Ronnie doesn't then automatically and blindly love Obama, isn't it?

You just cannot get you tiny mind around that, can you, JRK.

Not at all
My points are simple
How can you attack RR and leave out BHO?
What is good for the goose you know?

In fact most of my threads are to correct lies about GWB, RR, not to attack BHO un-less it is to correct his lies

We re-elected our president on informtion that was not accurate

 

[bripat9643]

either. In fact, in 1995, two years after that tax hike, the budget baseline submitted by the president’s own Office of Management and Budget and the nonpartisan Congressional Budget Office predicted $200 billion deficits for as far as the eye could see. The figure shows the Clinton deficit baseline. What changed this bleak outlook?

Newt Gingrich and company — for all their faults — have received virtually no credit for balancing the budget. Yet today’s surplus is, in part, a byproduct of the GOP’s single-minded crusade to end 30 years of red ink. Arguably, Gingrich’s finest hour as Speaker came in March 1995 when he rallied the entire Republican House caucus behind the idea of eliminating the deficit within seven years.
No, Bill Clinton Didn't Balance the Budget | Cato Institute

Keep seeing GWB being blamed for the 2009 budget
A budget that was signed into law by BHO in March of 2009
A budget that went from a 2007 deficit of 162 billion, the last GOP budget to a deficit of 1.4 trillion, the second Democratic budget with a Democratic president signing it

Same with Reagan and him getting blamed for a democratic controlled congress

This whole mess is up side down

close to 50% of all of GWB deficit that was aded during his time in office came in 08-09
who run congress?
who added the second 50% of tarp?
failed stimulus?
Omnibus?

Budgets run on a fiscal year that starts in the year prior to the year the budget is dated. the '2009' budget therefore started in October of 2008.

Unfortunately for your attempt to deflect blame from your messiah, the so-called "stimulus" package Congress passed and Obama signed into law replaced whatever budget Congress passed in 2008. The stimulus went into effect towards the end of February 2009.

 

[JRK]

either. In fact, in 1995, two years after that tax hike, the budget baseline submitted by the president’s own Office of Management and Budget and the nonpartisan Congressional Budget Office predicted $200 billion deficits for as far as the eye could see. The figure shows the Clinton deficit baseline. What changed this bleak outlook?

Newt Gingrich and company — for all their faults — have received virtually no credit for balancing the budget. Yet today’s surplus is, in part, a byproduct of the GOP’s single-minded crusade to end 30 years of red ink. Arguably, Gingrich’s finest hour as Speaker came in March 1995 when he rallied the entire Republican House caucus behind the idea of eliminating the deficit within seven years.
No, Bill Clinton Didn't Balance the Budget | Cato Institute

Keep seeing GWB being blamed for the 2009 budget
A budget that was signed into law by BHO in March of 2009
A budget that went from a 2007 deficit of 162 billion, the last GOP budget to a deficit of 1.4 trillion, the second Democratic budget with a Democratic president signing it

Same with Reagan and him getting blamed for a democratic controlled congress

This whole mess is up side down

close to 50% of all of GWB deficit that was aded during his time in office came in 08-09
who run congress?
who added the second 50% of tarp?
failed stimulus?
Omnibus?

Budgets run on a fiscal year that starts in the year prior to the year the budget is dated. the '2009' budget therefore started in October of 2008.

Unfortunately for your attempt to deflect blame from your messiah, the so-called "stimulus" package Congress passed and Obama signed into law replaced whatever budget Congress passed in 2008. The stimulus went into effect towards the end of February 2009.

agree
do not forget that last 50% of tarp BHO got (close to 300 billion) that was never to be used
also GWB did not sign the budget for 2009, BHO did with added monies to GWB base-line
Imagine if GWB did the same in 2001?

 

[NYcarbineer]

either. In fact, in 1995, two years after that tax hike, the budget baseline submitted by the president’s own Office of Management and Budget and the nonpartisan Congressional Budget Office predicted $200 billion deficits for as far as the eye could see. The figure shows the Clinton deficit baseline. What changed this bleak outlook?

Newt Gingrich and company — for all their faults — have received virtually no credit for balancing the budget. Yet today’s surplus is, in part, a byproduct of the GOP’s single-minded crusade to end 30 years of red ink. Arguably, Gingrich’s finest hour as Speaker came in March 1995 when he rallied the entire Republican House caucus behind the idea of eliminating the deficit within seven years.
No, Bill Clinton Didn't Balance the Budget | Cato Institute

Keep seeing GWB being blamed for the 2009 budget
A budget that was signed into law by BHO in March of 2009
A budget that went from a 2007 deficit of 162 billion, the last GOP budget to a deficit of 1.4 trillion, the second Democratic budget with a Democratic president signing it

Same with Reagan and him getting blamed for a democratic controlled congress

This whole mess is up side down

close to 50% of all of GWB deficit that was aded during his time in office came in 08-09
who run congress?
who added the second 50% of tarp?
failed stimulus?
Omnibus?

Budgets run on a fiscal year that starts in the year prior to the year the budget is dated. the '2009' budget therefore started in October of 2008.

Unfortunately for your attempt to deflect blame from your messiah, the so-called "stimulus" package Congress passed and Obama signed into law replaced whatever budget Congress passed in 2008. The stimulus went into effect towards the end of February 2009.

Wrong. The 2009 deficit was on track to be a trillion dollars even if Congress had done nothing.

 

[bripat9643]

Budgets run on a fiscal year that starts in the year prior to the year the budget is dated. the '2009' budget therefore started in October of 2008.

Unfortunately for your attempt to deflect blame from your messiah, the so-called "stimulus" package Congress passed and Obama signed into law replaced whatever budget Congress passed in 2008. The stimulus went into effect towards the end of February 2009.

Wrong. The 2009 deficit was on track to be a trillion dollars even if Congress had done nothing.

wrong. It would have been about $700 billion without all of Obama's new boondoggle spending.

 

[Avorysuds]

Newt didn't do shit to balance the budget, that was all on Clinton and the dems by getting their dynamite fiscal policies on the books without a single GOP vote.

Oh, so we can blame Dems and Clinton for raiding SS to fake a surplus while in reality they were adding to future debt?

Good point BL.


Lets listen to what Newt thinks of that reality when pointed out to him..... His words.

 

[JRK]

Newt didn't do shit to balance the budget, that was all on Clinton and the dems by getting their dynamite fiscal policies on the books without a single GOP vote.

Oh, so we can blame Dems and Clinton for raiding SS to fake a surplus while in reality they were adding to future debt?

Good point BL.


Lets listen to what Newt thinks of that reality when pointed out to him..... His words. [ame=http://www.youtube.com/watch?v=UZCkVv5ivUQ]Paul To Newt: You Didn't Really Balance Budget In 90s - YouTube[/ame]

It is obvious the truth matters none to the left
That is why I cannot supoport them for any reason

 

[velvtacheeze]

either. In fact, in 1995, two years after that tax hike, the budget baseline submitted by the president’s own Office of Management and Budget and the nonpartisan Congressional Budget Office predicted $200 billion deficits for as far as the eye could see. The figure shows the Clinton deficit baseline. What changed this bleak outlook?

Newt Gingrich and company — for all their faults — have received virtually no credit for balancing the budget. Yet today’s surplus is, in part, a byproduct of the GOP’s single-minded crusade to end 30 years of red ink. Arguably, Gingrich’s finest hour as Speaker came in March 1995 when he rallied the entire Republican House caucus behind the idea of eliminating the deficit within seven years.
No, Bill Clinton Didn't Balance the Budget | Cato Institute

Keep seeing GWB being blamed for the 2009 budget
A budget that was signed into law by BHO in March of 2009
A budget that went from a 2007 deficit of 162 billion, the last GOP budget to a deficit of 1.4 trillion, the second Democratic budget with a Democratic president signing it

Same with Reagan and him getting blamed for a democratic controlled congress

This whole mess is up side down

close to 50% of all of GWB deficit that was aded during his time in office came in 08-09
who run congress?
who added the second 50% of tarp?
failed stimulus?
Omnibus?

Clinton had the US in peace & prosperity, and Bush flushed it all down the drain. Bush gets blamed for all 8 years of his mistakes, not just the last two, so you can try to drag the Democrats into your laughable finger pointing crusade.

And if the Bush years were so awesome, why didn't the GOP keep their majority in the 2006 elections? Clearly the voters weren't happy with the oafish job that the GOP was doing, so I'd love to read how you explain the GOP's much-justified loss in 2006.

And giving Noot credit for the Clinton era deficit reduction is a joke, because Noot apposed the reason the deficit went down: Clinton's tax hikes. When the GOP took the WH and got the tax rates lowered, the deficit wen t back up, just as liberals predicted.

The GOP is incompetent and the GOP's losses in 2008 and 2012 were entirely the fault of the GOP.