New Obama Record-$1.2T 2012 budget deficit

Discussion in 'Economy' started by Nova78, Jul 27, 2012.

  1. Nova78
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    Nova78 Silver Member

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    Administration projects $1.2T 2012 budget deficit | Political Headlines | Comcast

    The White House predicts this year's federal budget deficit will end up at $1.2 trillion, marking the fourth consecutive year of trillion dollar-plus deficits during President Barack Obama's administration.

    The bleak figures, while expected, are sure to add fuel to the already heated presidential campaign, in which Obama's handling of the economy and the budget is a main topic. Friday's release came as the government announced that U.S. economic growth slowed to an annual rate of just 1.5 percent in the second quarter of this year, as consumers cut back sharply on spending.

    The White House budget office also predicts for this year that the economy will grow at a modest 2.6 percent annual rate and that the jobless rate will average 8 percent. It forecasts modest growth of 2.6 percent next year — down from the 3.0 percent it predicted in February — before rising to 4.0 percent in 2014. Unemployment would remain above 7 percent through the end of 2014, registering at 7.3 percent, the report predicts.

    Obama keeps breaking records, what a guy ........and we continue to spend , spend , spend.......:clap2::clap2:

    $what-change-looks-like.jpg
     
  2. Norman
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    Norman Gold Member

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    I am sure he can beat the predictions.
     
  3. Rshermr
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    Rshermr VIP Member

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    I hate to burst your con bubble, but the record budget deficit was W's last budget, at $1.41T. Here is the link to actual numbers. Your link goes to an article with no author, and no footnotes. Not sure where those numbers and statements came from. As you will note in the referenced article, That number was not adjusted for inflation, which would be over $1.5T in today's dollars.
    Really, if you are trying to make a point based on untruth, you should try something easier to disprove.

    http://www.davemanuel.com/history-of-deficits-and-surpluses-in-the-united-states.php
     
    Last edited: Jul 28, 2012
  4. Nova78
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    Nova78 Silver Member

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    The only con is Obama, and What does that have to do with you licking Obamas ball sack ?:eusa_whistle:
     
  5. Toddsterpatriot
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    Toddsterpatriot Gold Member

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    but the record budget deficit was W's last budget, at $1.41T.

    How can you call it Bush's budget?
    Blame Bush for Obama's stimulus which was spent in fiscal 2009?
    Or for the bank portion of TARP that was repaid in fiscal 2010 or 2011?
    Sounds untruthful.
     
  6. Joe Steel
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    Joe Steel Class Warrior

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    First of all, this budget deficit is the Republicans' fault. They are responsible for the Bush Tax cuts, the Bush Wars and the Bush Unfunded Medicare Part D benefit. Those are the big reasons for our deficits.

    Second, spending is the only way out of the mess the Republicans created. In fact, if were spending now, that is, if the stimulus hadn't already run it's course, we wouldn't be experiencing the bad GDP performance.

    Spend. Spend. Spend. It's the only way out.
     
  7. Toddsterpatriot
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    Toddsterpatriot Gold Member

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    First of all, this budget deficit is the Republicans' fault. They are responsible for the Bush Tax cuts, the Bush Wars and the Bush Unfunded Medicare Part D benefit. Those are the big reasons for our deficits.

    And yet, all of these were in place in 2007, when the deficit was $162 billion.
     
  8. Joe Steel
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    Joe Steel Class Warrior

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    Certainly. However, the full effect of the Republicans' devastation of the economy hadn't yet had an effect on the economy. The combination of the two, destruction of the economy and bad policies, have created deficits as far into the future as we can see.
     
  9. hortysir
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    hortysir In Memorial of 47

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    Booooooosh!!!!!!!


    :cuckoo:


    :fu:
     
  10. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    The WH predicts a lot of things, with the rosiest of assumptions. A $1.2 trillion debt this year? Gonna be more than that, easy.

    A 2.6% GDP growth rate this year? Bullshit, it won't get above 2%. Half the year is already over and we're struggling at around 1.75%, right? So we'll climb back up to 2.6%? Based on what? Some think we'll be in a recession by year's end, maybe a 30-35% probability.

    The UE rate will average 8%? Not a chance in hell, unless they seriously lean on the BLS over the next 6 months. Which they will undoubtedly do.


    The truth is Obama spent money like it was water and it didn't work. face it: he fucked up and his economic policies of fairness failed. He does not deserve a 2nd term, simple as that.
     

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