Some Good News and Some Not So Good

Discussion in 'Current Events' started by Annie, Aug 20, 2009.

  1. Annie
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    Annie Diamond Member

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    The deficit will be lower than predicted. Still at least 3 times larger than previous year, not the 'slightly higher, but see what he's done' as some have tried to claim:

    AP source: White House deficit less than projected - Yahoo! News

     
  2. RetiredGySgt
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    RetiredGySgt Platinum Member

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    Yup, still waiting for a real explanation on how Bush deficits were bad but Obama deficits are good. Jillian and few others claimed that it was all good cause the money was being spent in the US so it did not matter how high the deficit was.

    Of course that was before we were told BILLIONS were sent to foreign banks.
     
  3. editec
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    editec Mr. Forgot-it-All

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    We're so hosed.
     
  4. toomuchtime_
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    toomuchtime_ Gold Member

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    So far Obama WH estimates of the economy have been generally considered unrealistically optimistic by most other economists. Since cost and deficits, not universal coverage, is what most voters consider most important about the health insurance bill before Congress, I would be suspicious about any report from this WH that says the deficit will be merely horrendous and not catastrophic just when the Dems are about to make their final push to pass the Bankrupt America Health Insurance bill, HR 3200.
     
  5. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    Didn't you get the memo? Bush bad, Obama good.
     
  6. Care4all
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    Care4all Warrior Princess Supporting Member

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    The thing is, the trillion dollars given as the bank bail out and insurance industry bailout bills (and the stimulus bill earlier that year in June 08), were done under President Bush, and the recent stimulus bill and major automobile bailout was done under President Obama, BUT all of the fiscal year 2009 will be attributed to President Bush as his deficit number, as his budget that began October 1st, 2008 and ends sept 30, 2009, and Prseident Obama's first Fiscal Budget attributed to him will be 2010 which begins October 1, 2009.

    The first year President Bush was in Office, we had a budget surplus of hundreds of billions when Bush took office, but immediately following his inaugural, he had congress pass his tax cuts and stimulus checks that went out to all of us August of that year, along with the multi billions Bailout money sent to the airlines and New York/Pentegon after 9/11.... which wiped out the Billions Clinton could have claimed as surplus for the Budget of his final year in office that began that October of 2000 that would have physically ended sept 30 of 2001....

    so are the cards drawn I suppose.

    Regardless, $1.5 trillion this ONE YEAR's deficit is MORE MONEY than the 10 year cost for healthcare insurance reform....we are in a world of trouble!

    Care
     
  7. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    Ah... more of the mythical Clinton surplusses.

    They NEVER existed. It was an accounting trick whereby Clinton reduced public borrowings but INCREASED intergovernmental borrowings. It's kinda like saying, I didn't overspend just because instead of charging it all on your Visa, you took it out of your 401K. You still spent more than you took in.

    As well, the rational used by Bush is no different than the rational used by Obama for running deficits... "hey, it ain't my budget yet amd I inherited a mess".

    Alas, we are in trouble, and I don't think it matters who is in the WH anymore. These folks flatly don't give a shit.
     
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  8. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    I guess that's why they make Vodka.
     
  9. PLYMCO_PILGRIM
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    PLYMCO_PILGRIM Gold Member

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    Ugh.

    3x the debt of 12 months ago = 3x the amount of wealth being drained out of ALL of our pockets due to interest payments to foreign nations on that debt.

    I hate debt....which is why i dont have ANY myself.
     
  10. Care4all
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    Care4all Warrior Princess Supporting Member

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    fyi
    he didn't use a trick, he followed the law as it stood.....SS has been part of treasury revenues and in the budget since johnson wanted to hide what percentage of the budget was being spent on vietnam....

    taking the SS surplus money, and using it to pay down our debt to foreigners with it, was not a trick....it was done by PLAN.

    care
     

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