I'm on record on USMB holding Bush accountable for the 2009 deficit. Like I said, I'm not here to defend Republicans.
But, don't tell me that spending has decreased under Obama. The federal budget for fiscal year 2015 is projected to be $3.9 trillion. That's a 25% increase over 2008.
The $468 billion deficit projected this year is significantly more than the average of 2000-2007 (all but one were under $400 billion). The $468 billion deficit projected for 2015 is contingent on policy changes that will never happen. And, the CBO projects deficits to skyrocket after 2015 due to retirement of the baby boomers, Obamacare and mounting interest on the national debt.
"Despite A Reduction In The Short Term, Deficits Are Expected To Be Back Over $1 Trillion A Year By 2024. “CBO sees the deficit sliding to $478 billion next year before beginning a steady rise years through 2024 that would bring deficits back above $1 trillion a year.” (Andrew Taylor, “New Report: Budget Deficit To Drop To $514b,”
Associated Press, 2/4/14)"
You mean IF we don't get revenues back to where Carter/Clinton had them? Why do you keep going back to 2008, when the deficit was directly related to Dubya's subprime meltdown AND Dubya/GOP gutting revenues from 20% to less than 15% of GDP, and the GOP's stated goal is to reduce it further? lol
I'm on record on USMB holding Bush accountable for the 2009 deficit. Like I said, I'm not here to defend Republicans.
But, don't tell me that spending has decreased under Obama. The federal budget for fiscal year 2015 is projected to be $3.9 trillion. That's a 25% increase over 2008.
The $468 billion deficit projected this year is significantly more than the average of 2000-2007 (all but one were under $400 billion). The $468 billion deficit projected for 2015 is contingent on policy changes that will never happen. And, the CBO projects deficits to skyrocket after 2015 due to retirement of the baby boomers, Obamacare and mounting interest on the national debt.
"Despite A Reduction In The Short Term, Deficits Are Expected To Be Back Over $1 Trillion A Year By 2024. “CBO sees the deficit sliding to $478 billion next year before beginning a steady rise years through 2024 that would bring deficits back above $1 trillion a year.” (Andrew Taylor, “New Report: Budget Deficit To Drop To $514b,”
Associated Press, 2/4/14)"
AP? Oh you meant right wing big story who DISTORTED the CBO?
The baseline budget outlook has worsened slightly since May 2013, when CBO last published its 10-year projections.
At that time, deficits projected under
current law totaled
$6.3 trillion for the 2014–2023 period, or about 3 percent of GDP. Deficits are now projected to
be about $1 trillion larger. The bulk of that change occurred in CBO’s estimates of revenues: The agency has reduced its projection of total revenues by $1.6 trillion,
largely because of changes in the economic outlook
http://www.cbo.gov/sites/default/files/45010-Outlook2014_Feb_0.pdf
lol
Now the AP is a right wing think tank?
"
But if current laws do not change, the period of shrinking deficits will soon come to an end. Between 2015 and 2024, annual budget shortfalls are projected to rise substantially—from a low of $469 billion in 2015 to about $1 trillion from 2022 through 2024"
Updated Budget Projections 2014 to 2024 Congressional Budget Office
Of course current laws are not going to change, partly due to how easy it is for one party to take cover by what the other party says. Republicans/Democrats said this, so it's all the Republicans/Democrats fault [insert opposite party affiliation].
How easy it is to divide and conquer public opinion, when what a politician says in front of a camera is taken as genuine. How easy it is for people to fall for the Warren Buffet line that billionaires should be taxed more, when behind the scenes his lawyers and lobbyists are working to prevent a tax increase on billionaires.
LOL right back at ya.
Good little rightie YOUR link wasn't AP Bubba, lol
ALL you have is the usual right wing nonsense. Don't try to refute the Dems got US revenues back to Carter's levels under Clinton OR the GOP blocking EVERY attempt by Obama to get more revenues, no it's 'both parties' BS
More talking points with Buffett, nothing more, next you'll trot out the meme on his Corp tax fight with the IRS, lol
Your link
"from a low of $469 billion in 2015 to about $1 trillion from 2022 through 2024—mainly because of the aging population, rising health care costs, an expansion of federal subsidies for health insurance, and growing interest payments on federal debt."
Weird, I thought Ronnie saving SS took care of that and his tax cuts for the rich brought in more money? lol
The posit of the thread, one you haven't even attempted to refute, is Obama is having the slowest growth of any Prez in generations!
I KNOW, LET'S GO BACK TO THE TIME WHEN GREENSPAN TESTIFIED TO THE GOP CONGRESS THAT BILL CLINTON'S POLICIES WERE IN DANGER OF PAYING OFF THE DEBT TO FAST? YOU KNOW WHEN THEY HAD THEIR FIRST TAX CUT, BEFORE THEY WENT TO WAR AND GUTTED REVENUES EVEN MORE???
lol
My link provided in post #249 was AP. Click it, if you don't believe me. My next link in post #255 was CBO.
Your gigantic all cap paragraphs are annoying and mostly hyperbole.
Right wing, left wing, chicken wing, ring a ding... just flying around in circles. I'm not from any wing or clown club. I'm a slayer of sacred cows. I'm not a fan of Reagan, and I've written to dispel Reagan myths on USMB. I'm not a fan of Obama, and the idea that Obama has reduced spending is a fabrication. Clinton, Bush, Obama, Reagan, etc., all merely different
new and improved packaging on the same old product.
The only thing I said about Clinton was that he signed the legislation to lift the Glass-Steagall Act.
"The big bank boosters and analysts [like Forbes] who should know better are repeating the falsehood that repeal of Glass-Steagall had nothing to do with the Panic of 2008."
Repeal of Glass-Steagall Caused the Financial Crisis - US News
I think that Clinton did some positive things to reduce the deficit (Omnibus Debt Reduction Act 1993). He also had a stingy Congress. But what raised revenues more than anything was the dot com and real estate boom. To argue otherwise is to be a daft clown.
"My link provided in post #249 was AP. Click it, if you don't believe me"
I did, it said 'big story' (which I thought was big Gov't R/W site, sorry)
It doesn't open to the entire story and was only talking about the H/C
"Your gigantic all cap paragraphs are annoying and mostly hyperbole."
Got it, YOU hate FACTUAL data supported by links that showed Dubya cheering on the Banksters Subprime bubble AS he gutted regulators
"I'm not a fan of Obama, and the idea that Obama has reduced spending is a fabrication"
Without false premises what would YOU right wingers EVER have?
The ACTUAL premise of this thread
"
Obama has increased government spending less than any president in at least a generation."
"The only thing I said about Clinton was that he signed the legislation to lift the Glass-Steagall Act."
No
ACTUALLY what you said RIGHT WINGER:
"And Clinton lifted the Glass Steigall Act, one of the root causes which led to the financial crisis of 2007-2009. Oh wait, don't tell me, the Reps held a gun to his head."
Nope, as shown by me, and the Ayn Randian guys, NOT true. This was a REGULATOR failure, not a regulation failure!
THEN you give me an OPINION NOT REFUTING WHAT I POSTED ABOUT G/S? I'm shocked. No really, I am, lol
Weird, did your hedge funder refute THIS:
If you tally the institutions that ran into severe problems in 2008-09, the list includes Bear Stearns, Lehman Brothers, Merrill Lynch, AIG, and Fannie Mae and Freddie Mac, none of which would have come under Glass-Steagall’s restrictions.
...As for the FDIC-insured commercial banks that ran into trouble, the record is also clear: what got them into trouble were not activities restricted by Glass-Steagall. Their problems arose from investments in residential mortgages and residential mortgage-backed securities—investments they had always been free to engage in.
Why The Glass-Steagall Myth Persists - Forbes
Oh right, I didn't think so...
"He also had a stingy Congress"
Sure, sure, THAT'S why we saw what happened when Dubya got in office in 2001 right? lol. Clinton had surpluses, 3 after vetoing the GOP's $700+ billion tax cut
"But what raised revenues more than anything was the dot com and real estate boom. To argue otherwise is to be a daft clown."
Weird so Carter getting near 20% of GDP was dotcom/housing too?
"Clinton's 1993 budget cuts, which reduced projected red ink by more than $400 billion over five years, sparked a major drop in interest rates that helped boost investment in all the equipment and systems that brought forth the New Age economy of technological innovation and rising productivity." —
Business Week, May 19, 1997
I guess daft is a good word for BW
"The deficit has come down, and I give the Clinton Administration and President Clinton himself a lot of credit for that. [He] did something about it, fast. And I think we are seeing some benefits." —
Paul Volcker, Federal Reserve Board Chairman (1979-1987), in Audacity,
Fall 1994 (PRE GOP CONGRESS)
One of the reasons Goldman Sachs cites for the "best economy ever" is that "on the policy side, trade, fiscal, and monetary policies have been excellent, working in ways that have facilitated growth without inflation. The Clinton Administration has worked to liberalize trade and has used any revenue windfalls to reduce the federal budget deficit." — Goldman Sachs, March 1998
IF ONLY DUBYA HADN'T HAPPENED TO US RIGHT?