CBO report: deficit to plundge 642 billion
- Thread starter evince
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So, you can be horrid fiscally for nearly 8 years & blow trillions on wars & wasteful, pork-laden bills, and that won't be a factor at all in an economic meltdown?
I love saying this: wow, just wow.
So we're back to it's Obama's fault that the 2009 deficit projection before he entered office was $1.2T? Jeuss Lord Almighty taking a cucumber in the two hole. He inherited a ginormous deficit and cut it in half. Those are the facts. No need for the scare quotes around half. That's what happened.
In fact, before Obama took office, the then existing deficit for FY09 was already above $500 billion for the first 4 months of FY09. Let me state that again: the deficit for the first four months of FY2009 (Oct. 2008 - Jan. 2009), before Obama took office, was over $500 billion.
http://www.fms.treas.gov/mts/mts0109.pdf
But, yes, let's pretend that the deficit in 2009 was really Obama's fault.
So we should look to the norm under Bush even though the deficit in the first four months of FY09 already exceeded Bush's highest annual deficit? That makes a lot of sense, SF.
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The Almighty
Dear Desh... for the 1000000000000th time... the broker rules allow for MORE EXCEPTIONS to who is a broker. If you don't understand what the rules are, you should probably stop quoting them.
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The Almighty
What caused the economic meltdown Lorax? It was a crisis in mortgages and housing. In complex derivatives created by Wall St.
Trying to say they weren't a factor 'at all' is simply a cop out.
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You can't see the forest for the trees on this one, and you have never been able to. You're like an analyst whose head is buried too deep in the textbook.
Fiscal irresponsibility is bad for our nation's economy. Wall Street - the place that drives that economy - loses faith in its government. When that happens, a whole negative cycle starts, affecting every segment of our economy - including housing & mortgages.
You can keep squawking "Glass Steagull" all you want, but the fact is, with a fiscally healthy nation, the meltdown as we know it would not have happened.
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The Almighty
Again, looking at a crisis year and pretending that it is a good thing that it is 'half' after three more years of trillion dollar deficits is laughable at best. No one said it was Obama that was responsible for the projection. I said Obama was partly responsible for the ACTUAL deficit of 2009. Which he was.
and then came along Obama's stimulus, half of which was tax cuts that cut government revenue.
yes, lets pretend anyone said the deficit in 2009 was all Obama's fault... oh wait, I didn't say that... it is simply a straw man you created.
No, we should use crisis level spending as a base line for future accomplishments for the idiots in DC. Hey I know, they could raise deficit spending to $5T this year and then next year only have $1T in deficit spending... then they could say they cut it by 80%!!!
Here's another way of looking at the 2013 annual projection and the 2009 deficit. The projected annual deficit for 2013 ($642 billion) is less than the FY09 deficit through the first 39 days of the Obama administration ($764 billion).
http://www.fms.treas.gov/mts/mts0209.pdf
http://www.fms.treas.gov/mts/mts0209.pdf
Nobody said they weren't in the market, tool.
Here is another: Bush increased the debt by 4.9 Trillion in 8 years, Obama surpassed that in three years. You should also recognize that over 200 Billion of the deficit in 2009 was due to Stimulus not passed by Bush, and the increase in that one year from his average was due to the bailout which you, and Obama, supported and tell us was paid back...
You want to pretend that dropping to double what Bush spent in deficit on average is magically better than spending half of that amount under Bush. It isn't.
I will say, at least it is finally going in the right direction, but it isn't into sane levels of spending by any means, nor does it show any level of "more fiscal responsibility than Bush"...
LOL. He can't just admit that Obama cut Bush's deficit in half. He can't even admit that Bush's deficit is Bush's deficit. It's insane.
Insane is pretending that cutting it to double Bush's average is somehow magically delicious because it is half of Bush's last year, if you include over $200 Billion of Obama's Stimulus as the CBO does...
Reality: when you've overspent your predecessor's last 8 years in 3, you aren't allowed to claim "fiscal responsibility"...
There's nothing magic about it. Bush's deficit in 2009, exclusive of Obama and the stimulus, was $1.2T+. That's the deficit that Obama inherited. And he cut it in half.
Reality, when you voted twice for a guy that turned a budget surplus into a $1.2+T deficit, you don't get to decide what constitutes fiscal responsibility.
zappasguitar
Well-known member
Of course not.
As Bernie Goldberg and O'Reilly agreed last night...Obama could cure cancer and Republicans would STILL hate him.
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The Almighty
reality... when you continue to pretend that a BUDGET surplus is somehow going to change an ACTUAL deficit into a positive... you don't get to decide what constitutes fiscal responsibility. Especially when the guy you voted for twice has raised the nations debt by almost $5T in less than five years and you are proud of his accomplishments.
zappasguitar
Well-known member
Aaaaaaaaaand right on cue...here comes the HATE-r-aid!
Obama could cure CANCER and hate filled Righties would STILL HATE him.
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The Almighty
so to you, my stating a fact somehow makes me hateful?
Reality is "hateful" to leftists. Apparently, it is best to ignore reality by calling it "hateful"... In that way actually talking about facts makes you the bad guy.
cawacko
Well-known member
With respect, you clearly have no idea what is fueling the stock market. And by stating that it's the Feds actions is economic reality it does not mean one hates Obama.
I'm open to hearing your perspective however. What do you believe is the driving force behind the market reaching an all time high?
Can you figure out why that is, Damo? I'll tell you...Obama had to initiate massive stimulus and assistance measures to keep us from going into a depression greater than the Great one. He saved the auto companies and related suppliers, stabilized the housing market by assisting those faced with illegal foreclosure, and created as many jobs as he could - particularly when the Republicans in Congress wouldn't let him do jack shit. He had to beg, borrow, and cajole just to get a quarter of what he knew this country needed accomplished.
Can you imagine what the deficit would be now if Congress had listened to the economists who said austerity won't work? We still don't have sufficient revenue to substantially improve the situation, so anything good is good.
Oh...please don't say magic. They're crazy enough as it is!
