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Bfgrn
New member
Repeat After Me: Obama Cut the Deficit and Slowed Spending to Lowest Level in 50 Years
Illustrative of his contempt for the truth, Mitt Romney's campaign website continues to host the following statement: "Since President Obama assumed office three years ago, federal spending has accelerated at a pace without precedent in recent history."
On Friday, we discovered yet another reason why this is a super-colossal lie.
With the end of fiscal year 2012, the Congressional Budget Office announced the 2012 federal budget deficit: $1.1 trillion. Taken purely at face value, this number is enormous. Yet every Democrat, and especially the Obama campaign, ought to be telling anyone who will listen: Not only has the president cut the deficit by $312 billion during his first term (so far), but he's cut the deficit by $200 billion in the past year alone. And the CBO projected that the 2013 Obama budget, if enacted as is, would shrink the deficit to $977 billion -- a four year total of nearly $500 billion in deficit reduction.
Illustrative of his contempt for the truth, Mitt Romney's campaign website continues to host the following statement: "Since President Obama assumed office three years ago, federal spending has accelerated at a pace without precedent in recent history."
On Friday, we discovered yet another reason why this is a super-colossal lie.
With the end of fiscal year 2012, the Congressional Budget Office announced the 2012 federal budget deficit: $1.1 trillion. Taken purely at face value, this number is enormous. Yet every Democrat, and especially the Obama campaign, ought to be telling anyone who will listen: Not only has the president cut the deficit by $312 billion during his first term (so far), but he's cut the deficit by $200 billion in the past year alone. And the CBO projected that the 2013 Obama budget, if enacted as is, would shrink the deficit to $977 billion -- a four year total of nearly $500 billion in deficit reduction.
apple0154
MEOW
You forget all the wasted money on the wars was not counted under Bush. The near financial collapse after 8 years of leadership and the necessary bailouts.
The Bush years took money that should have been used for social programs and literally burned it (bombs). Now we hear the same old nonsense about there not being money for ObamaCare and how it's too expensive to feed the hungry and shelter the homeless. I'm sure the Repubs deliberately squandered the money and ran up deficits so there wouldn't be any left for the needy but Obama called their bluff. He's putting social programs and "green" programs at the top of the list. It's time everyone benefitted from taxes and not just the war mongers.
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The Almighty
LMAO... The deficit under Bush was about $500B in 2008, $1T in 2009 (part of which includes a portion of Obama's stimulus). That was in a crisis year. Obama has kept the deficit over $1T each subsequent year, despite there no longer being a crisis (according to Obama). To pretend he has cut anything is absurd. To take the extreme generated by the financial crisis and use that as a base is quite sad. But I know you Dems don't actually care. When Bush had a $500B deficit he was the evilz. Now, after four straight $1T+ deficits, Obama is still your messiah.
Bush was horrid fiscally. Obama is worse.
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The Almighty
LOL... pure nonsense.
Actually it was the bleeding heart Liberal housing crisis that caused the biggest problem.
apple0154
MEOW
No, it was the way the mortgages were packaged. If the banks couldn't pass off the mortgages they wouldn't have had money to loan.
apple0154
MEOW
Take a closer look at what Obama is doing. Even if some companies do not make it it's better than using the money for bombs and military equipment.
cawacko
Well-known member
The reason mortgages were packaged that way and sold off was so that mortgage lenders had more money available to lend to poor and minority groups. It's why Fannie and Freddie grew so big. A big push was made by Clinton and then continued by Bush.
Although the federal deficit is the amount each year by which federal outlays in the federal budget exceed federal receipts, the gross federal debt increases each year by substantially more than the amount of the deficit each year. That is because a substantial amount of federal borrowing is not counted in the budget.
See here.
Liars know how to spin the figures.....as with the unemployment numbers.
Until someone else's bombs start to fall in your back yard.....then you'll cry, "but where is OUR military".....
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The Almighty
and the repeal of glass steagall was done under which President?
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The Almighty
So you think the military isn't using bombs under Obama? Odd... you might want to trot on over to Afghanistan and Pakistan and let them know that it isn't us.
Bfgrn
New member
I'm not sure if you are that obtuse, or that dishonest. But I am sure it is one of the two.
The federal government’s fiscal year 2012 has come to a close, and CBO estimates, in the Monthly Budget Review, that the federal budget deficit for the year was about $1.1 trillion, approximately $200 billion lower than the shortfall recorded in 2011. The 2012 deficit was equal to 7.0 percent of gross domestic product, CBO estimates, down from 8.7 percent in 2011, 9.0 percent in 2010, and 10.1 percent in 2009, but greater than in any other year since 1947. CBO’s deficit estimate is based on data from the Daily Treasury Statements; the Treasury Department will report the actual deficit for fiscal year 2012 later this month.
The estimated deficit is $38 billion below what CBO projected in its August Budget and Economic Outlook because revenues were higher and outlays were lower than expected near the end of the fiscal year.
Total Receipts Were Up by 6 Percent in Fiscal Year 2012
Receipts in fiscal year 2012 totaled $2.5 trillion, $148 billion more than those in the same period last year. Compared with collections in fiscal year 2011:
- Net receipts from corporate income taxes grew by $61 billion (or 34 percent), largely because of changes in tax rules in recent years.
- Individual income tax receipts grew by $37 billion (or 3 percent), as wages and salaries grew modestly, pushing up withheld tax payments; nonwitheld tax payments rose as well.
- Receipts from social insurance taxes rose by $32 billion (or 4 percent), reflecting greater withholding for payroll taxes and an increase in unemployment insurance taxes as states continued to replenish trust funds that were depleted by the recession.
- Receipts from other sources increased, on net, by about $18 billion (or 9 percent).
Outlays Were Down by 1.6 Percent in Fiscal Year 2012
Outlays in fiscal year 2012 totaled $3.5 trillion, $59 billion (or 1.6 percent) less than spending in the same period last year. Excluding adjustments recorded in the budget for the estimated cost of credit programs (mainly the Troubled Asset Relief Program), however, the government’s outlays decreased by 2 percent relative to spending in 2011.
By CBO's estimates, outlays decreased for several major categories of spending:
- Medicaid—Outlays fell by $24 billion (or 9 percent) because legislated increases in the federal share of the program’s costs expired in July 2011.
- Unemployment benefits—Spending dropped by $30 billion (or 24 percent), mostly because fewer people have been receiving benefits in recent months.
- Defense—Outlays fell by $19 billion (or 3 percent), after adjusting for timing shifts, in part because of lower spending for military operations in Afghanistan and Iraq.
- Education programs—Net outlays were lower by $29 billion (or 30 percent), excluding changes recorded in the budget for the estimated cost of student loans. That decline has occurred largely because of waning spending from funding provided by the American Recovery and Reinvestment Act. (Most of that spending occurred before 2012.)
For some major programs, spending increased:
- Social Security payments increased by $42 billion (or 6 percent).
- Medicare’s net spending was up by $15 billion (or 3 percent) after adjusting for timing shifts.
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The Almighty
I'm not sure if you are that obtuse, or that dishonest. But I am sure it is one of the two.
The federal government’s fiscal year 2012 has come to a close, and CBO estimates, in the Monthly Budget Review, that the federal budget deficit for the year was about $1.1 trillion, approximately $200 billion lower than the shortfall recorded in 2011. The 2012 deficit was equal to 7.0 percent of gross domestic product, CBO estimates, down from 8.7 percent in 2011, 9.0 percent in 2010, and 10.1 percent in 2009, but greater than in any other year since 1947. CBO’s deficit estimate is based on data from the Daily Treasury Statements; the Treasury Department will report the actual deficit for fiscal year 2012 later this month.
The estimated deficit is $38 billion below what CBO projected in its August Budget and Economic Outlook because revenues were higher and outlays were lower than expected near the end of the fiscal year.
Total Receipts Were Up by 6 Percent in Fiscal Year 2012
Receipts in fiscal year 2012 totaled $2.5 trillion, $148 billion more than those in the same period last year. Compared with collections in fiscal year 2011:
- Net receipts from corporate income taxes grew by $61 billion (or 34 percent), largely because of changes in tax rules in recent years.
- Individual income tax receipts grew by $37 billion (or 3 percent), as wages and salaries grew modestly, pushing up withheld tax payments; nonwitheld tax payments rose as well.
- Receipts from social insurance taxes rose by $32 billion (or 4 percent), reflecting greater withholding for payroll taxes and an increase in unemployment insurance taxes as states continued to replenish trust funds that were depleted by the recession.
- Receipts from other sources increased, on net, by about $18 billion (or 9 percent).
Outlays Were Down by 1.6 Percent in Fiscal Year 2012
Outlays in fiscal year 2012 totaled $3.5 trillion, $59 billion (or 1.6 percent) less than spending in the same period last year. Excluding adjustments recorded in the budget for the estimated cost of credit programs (mainly the Troubled Asset Relief Program), however, the government’s outlays decreased by 2 percent relative to spending in 2011.
By CBO's estimates, outlays decreased for several major categories of spending:
- Medicaid—Outlays fell by $24 billion (or 9 percent) because legislated increases in the federal share of the program’s costs expired in July 2011.
- Unemployment benefits—Spending dropped by $30 billion (or 24 percent), mostly because fewer people have been receiving benefits in recent months.
- Defense—Outlays fell by $19 billion (or 3 percent), after adjusting for timing shifts, in part because of lower spending for military operations in Afghanistan and Iraq.
- Education programs—Net outlays were lower by $29 billion (or 30 percent), excluding changes recorded in the budget for the estimated cost of student loans. That decline has occurred largely because of waning spending from funding provided by the American Recovery and Reinvestment Act. (Most of that spending occurred before 2012.)
For some major programs, spending increased:
- Social Security payments increased by $42 billion (or 6 percent).
- Medicare’s net spending was up by $15 billion (or 3 percent) after adjusting for timing shifts.
All of which means what? None of it changes the FACT that the deficits under Obama have ALL been north of $1T. He hasn't cut anything. He has convinced the morons of the world that using the financial crisis deficit year as a base year is acceptable. Obviously we can tell which idiots on this board fell for that line of crap.
He has not cut deficits in half as he stated he would. He made that campaign pledge when the deficit was at $500B. Yet we have four successive years of $1T plus deficits.
Bfgrn
New member
Thanks for answering my question...OBTUSE
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The Almighty
Thanks for proving that you are indeed an idiot. Again... none of your data does anything to negate the fact that Obama has had $1T deficits every year in office.
None of your data negates the FACT that Obama wants to use the financial crisis year deficit as a base year... which is retarded at best.
None of your data negates the FACT that you are a lemming willing to parrot anything your dem masters tell you to.
Bfgrn
New member
Intelligent human beings who live in the real world understand that the financial hole dug for Obama was deeper than anyone knew.
Intelligent human beings who live in the real world understand that the financial hole dug for Obama mandated spending on "frivolous" government expenditures like unemployment insurance, food stamps and programs that actually HELP We, the People survive the crisis.
Intelligent human beings who live in the real world understand that the financial hole dug for Obama created loss of revenues from people who lost their jobs due to nothing they did.
Intelligent human beings who live in the real world would not include you.
