W00t! Its a new record! $1.1 Trillion!!! - DFWstangs Forums
 
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post #1 of 44 (permalink) Old 07-13-2009, 03:19 PM Thread Starter
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W00t! Its a new record! $1.1 Trillion!!!

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Federal Budget Deficit Tops $1 Trillion for the First Time

The Treasury Department says the deficit in June totaled $94.3 billion, pushing the total since the budget year started in October to nearly $1.1 trillion.

WASHINGTON -- Nine months into the fiscal year, the federal deficit has topped $1 trillion for the first time.

The imbalance is intensifying fears about higher interest rates and inflation, and already pressuring the value of the dollar. There's also concern about trying to reverse the deficit -- by reducing government spending or raising taxes -- in the midst of a harsh recession.

The Treasury Department said Monday that the deficit in June totaled $94.3 billion, pushing the total since the budget year started in October to nearly $1.1 trillion.

The deficit has been propelled by the huge sum the government has spent to combat the recession and financial crisis, combined with a sharp decline in tax revenues. Paying for wars in Iraq and Afghanistan also is a major factor.

The country's soaring deficits are making Chinese and other foreign buyers of U.S. debt nervous, which could make them reluctant lenders down the road. It could force the Treasury Department to pay higher interest rates to make U.S. debt attractive longer-term.

"These are mind boggling numbers," said Sung Won Sohn, an economist at the Smith School of Business at California State University. "Our foreign investors from China and elsewhere are starting to have concerns about not only the value of the dollar but how safe their investments will be in the long run."

Government spending is on the rise to address the worst financial crisis since the Great Depression and an unemployment rate that has climbed to 9.5 percent.

Congress already approved a $700 billion financial bailout and a $787 billion economic stimulus package to try and jump-start a recovery, and there is growing talk among some Obama administration officials that a second round of stimulus may be necessary.

This has many Republicans and deficit hawks worried that the U.S. could be setting itself up for more financial pain down the road if interest rates and inflation surge. They also are raising alarms about additional spending the administration is proposing, including its plan to reform health care.

President Barack Obama and other administration officials, including Treasury Secretary Timothy Geithner, have said the U.S. is committed to bringing down the deficits once the country has emerged from the current recession and financial crisis.
http://www.foxnews.com/politics/2009...trillion-time/

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post #2 of 44 (permalink) Old 07-13-2009, 03:31 PM
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post #3 of 44 (permalink) Old 07-13-2009, 03:31 PM
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the MESSiah will fix it.
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post #4 of 44 (permalink) Old 07-13-2009, 03:37 PM
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Hmm, maybe all the crazy gun toting angry republicans on DFWstangs are onto something. I need to stockpiling weapons and buy a bunker in the middle of nowhere to prepare for the world falling apart.



Wtf are they doing in D.C? Are they purposely trying to see how bad they can make it?
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post #5 of 44 (permalink) Old 07-13-2009, 03:37 PM
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post #6 of 44 (permalink) Old 07-13-2009, 03:53 PM Thread Starter
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Hmm, maybe all the crazy gun toting angry republicans on DFWstangs are onto something. I need to stockpiling weapons and buy a bunker in the middle of nowhere to prepare for the world falling apart.
That's money into the economy.

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Come on, come on! Big money, big money! No whammy!
LOL


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post #7 of 44 (permalink) Old 07-13-2009, 04:19 PM
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But...Obama said "I will cut the deficit in half".

Anything contrary is a lie.
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post #8 of 44 (permalink) Old 07-13-2009, 04:25 PM
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But...Obama said "I will cut the deficit in half".

Anything contrary is a lie.
Did he say he'd do it in 9 months? He was handed the largest deficit ever -- period. The economy was crashing rapidly at the time and picking up speed. Go stand on the train tracks and let an engine hit you going 40 mph. Get back to me in 9 months and see if you've recovered.

I don't agree with all the spending that's happening, but you people act like he should've already turned it around. You also act like it would be any different if the Republicans were in office. Correct me if I'm wrong on these two points. Wasn't Bush the POTUS who turned a surplus into the largest deficit ever at that time? Wasn't Bush the POTUS when stimulus money was first started and later a second stimulus propose?

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post #9 of 44 (permalink) Old 07-13-2009, 04:35 PM
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So you're saying Obama will begin a spending reduction in his term?

Or will he greedily grab every tax dollar he can fathom a way to steal?

Because he is headed in the wrong direction of a 50% decrease in the defecit...


And who said anything about Bush? Good LORD, get over it. He sucked. He's gone. Focus on the topic at hand please.
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post #10 of 44 (permalink) Old 07-13-2009, 04:38 PM
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I'd like to congratulate Congress and the president on helping make the record. I didn't think we could do it.

Just the other day I saw a news report that said only 15% of the stimulus dollars had been spent thus far. There had been $18 million to make a website about the stimulus. Must be one bad ass site for that price. Then there was $12 million used to make signs for road projects that say something to the effect of "This project courtesy of the Porkulus bill".
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post #11 of 44 (permalink) Old 07-13-2009, 04:41 PM
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You know being President is the worlds biggest scam. Why else would people from ANY party, spend millions to get a position earning six figures?
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post #12 of 44 (permalink) Old 07-13-2009, 04:45 PM
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Originally Posted by forever_frost View Post
But...Obama said "I will cut the deficit in half".

Anything contrary is a lie.
He didn’t lie – this is just more of that lawyerly word play.

He knew going in that he was going to run a trillion dollar (plus) deficit his first year. His ‘promise’ was to cut THAT in half by the end of his first term. Therefore he just has to cut the deficit down to a mere 500 billion a year.
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post #13 of 44 (permalink) Old 07-13-2009, 04:48 PM
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Originally Posted by 46Tbird View Post
So you're saying Obama will begin a spending reduction in his term?

Or will he greedily grab every tax dollar he can fathom a way to steal?

Because he is headed in the wrong direction of a 50% decrease in the defecit...


And who said anything about Bush? Good LORD, get over it. He sucked. He's gone. Focus on the topic at hand please.
Yes, I think we'll see a spending reduction, and sooner rather than later. I only brought up Bush because many of you act like there is a "e-brake" that POTUS can yank to immediately stop the problems. It doesn't work that way.

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post #14 of 44 (permalink) Old 07-13-2009, 04:49 PM
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Did he say he'd do it in 9 months? He was handed the largest deficit ever -- period. The economy was crashing rapidly at the time and picking up speed. Go stand on the train tracks and let an engine hit you going 40 mph. Get back to me in 9 months and see if you've recovered.

I don't agree with all the spending that's happening, but you people act like he should've already turned it around. You also act like it would be any different if the Republicans were in office. Correct me if I'm wrong on these two points. Wasn't Bush the POTUS who turned a surplus into the largest deficit ever at that time? Wasn't Bush the POTUS when stimulus money was first started and later a second stimulus propose?
You gotta remember the stimulus bill was passed with no republican votes (or republican input for that matter). In fact obama thumped his chest and proclaimed "I Won" when questioned about it. The republicans wanted to spend less and put in some tax cuts. Didn't happen. The input was rejected by the dems.

It is squarely obamas stimuous bill, and obamas budget now. He wanted it and now he owns it lock, stock and barrel. He left himself no way out. If the stimulus fails I see him trying to blame bush again but sooner or later that dog won't hunt. And now you are starting to see it with his approval ratings, people are starting to figure him out. Is the stimulus bill working? How about that unemployment rate, eh? Where are all of the jobs it was supposed to save? When you are bleeding half a million jobs every month that starts to add up after awhile.

And he was bound and determined to push pork to all of his buddies (you do realize that the stimulus bill is laden with pork, right?) and he did so. And the distribution of the money from the bill is primarily going to areas that supported obama. Coincidence? They say so but to me that is very smelly.

Obama and his buddies pelosi and reid have rapidly taken this country down a bad direction, and have done so in a hell of a hurry, not even reading the bills that they were signing.

2010 cannot come fast enough for me to get rid of these bums.

Oh, and bush was a disappointment as well. He sure turned into a RINO in a lot of ways. But he's out of office now, and all of this is happening on obamas watch.
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post #15 of 44 (permalink) Old 07-13-2009, 04:50 PM
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And in 7 months, he increased that deficit to be the biggest one in history. That's including EVERY debt from the founding of the country to January.
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post #16 of 44 (permalink) Old 07-13-2009, 04:51 PM
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Oh, and there was that whole "If we pass the Stimulus bill, unemployment WONT' pass 8%"
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post #17 of 44 (permalink) Old 07-13-2009, 04:53 PM
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Yes, I think we'll see a spending reduction, and sooner rather than later.
Really?

Hmm, I haven't seen anything made public about a spending reduction. I haven't even seen that as part of the game plan. I've seen rumor of a "Stimulus II" but nothing concrete yet. I don't see an end to the spending. Please provide some evidence of a future reduction.
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post #18 of 44 (permalink) Old 07-13-2009, 04:58 PM
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You gotta remember the stimulus bill was passed with no republican votes (or republican input for that matter). In fact obama thumped his chest and proclaimed "I Won" when questioned about it. The republicans wanted to spend less and put in some tax cuts. Didn't happen. The input was rejected by the dems.

It is squarely obamas stimuous bill, and obamas budget now. He wanted it and now he owns it lock, stock and barrel. He left himself no way out. If the stimulus fails I see him trying to blame bush again but sooner or later that dog won't hunt. And now you are starting to see it with his approval ratings, people are starting to figure him out. Is the stimulus bill working? How about that unemployment rate, eh? Where are all of the jobs it was supposed to save? When you are bleeding half a million jobs every month that starts to add up after awhile.

And he was bound and determined to push pork to all of his buddies (you do realize that the stimulus bill is laden with pork, right?) and he did so. And the distribution of the money from the bill is primarily going to areas that supported obama. Coincidence? They say so but to me that is very smelly.

Obama and his buddies pelosi and reid have rapidly taken this country down a bad direction, and have done so in a hell of a hurry, not even reading the bills that they were signing.

2010 cannot come fast enough for me to get rid of these bums.

Oh, and bush was a disappointment as well. He sure turned into a RINO in a lot of ways. But he's out of office now, and all of this is happening on obamas watch.
The recent stimulus plan passed is most definitely his, and his alone. There is no question about it. Then again, he got elected touting his plans, so why wouldn't you expect that to happen? He did win the electoral and popular vote, right?

As for passing bills/budgets that put money to their supporters? Come up with something new and revealing. That practice is as old as politics.

As for Bush, he was terrible and started down a steep incline. Obama's group may be piling on steam or trying to jam their feet in the ground to slow it down. Right now we just have opinions --- on both sides. I can't wait for 2010 to get here either. By then we'll have a real feel for what is working and what isn't. 2012 will be even further along into telling the story.

As I've stated before, I didn't vote for Obama, nor do I agree with much of what he is doing. There are several things I do like, but not all by any means. He is our POTUS, and to this point, I haven't seen any real behavior that comes as a shocking surprise. I personally hope everyone is wrong and everything works out according to plan. For now, it looks skeptical at best, but we'll see.

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post #19 of 44 (permalink) Old 07-13-2009, 04:58 PM
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Really?

Hmm, I haven't seen anything made public about a spending reduction. I haven't even seen that as part of the game plan. I've seen rumor of a "Stimulus II" but nothing concrete yet. I don't see an end to the spending. Please provide some evidence of a future reduction.
He can't. It's all 'I think' at this point. And as proven time and time again, he doesn't think much. Not effectively, anyways.
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post #20 of 44 (permalink) Old 07-13-2009, 05:01 PM
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He can't. It's all 'I think' at this point. And as proven time and time again, he doesn't think much. Not effectively, anyways.
'Bout time you show up with a nice, illogical post. Yes, "I think," just like everyone else here. I think you will see a reduction in spending during his time in office (all 8 years of it if the Repubs run Palin out). That's an opinion, just like everyone here who posts they think differently. If you have some magic crystal ball that lets you see way into the future, then by all means, share.

P.S. While you're at it with the crystal ball, tell us why it didn't show a UT victory last fall in the RRS too.

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post #21 of 44 (permalink) Old 07-13-2009, 05:06 PM
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Yes, I think we'll see a spending reduction
Let me guess, you haven't followed politics for long.
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post #22 of 44 (permalink) Old 07-13-2009, 05:07 PM
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'Bout time you show up with a nice, illogical post. Yes, "I think," just like everyone else here. I think you will see a reduction in spending during his time in office (all 8 years of it if the Repubs run Palin out). That's an opinion, just like everyone here who posts they think differently. If you have some magic crystal ball that lets you see way into the future, then by all means, share.

P.S. While you're at it with the crystal ball, tell us why it didn't show a UT victory last fall in the RRS too.
Are you too goddamned stupid to keep subject matter where it belongs? Get back with me when you've pulled your head out of your ass.



You 'think' we will see a reduction in spending, yet right now all the buzz is about Porkulus #2. You can say 'Bush this, Bush that, blah blah blah' all you want, but hasn't your Messiah already outspent anything Bush ever could have hoped for? As someone else said, Nobama's headed the wrong fucking direction to reduce spending. Right now, he's just throwing money at shit thinking it will fix itself. It's like putting a band aid on a bullet wound.
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post #23 of 44 (permalink) Old 07-13-2009, 05:17 PM
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Are you too goddamned stupid to keep subject matter where it belongs? Get back with me when you've pulled your head out of your ass.



You 'think' we will see a reduction in spending, yet right now all the buzz is about Porkulus #2. You can say 'Bush this, Bush that, blah blah blah' all you want, but hasn't your Messiah already outspent anything Bush ever could have hoped for? As someone else said, Nobama's headed the wrong fucking direction to reduce spending. Right now, he's just throwing money at shit thinking it will fix itself. It's like putting a band aid on a bullet wound.
Umad? Good way to acknowledge the point I made. It's an opinion, just like yours. At some point we'll see which is correct. Unless you can produce this magical crystal ball, then neither one of us is more right/wrong than the other.

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post #24 of 44 (permalink) Old 07-13-2009, 11:18 PM
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I would just like to display how proud i am of the fact that my country is the worlds biggest mooch and that we finally managed to achieve a milestone in financial blunder with all the hard work over the last 20 years.

I mean we always had a debt but with hard work and spending money we dont have, we have managed to acquire the worlds most unrepayable debt in the history of the world.

So thank you for destroying what was once the most productive and therefor rewarding country in the world. What it was destroyed for we still dont know but im guessing we are supposed to be proud of it since the dumbasses in DC dont seem to be able to figure out how to balance a budget or even the slightest bit concerned.

The trouble with doing something right the first time is that nobody appreciates how difficult it was.
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post #25 of 44 (permalink) Old 07-13-2009, 11:37 PM
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post #26 of 44 (permalink) Old 07-14-2009, 01:04 AM
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LMAO @ the blind faith in this shit head! If anything positive can come from Juiceweezl's ignorance, it's comedic relief for this forum.

Yes, I think we'll see a spending reduction, and sooner rather than later.


LOL!!! Encore, Encore!
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post #27 of 44 (permalink) Old 07-14-2009, 08:28 AM
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LMAO @ the blind faith in this shit head! If anything positive can come from Juiceweezl's ignorance, it's comedic relief for this forum.

Yes, I think we'll see a spending reduction, and sooner rather than later.


LOL!!! Encore, Encore!
Blind faith? Yeah, okay. I make a statement based on my opinion which is based on information and facts I've read/gathered through the years. The country has faced a deficit before, and began turning it around. Unfortunately we turned it back into a deficit. Maybe you guys are forgetting that part. You need to get over the fact that Obama won because the wonderful Republican party you all follow was so intelligent to start us in this maddening decline (thank you, Bush) and then follow that up by sending McCain and the former governor Palin to the front line. Anyone that was stupid enough to believe they had a chance to win has no right whatsoever to make any decisions regarding this country. I'm still LOL'ing over her, just like the day she was announced as running mate. The entire political system is a joke. You guys just continue to pound on this POTUS.

I'm glad you guys feel the alternatives are better. Since 2003, the public debt of our gov't. has increased by at least 500 billion each year. Tell me again how much Obama is to blame for that?

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post #28 of 44 (permalink) Old 07-14-2009, 08:39 AM
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Let me guess, you haven't followed politics for long.
That's an understatement if ever there was one, LOL.
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post #29 of 44 (permalink) Old 07-14-2009, 08:41 AM
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F'in Bush....he started all this...
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post #30 of 44 (permalink) Old 07-14-2009, 08:43 AM
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I'm glad you guys feel the alternatives are better. Since 2003, the public debt of our gov't. has increased by at least 500 billion each year. Tell me again how much Obama is to blame for that?
How do you keep ignorning the fact that Nobama alone is responsible for the last $1487 Billion? Why do we have to keep reminding you?
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post #31 of 44 (permalink) Old 07-14-2009, 08:47 AM
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I'm still LOL'ing over her, just like the day she was announced as running mate.
Palin was indeed a stinker, but my ultimate example of total, complete ineptness and buffoonery in the VP spot has always been Dan Quayle.
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post #32 of 44 (permalink) Old 07-14-2009, 08:48 AM
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I'm glad you guys feel the alternatives are better. Since 2003, the public debt of our gov't. has increased by at least 500 billion each year. Tell me again how much Obama is to blame for that?
That is right, because "Bush did it too!!!!" that makes it fine to add another trillion dollars in debt. I love that sort of logic.

Nevermind the fact that it will be the last trillion that destroys the value of the dollar rather than the first. I guess I need to get over the fact that Obama won and that will make me forget simple economics. It sure seems to work with you.
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post #33 of 44 (permalink) Old 07-14-2009, 08:53 AM
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Palin was indeed a stinker, but my ultimate example of total, complete ineptness and buffoonery in the VP spot has always been Dan Quayle.
Elected VP, no doubt. I'd probably have to flip a coin though over which was the bigger buffoon though. Damn that's a tough call.

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post #34 of 44 (permalink) Old 07-14-2009, 08:55 AM
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That is right, because "Bush did it too!!!!" that makes it fine to add another trillion dollars in debt. I love that sort of logic.

Nevermind the fact that it will be the last trillion that destroys the value of the dollar rather than the first. I guess I need to get over the fact that Obama won and that will make me forget simple economics. It sure seems to work with you.
I didn't say it was right or that I agree with it. I'm saying that Bush had 8 freaking years of this crap, and no one cried for him to be impeached, killed, or whatever the hell else ya'll want to happen to Obama. Everyone knew what he was going to do, and he still won the election. Don't act all shocked/surprised and pissed about it. Go cry to your own party for sucking so badly at trotting out a candidate someone could vote for.

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post #35 of 44 (permalink) Old 07-14-2009, 08:59 AM
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How do you keep ignorning the fact that Nobama alone is responsible for the last $1487 Billion? Why do we have to keep reminding you?
That puts him at less than 1/3 of what Bush did. Why do I have to keep reminding you of that? What's your point? Bush is judged by what he did over his time in office -- 8 years. Judge Obama when his time is up. In the meantime, if you're unhappy with actions, contact your elected officials and work to change them. Don't cry here.

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post #36 of 44 (permalink) Old 07-14-2009, 09:02 AM
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Obama says he is against another stimulus package, at this point they have only spent 6% of the last one, at the same time the banks are starting to recover and show better earnings. As the article states the wars in Iraq and Afghanistan account for a huge chunk of the $1.1 Trillion deficit, we are going to have to bring our involvement in those countries to an end, if he wants to cut that deficit in half.

the other major factor in the deficit is health care spending, right now the government finances 46% of all healthcare related spending in America, that will be a hard one to get under control, but would be necessary to cut the deficit in half.

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post #37 of 44 (permalink) Old 07-14-2009, 09:04 AM
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Originally Posted by Juiceweezl View Post
That puts him at less than 1/3 of what Bush did. Why do I have to keep reminding you of that? What's your point? Bush is judged by what he did over his time in office -- 8 years. Judge Obama when his time is up. In the meantime, if you're unhappy with actions, contact your elected officials and work to change them. Don't cry here.
Apathy is the hand in which evil fits its glove.

Bush did it! Bush did it! Waaaa!

Tell us the same tired rhetoric when our dollar collapses and is no longer the world reserve currency.


The idiocy of the boisterous minority is staggering.
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post #38 of 44 (permalink) Old 07-14-2009, 09:08 AM
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Originally Posted by That_Is_My_El_Camino View Post
Come on, come on! Big money, big money! No whammy!
LOL That is spot on with what they are doing. I wouldn't doubt if I saw that on Hannity.

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post #39 of 44 (permalink) Old 07-14-2009, 09:19 AM
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Originally Posted by Juiceweezl View Post
I didn't say it was right or that I agree with it. I'm saying that Bush had 8 freaking years of this crap, and no one cried for him to be impeached, killed, or whatever the hell else ya'll want to happen to Obama. Everyone knew what he was going to do, and he still won the election. Don't act all shocked/surprised and pissed about it. Go cry to your own party for sucking so badly at trotting out a candidate someone could vote for.
LMAO did you just say that no one cried for Bush to be impeached, killed or whatever else? That is pretty funny. I want to visit whatever you world you live in, clown.

I like the continued blamestorming..."everyone knew what he was going to do" (IE It's the voters fault!)...."Bush did it too!" (IE It's Bush's fault!).

Give us all a break.

And as I said, it will be the LAST trillion that wrecks this country, not the first. But keep on covering up for the worthless leadership in office. You are going to feel lonely in another six months. I hope you like paying 13% interest on your car notes.

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post #40 of 44 (permalink) Old 07-14-2009, 09:21 AM Thread Starter
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In a year of eye-popping numbers, add one more: The government's annual budget deficit has topped $1 trillion.

And with three months left in the budget year, it will actually get even worse. The administration is projecting that the deficit will hit $1.84 trillion for the current budget year, four times the size of last year's deficit. Last year's number was the all-time leader at the time, at $454.8 billion — a figure that now seems rather puny in comparison.

Here are some questions and answers about what happened to the federal budget, which began the new century with the longest string of surpluses in seven decades.

Q: Just how did we go from a string of four consecutive surpluses from 1998 through 2001 to the fix we are in now?

A: The surpluses at the end of the last decade reflected a boom-time economy, which was enjoying the longest uninterrupted expansion in U.S. history.

When the last recession began in 2001, that cut into revenues. Then the government's budget picture darkened even further after the 2001 terrorist attacks as government spending was increased to pay for wars in Afghanistan and Iraq.

Q: But weren't things getting better at the end of the Bush administration?

A: Until President George W. Bush's last year in office, the deficit had been shrinking, hitting a five-year low of $161.5 billion in 2007. But that was followed by the record deficit of $454.8 billion in 2008, the budget year that ended on Sept. 30 of last year.

Two things happened to make the deficit balloon: The country was hit by a severe recession that began in December 2007, and then those troubles were compounded by the worst financial crisis in seven decades, which struck in the fall of 2008.

Q: Isn't it unusual for the budget deficit to deteriorate so much in such a short time?

A: The size of the deficits this time around are unusual, but that reflects the unprecedented response the government has brought to bear to deal with the economic crisis. First, in 2008, Congress created a $700 billion financial rescue fund that had been requested by the Bush administration, and then early this year Congress approved President Barack Obama's request for a $787 billion economic stimulus bill to jump-start growth.

Q: Is that all that is going on with the deficit?

A: Unfortunately, no. Government spending is being driven higher not only by the financial bailouts and the stimulus spending but also by what economists call "automatic stabilizers." That is spending that automatically occurs in times of economic troubles to help cushion the shock of a downturn.

The government is spending billions of dollars more on these expenditures — such things as food stamps and unemployment compensation for the millions of workers who have lost their jobs.

In all, government outlays are up 20.5 percent through the first nine months of this budget year compared to the same period a year ago.


Q: Does that explain all the red ink?

A: No. There is one more factor at work: Government revenues have fallen by 17.9 percent in the October-to-June period compared with a year ago. That reflects the severity of the current recession, which is one of the deepest in decades and the longest downturn in the post-World War II period. That has meant millions of people losing their jobs — and thus not paying payroll taxes into the government's coffers — and a big drop in corporate tax collections as well.

Q: How does this year's projected deficit rank with other periods in history?

A: Without a doubt, the deficit will be the largest in dollar terms, but it won't be a record in relationship to the overall economy — the comparison preferred by economists.

The Congressional Budget Office is forecasting that the budget deficit for this year, using the administration's spending assumptions, will equal 13 percent of the total economy, as measured by the gross domestic product — a measure of the value of all goods and services produced in the United States.

While that would surpass the record of recent years — 6 percent of GDP, achieved in 1983, during the Reagan administration — it is far below the 1943 deficit, which was 30.3 percent of GDP. That deficit reflected the massive spending underetaken to fight World War II.

Q: What is the deficit outlook going forward?

A: That is where the real problems may come. Economists say it is OK to run massive deficits now to stabilize the banking system and get the economy growing again. But they are fearful that the administration and Congress will not do enough to get future deficits under control, despite Obama's pledge to cut the deficit in half by the end of his first term in office.

Q: Why do they question Obama's pledge?

A: The CBO is projecting that the deficits will remain huge for years to come under the administration's budget outline, coming in at $1.43 trillion next year and never dropping below $633 billion over the next decade. All the red ink, the CBO projects, will add $9.1 trillion to the national debt during that period.

Q: What do private economists forecast?

A: They have equally grim forecasts and they warn that these projections underscore the need for the administration to get more serious about attacking future deficits once the current economic crisis is past. They argue that the only way that can be done is through some combination of spending cuts, especially in the government's big entitlement programs, and tax increases.

They say that a good litmus test of the administration's resolve is likely to come in the upcoming battle to expand health care coverage. They believe that proposal will have to be paid for through some type of tax increases to convince foreign investors that the administration is serious about getting its deficits under control.
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post #41 of 44 (permalink) Old 07-14-2009, 10:34 AM
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Originally Posted by Juiceweezl View Post
That puts him at less than 1/3 of what Bush did. Why do I have to keep reminding you of that? What's your point? Bush is judged by what he did over his time in office -- 8 years. Judge Obama when his time is up. In the meantime, if you're unhappy with actions, contact your elected officials and work to change them. Don't cry here.
1/3 of what bush spent and only in office for 1/16 of the time. Looks like barry's spending is on a torrid pace to make bush look like a penny pincher.

Again, it's barry's budget now. Forget what bush did; he's done and gone. Barry and his crew had an opportunity to pass some sensible legislation to begin to fix the problem and he chose not to; instead he chose to pander to his buddies and spend money that we don't have.
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post #42 of 44 (permalink) Old 07-14-2009, 10:47 AM
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Originally Posted by Juiceweezl View Post
Elected VP, no doubt. I'd probably have to flip a coin though over which was the bigger buffoon though. Damn that's a tough call.
Palin is a big reason the race was even as close as it was. McCain was the wrong candidate. Palin sure brings in the money though.


And explain how spending will be cut when you have Stimulus, The Reduxe coming, gov't health care, cap & trade, etc.

The only place I can see this bunch cutting is military spending and education (have to dumb down the people to make their line of steaming bullshit believable).

1/19/09, the last day of Free America.
Pericles "Freedom is the sure possession of those alone who have the courage to defend it. "

"[T]he people alone have an incontestable, unalienable, and indefeasible right to institute government and to reform, alter, or totally change the same when their protection, safety, prosperity, and happiness require it." --Samuel Adams


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post #43 of 44 (permalink) Old 07-14-2009, 11:08 AM
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Originally Posted by Sean88gt View Post
Palin is a big reason the race was even as close as it was. McCain was the wrong candidate. Palin sure brings in the money though.


And explain how spending will be cut when you have Stimulus, The Reduxe coming, gov't health care, cap & trade, etc.

The only place I can see this bunch cutting is military spending and education (have to dumb down the people to make their line of steaming bullshit believable).
Sean-

Everyone knows that the way to get yourself out of debt is to spend even more!
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post #44 of 44 (permalink) Old 07-14-2009, 11:11 AM
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i.e. a shell game
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