Largest federal monthly deficit in history

[Jhhnn]

I always deeply offend some babyboomer when I say that. I wont go into debating this point again. We can leave it to history to write

Of course you won't debate it, because your allegation is completely unfounded, oblivious to the true cause of our current malaise, which is class conflict, rather than generational conflict.

 

[Monster_Munch]

Contrast that level of deficit with the Republican plan that says reduce spending by $100 billion a year and we're okay. Then contrast it with Obama's plan to spend even more but tax more heavily, so that after he's out of office a miracle will happen and the deficit will go down. And add in a rapidly aging population demanding more bennies from the federal government.

Then tell me which of these plans avoids a collapse of Great Depression proportions.

Didn't the GOP force an extension of Bush tax cuts? How is cutting taxes going to help the deficit?

 

[Paul98]

People don't know how to compromise and solve a problem. Not something as stupid as our government has been doing such as saying we want a lower deficit. Then have democrats compromise to lower taxes on the rich and the republicans compromise so that spending is raised.

 

[werepossum]

Didn't the GOP force an extension of Bush tax cuts? How is cutting taxes going to help the deficit?

The GOP forced an extension that "cost" the government $70 billion over ten years; the Democrats were behind an extension that "cost" the government $630 billion over ten years.

Note that neither of those two numbers makes a hill of beans difference in our problem, which is spending.

 

[marincounty]

Remember," Deficits don't matter", Dick Cheney. Republicans have been so wrong about the economy for so long, I don't think anyone (with a functioning brain) believes a word they say about it any more.

 

[JSt0rm]

Remember," Deficits don't matter", Dick Cheney. Republicans have been so wrong about the economy for so long, I don't think anyone (with a functioning brain) believes a word they say about it any more.

The problem is the 50.1% that dont have a functioning brain (number is probably higher then this)

 

[Mursilis]

Oh, please. The vast majority of boomers have gone to work every stinkin' day for the last 40-50 years for an ever decreasing share of national income. They've paid for the care of their elders, lifted millions out of poverty, and even attempted to set aside funding for their own retirements in the form of a $3T SS trust and huge support of & ownership in corporate America via other retirement vehicles.

No, mostly they just ran up the gov credit card for future generations. Taking care of their elders was dumped on the gov't, raised spoiled, undisciplined children, and they're going to be looting the mythical SS "trust" fund soon enough. The vast majority of boomers are a disgrace.

 

[duragezic]

Jeez how does this happen? I thought the biggest deficits were over. TARP is over, stimulus has slowed down, economy has been slowly recovering. War in Afghanistan and Iraq is pretty strong due to Afghanistan, but I don't think necessarily any larger than the reverse when few troops in Afghanistan, many in Iraq. They kept the tax cuts for everyone but those were there before.

Why is the deficit even bigger when I thought (and remember projections) showing it shrinking in 2011 and later.

 

[dmcowen674]

Jeez how does this happen? I thought the biggest deficits were over. TARP is over, stimulus has slowed down, economy has been slowly recovering. War in Afghanistan and Iraq is pretty strong due to Afghanistan, but I don't think necessarily any larger than the reverse when few troops in Afghanistan, many in Iraq. They kept the tax cuts for everyone but those were there before.

Why is the deficit even bigger when I thought (and remember projections) showing it shrinking in 2011 and later.

Bush & Co had six years of full control, spent like drunken sailors, started two wars that will never end, shipped all jobs overseas and cut taxes for the rich.

How do you propose Obama to fix that?

 

[matt0611]

Bush & Co had six years of full control, spent like drunken sailors, started two wars that will never end, shipped all jobs overseas and cut taxes for the rich.

How do you propose Obama to fix that?

He should probably stop spending like a drunken sailor, wind down the wars (they are endable), and cut taxes eventually to get jobs back.

Or we could just stay the course...

 

[sandorski]

He should probably stop spending like a drunken sailor, wind down the wars (they are endable), and cut taxes eventually to get jobs back.

Or we could just stay the course...

/facepalm

It's like Ground Hog Day was for real.

 

[dmcowen674]

He should probably stop spending like a drunken sailor, wind down the wars (they are endable), and cut taxes eventually to get jobs back.

Or we could just stay the course...

How are they endable, just give the oil away?

Oil already back over $100 and gas $4, want it what $400 a barrel and $20 a gallon?

 

[matt0611]

/facepalm

It's like Ground Hog Day was for real.

Uh no. Cutting spending while cutting taxes is fine.

Bush cut taxes and increased spending.

In the words of you. Fail.

 

[The-Noid]

Bush & Co had six years of full control, spent like drunken sailors, started two wars that will never end, shipped all jobs overseas and cut taxes for the rich.

How do you propose Obama to fix that?

Last thing I remember was Obama bending over on the tax cuts on thoughts that someone might not like him that day.

Even with calls from the wealthy in the USA saying they supported higher taxes he caved to every demand from the house.

Both parties are a disgrace and partisan politics have destroyed this country.

This idea that jobs aren't still being created overseas is a bunch of bullshit too, Obama has created no policies that alleviate any outsourcing.

Outsourcing was created by technological innovation and regulatory arbitrage not by any political party.

 

[The-Noid]

How are they endable, just give the oil away?

Oil already back over $100 and gas $4, want it what $400 a barrel and $20 a gallon?

Sounds good, the government could default, the economy could slow to hell and we could get on with the oncoming restart quicker. In the interim I still stay long CL/1 just to piss you off.

 

[sandorski]

Uh no. Cutting spending while cutting taxes is fine.

Bush cut taxes and increased spending.

In the words of you. Fail.

Fail some more. What, pray tell, is "fine" about it when you need to shrink a Deficit? Tax Cuts haven't created jobs for decades.

 

[matt0611]

Fail some more. What, pray tell, is "fine" about it when you need to shrink a Deficit? Tax Cuts haven't created jobs for decades.

Simple, tax cuts AFTER you balance the massive budget deficit. Then cut and cut spending some more. Theres plenty of government to cut. We could cut the military by 1/3 and still defend ourselves fine, for example.

Keep more money in the pockets of the people, creates more jobs, give incentives for businesses to come back to the US. Get people saving and investing in business here again etc
We could be an economic monster again if we got our fiscal situation in order and got businesses to start coming back here again.

 

[sandorski]

Simple, tax cuts AFTER you balance the massive budget deficit. Then cut and cut spending some more. Theres plenty of government to cut. We could cut the military by 1/3 and still defend ourselves fine, for example.

Keep more money in the pockets of the people, creates more jobs, give incentives for businesses to come back to the US. Get people saving and investing in business here again etc

Ok, I agree with that.

 

[Patranus]

Simple, tax cuts AFTER you balance the massive budget deficit. Then cut and cut spending some more. Theres plenty of government to cut. We could cut the military by 1/3 and still defend ourselves fine, for example.

Keep more money in the pockets of the people, creates more jobs, give incentives for businesses to come back to the US. Get people saving and investing in business here again etc
We could be an economic monster again if we got our fiscal situation in order and got businesses to start coming back here again.

Yup.

Another big issue is the scope of the federal government. When it comes down to it, the federal government is the one who should take the smaller share of your pay check and the city/county/state should be getting the larger chunk.

Its a lot easy to control spending when your representatives are actually there with you and held accountable.

 

[JSt0rm]

He should probably stop spending like a drunken sailor, wind down the wars (they are endable), and cut taxes eventually to get jobs back.

Or we could just stay the course...

Look how dumb you are

 

[soundforbjt]

Simple, tax cuts AFTER you balance the massive budget deficit. Then cut and cut spending some more. Theres plenty of government to cut. We could cut the military by 1/3 and still defend ourselves fine, for example.

Keep more money in the pockets of the people, creates more jobs, give incentives for businesses to come back to the US. Get people saving and investing in business here again etc
We could be an economic monster again if we got our fiscal situation in order and got businesses to start coming back here again.

Please show me where tax cuts have created jobs. I always hear this from the right but have never seen any proof.
Reaganomics doesn't work.

 

[matt0611]

Please show me where tax cuts have created jobs. I always hear this from the right but have never seen any proof.
Reaganomics doesn't work.

Suppose we increased taxes by 50% to get money to send people off to war. Would this increase jobs and prosperity in the private sector or destroy some?

 

[Darwin333]

1) the Recession is over
2) the Economy hasn't recovered all its' Losses yet
3) Obama has suggested Cuts
4) Taxes must be raised
5) $100 billion in Cuts doesn't amount to a hill of beans, but could harm the Economy causing it to Stall at this point. Thus making things even worse.

So the recession is over so long as we continue to spend $1,500,000,000,000 a year more than we take in? Cutting even 1/15th of that would cause the economy to stall?

It speaks volumes when you say, correctly, that cutting $100B doesn't amount to a hill of beans.

 

[Darwin333]

These kind of photo's don't come cheap.

Mandatory spending took damn near every dollar the Feds brought in last year. The .mil isn't apart of mandatory spending, would you like to guess what it is composed of? It is a rather small list too...

 

[sandorski]

So the recession is over so long as we continue to spend $1,500,000,000,000 a year more than we take in? Cutting even 1/15th of that would cause the economy to stall?

It speaks volumes when you say, correctly, that cutting $100B doesn't amount to a hill of beans.

Volumes you say? The Stimulus was insufficient to properly stimulate. So now you have a more precarious Recovery.