Mid-Year Budget Update!!! On track for a $205 billion deficit for FY 2007

[ProfJohn]

Back in May I made a thread pointing out that we were on track to end up with a $150 to $200 billion deficit for FY 2007. May thread

The naysayers on here universally attacked me and proclaimed I was wrong. The slowing economy, the housing crash, the alignment of the moon and the earth would all cause the deficit to go UP.

My response to the naysayers was to wait until the July Mid-year budget review from the government so we could get a better picture, and here is the date from that report.

The current estimated Federal budget deficit for FY 2007 is $205 billion an 18% decline from last year. The ?official? estimate is $39 billion lower than the February estimate. White House lowers deficit forecast
And the deficit will be only 1.5% of our GDP well below the 40 year average and the average of the 1990s. Mid-Session Budget Review PDF

As I said back in May, we are going in the right direction when it comes to the budget deficit.

 

[Jaskalas]

Technically the deficit is going up, the rate of increase is slowing down. A positive sign nonetheless, but when it comes time for the election we?ll be getting an ear full on how the spenders loath deficits. After all, once elected they won?t forget to steal from Americans to pay for their schemes. This is a promise you can count on.

*edit

Notice how in P&N, positive news meets with 0 star ratings?

 

[ProfJohn]

Originally posted by: Jaskalas
Technically the deficit is going up, the rate of increase is slowing down. A positive sign nonetheless, but when it comes time for the election we?ll be getting an ear full on how the spenders loath deficits. After all, once elected they won?t forget to steal from Americans to pay for their schemes. This is a promise you can count on.

*edit

Notice how in P&N, positive news meets with 0 star ratings?

The star rating system is totally worthless for P&N.
People don't rate on the merit of the thread, but on who posts it and their political view.

 

[Hacp]

The economy is doing very well, however, it doesn't mean that everyone is equally benefiting from it. We need to raise taxes to Clinton levels, balance our budget, reform social services, reform NCLB, and start paying off our national debt.

 

[dmcowen674]

Originally posted by: ProfJohn
Topic Summary: That is down $40 billion from last year .

Bahahahahahahaha OMFGBBQ

Your heroe and friends blow a trillion on a fasle war and ship all manufacturing to china and you harp about a measly $40 billion.

Thanks for the laugh, you truly are funny :laugh:

 

[techs]

Wow. That means without the reckless Bush tax cuts, the Republicans reckess spending and the reckless war we would have something like an almost 900 BILLION DOLLAR SURPLUS!
Well on our way to ending the coming Social Security crisis.

 

[Jaskalas]

Originally posted by: dmcowen674
and ship all manufacturing to china

You didn't do that already?

 

[Harvey]

Originally posted by: ProfJohn
As I said back in May, we are going in the right direction when it comes to the budget deficit.

Does your BS happy talk happen to include the almost half trillion dollars squandered in Iraq or the 1 - 3 trillion it's projected to cost before we leave?

And taking a page from your usual "But Clinton..." tack, I hope you remember that Clinton left us with a surplus? :roll:

And none of that states that actual reality that any current budget deficit or surplus doesn't state the actual national debt.

At the original Record Plant recording studio in L.A., they used to have a button that said, You can't polish a turd. None of your BS happy talk can polish the economic turd the Bushwhackos' war of lies has left in our punchbowl for generations to come. :thumbsdown:

 

[Jaskalas]

Originally posted by: techs
Wow. That means without the reckless Bush tax cuts, the Republicans reckess spending and the reckless war we would have something like an almost 900 BILLION DOLLAR SURPLUS!
Well on our way to ending the coming Social Security crisis.

Speaking of this?

 

[techs]

Originally posted by: Jaskalas

Originally posted by: techs
Wow. That means without the reckless Bush tax cuts, the Republicans reckess spending and the reckless war we would have something like an almost 900 BILLION DOLLAR SURPLUS!
Well on our way to ending the coming Social Security crisis.

Speaking of this?

Precisely!

 

[Train]

Originally posted by: techs
Wow. That means without the reckless Bush tax cuts, the Republicans reckess spending and the reckless war we would have something like an almost 900 BILLION DOLLAR SURPLUS!
Well on our way to ending the coming Social Security crisis.

tax cuts increase teax revenues, in case you missed econ 101.

 

[RightIsWrong]

Originally posted by: ProfJohn
Back in May I made a thread pointing out that we were on track to end up with a $150 to .......

As I said back in May, we are going in the right direction when it comes to the budget deficit.

As long as we don't include any of the negative stuff....we are positively moving in the right direction!

:roll:

 

[ericlp]

We are currently @ 8.9 TRILLION dollars ...

And to keep that debt a float? We are paying 1.32 billion per day... So we can take your crappy ass 40 Billion and pay down the debt for like maybe a month. Thanks ... But, NO THANKS. Wake up... this isn't even news worthy...

Edit, ooops, we are not going to pay it down but just pay the the interest off for 30 days.

 

[2Xtreme21]

We had a $230 billion surplus under Clinton... but hey, I'm glad you think that ONLY spending $205 billion more into our $8.9 trillion debt is something worth celebrating. Make a thread when you Repuglicans actually practice the fiscal conservatism you preach.

 

[jpeyton]

So we've gone from losing a whole lot of money to losing a little less than a whole lot?

:laugh:

 

[bctbct]

Glad that we could cut enough programs stateside so that we could still pour unlimited tax dollars into Bushs pet project. :thumbsup:

 

[blackangst1]

Originally posted by: bctbct
Glad that we could cut enough programs stateside so that we could still pour unlimited tax dollars into Bushs pet project. :thumbsup:

Oh you mean the unlimited monies that keep getting approved to him? Those unlimited monies?

 

[Strk]

Aren't we still taking money for SS to make it look less crappy?

 

[chowderhead]

Originally posted by: Train

Originally posted by: techs
Wow. That means without the reckless Bush tax cuts, the Republicans reckess spending and the reckless war we would have something like an almost 900 BILLION DOLLAR SURPLUS!
Well on our way to ending the coming Social Security crisis.

tax cuts increase teax revenues, in case you missed econ 101.

then obviously, the answer is to cut taxes to 0%. 😉

 

[imported_Tango]

Originally posted by: ProfJohn
Back in May I made a thread pointing out that we were on track to end up with a $150 to $200 billion deficit for FY 2007. May thread

The naysayers on here universally attacked me and proclaimed I was wrong. The slowing economy, the housing crash, the alignment of the moon and the earth would all cause the deficit to go UP.

My response to the naysayers was to wait until the July Mid-year budget review from the government so we could get a better picture, and here is the date from that report.

The current estimated Federal budget deficit for FY 2007 is $205 billion an 18% decline from last year. The ?official? estimate is $39 billion lower than the February estimate. White House lowers deficit forecast
And the deficit will be only 1.5% of our GDP well below the 40 year average and the average of the 1990s. Mid-Session Budget Review PDF

As I said back in May, we are going in the right direction when it comes to the budget deficit.

Just a note: the cost of the operations in Iraq is outside the budget.

 

[theeedude]

Just means we are digging our selves into a hole a little slower than expected. Also, not including the cost of fighting the war in Iraq makes this estimate a big joke. That is like counting how much money I spend and not including the car payment.

 

[techs]

Originally posted by: Train

Originally posted by: techs
Wow. That means without the reckless Bush tax cuts, the Republicans reckess spending and the reckless war we would have something like an almost 900 BILLION DOLLAR SURPLUS!
Well on our way to ending the coming Social Security crisis.

tax cuts increase teax revenues, in case you missed econ 101.

Tax cuts don't increase revenues enough to offset the tax cuts. Econ 101 -FIXED.

 

[First]

Originally posted by: Train

Originally posted by: techs
Wow. That means without the reckless Bush tax cuts, the Republicans reckess spending and the reckless war we would have something like an almost 900 BILLION DOLLAR SURPLUS!
Well on our way to ending the coming Social Security crisis.

tax cuts increase teax revenues, in case you missed econ 101.

No, clearly you missed that intro course (unless you're being facetious here). There is no guarantee that cutting taxes will stimulate investment and produce more wealth than the alternative solution of keeping tax rates the same for the same intermediate period.

 

[Jhhnn]

I just love it whe PJ returns to a phony statistic like "budget deficit" in order to cheer for his team.

It's meaningless, other than for propaganda purposes.

Total indebtedness has increase by ~$400B in the nearly 10 months since the end of the last fiscal year, putting us right on track for another annual increase of $500B, maybe slightly less, ~$480B.

Total debt has increased by $4.1T (trillion!) under the Bush/ Repub leadership, up 70% from all previous Admins combined...

They're doing a heckuva job...

 

[Jhhnn]

D/P