How come the “conservatives” here fail to see two things about their “arguments”? 1. The “government” in the United States is THE PEOPLE, yes a republic, but the U.S. is “US”! 2. What guys hated “government” and ended up putting all the power in a few “friends” at the top, actually- Marxists, who became dictators. Well of course turning all power over to corporations was another pair: Adolph and Benito.
The following is from Investors.comhttp://news.investors.com/blogs-capital-hill/112012-634082-federal-deficit-falling-fastest-since-world-war-ii.htm
Believe it or not, the federal deficit has fallen faster over the past three years than it has in any such stretch since demobilization from World War II.In fact, outside of that post-WWII era, the only time the deficit has fallen faster was when the economy relapsed in 1937, turning the Great Depression into a decade-long affair.If U.S. history offers any guide, we are already testing the speed limits of a fiscal consolidation that doesn’t risk backfiring. That’s why the best way to address the fiscal cliff likely is to postpone it.While long-term deficit reduction is important and deficits remain very large by historical standards, the reality is that the government already has its foot on the brakes.In this sense, the “fiscal cliff” metaphor is especially poor. The government doesn’t need to apply the brakes with more force to avoid disaster. Rather the “cliff” is an artificial one that has sprung up because the two parties are able to agree on so little.Hopefully, they will agree, as they did at the end of 2010, to embrace their disagreement for a bit longer. That seems a reasonably likely outcome of negotiations because the most likely alternative to a punt is a compromise (expiration of the Bush tax cuts for the top and the payroll tax cut, along with modest spending cuts) that could still push the economy into recession.Rather than applying additional fiscal restraint now, the government needs to make sure it sets the course for steady restraint once the economy emerges further from the deep employment hole that remains. In fact, a number of so-called deficit hawks are calling for short-term tax cuts to spur growth, rather than immediate austerity.From fiscal 2009 to fiscal 2012, the deficit shrank 3.1 percentage points, from 10.1% to 7.0% of GDP.That’s just a bit faster than the 3.0 percentage point deficit improvement from 1995 to ‘98, but at that point, the economy had everything going for it.Other occasions when the federal deficit contracted by much more than 1 percentage point a year have coincided with recession. Some examples include 1937, 1960 and 1969.President Obama hasn’t gotten much credit for reining in the deficit, probably because a big part of the deficit progress has come from the unwinding of extraordinary government supports that he helped put in place. Stimulus programs have come and mostly gone; the end of stimulus to states led them to enact Medicaid curbs; jobless benefits in recent months have fallen by 50% since early 2010 (due to both job gains and extended benefits being exhausted).TARP and the bailouts of Fannie Mae and Freddie Mac also make the deficit improvement look better, boosting the fiscal ‘09 deficit by about $200 billion more than in fiscal ’12 (though the initial cost of TARP was overstated).Still, military spending is now on the decline due to fewer troops in Iraq and Afghanistan; Medicare costs rose 3% last year vs. the average 7% growth in recent years; and after the last year’s Budget Control Act, excluding the automatic cuts set to take effect in January, nondefense discretionary spending is already on a path to shrink to 2.7% of GDP, well below the 3.9% average, notes the Center on Budget and Policy Priorities.
Most people must not be old enough to remember how after George II took over in 2001 that summer they started spending so much it would make a tax and spend Democrat blanch with envy. The Rebs responded that dept was a good thing. They continued to spend for 8 years. Then does anyone remember what happened next? No I didn’t think so.
And, “greyolddave”, “W” folks did most of the spending “off the books” to make the numbers less “disturbing” as they grew.
Incidentally, our “rightie” friends keep saying the debt was only $10 trillion when “O” took office, at the start of his first actual budget, it was already at $12.9 trillion and that still didn’t count Iraq.
A trilion here, a trillion here. You feel better now? Smug, perhaps? It makes the point that Obama did in 4 years what Bush did in 8 invalid now? Ignore the man behind the curtain? When are you Dim Libs going to OWN your own spending? Take responsibility perhaps? Ooops! Sorry. Libs don’t know that term of “personal responsibility”….not when they can find people to sponge off of…
The reason Romney and the republicans lost the election is because we cannot afford any more out-of-control republican spending on wars, hate, etc. We just cannot afford another republican administration at this time.
ConserveGov over 11 years ago
He must’ve put those groceries on his kids credit card.
Getting into deeper debt is a good thing, right Dems?
Dtroutma over 11 years ago
How come the “conservatives” here fail to see two things about their “arguments”? 1. The “government” in the United States is THE PEOPLE, yes a republic, but the U.S. is “US”! 2. What guys hated “government” and ended up putting all the power in a few “friends” at the top, actually- Marxists, who became dictators. Well of course turning all power over to corporations was another pair: Adolph and Benito.
Don Winchester Premium Member over 11 years ago
We call ’em as we seem ’em!
lonecat over 11 years ago
Okay, reduce the debt. How?
lonecat over 11 years ago
The following is from Investors.comhttp://news.investors.com/blogs-capital-hill/112012-634082-federal-deficit-falling-fastest-since-world-war-ii.htm
Believe it or not, the federal deficit has fallen faster over the past three years than it has in any such stretch since demobilization from World War II.In fact, outside of that post-WWII era, the only time the deficit has fallen faster was when the economy relapsed in 1937, turning the Great Depression into a decade-long affair.If U.S. history offers any guide, we are already testing the speed limits of a fiscal consolidation that doesn’t risk backfiring. That’s why the best way to address the fiscal cliff likely is to postpone it.While long-term deficit reduction is important and deficits remain very large by historical standards, the reality is that the government already has its foot on the brakes.In this sense, the “fiscal cliff” metaphor is especially poor. The government doesn’t need to apply the brakes with more force to avoid disaster. Rather the “cliff” is an artificial one that has sprung up because the two parties are able to agree on so little.Hopefully, they will agree, as they did at the end of 2010, to embrace their disagreement for a bit longer. That seems a reasonably likely outcome of negotiations because the most likely alternative to a punt is a compromise (expiration of the Bush tax cuts for the top and the payroll tax cut, along with modest spending cuts) that could still push the economy into recession.Rather than applying additional fiscal restraint now, the government needs to make sure it sets the course for steady restraint once the economy emerges further from the deep employment hole that remains. In fact, a number of so-called deficit hawks are calling for short-term tax cuts to spur growth, rather than immediate austerity.From fiscal 2009 to fiscal 2012, the deficit shrank 3.1 percentage points, from 10.1% to 7.0% of GDP.That’s just a bit faster than the 3.0 percentage point deficit improvement from 1995 to ‘98, but at that point, the economy had everything going for it.Other occasions when the federal deficit contracted by much more than 1 percentage point a year have coincided with recession. Some examples include 1937, 1960 and 1969.President Obama hasn’t gotten much credit for reining in the deficit, probably because a big part of the deficit progress has come from the unwinding of extraordinary government supports that he helped put in place. Stimulus programs have come and mostly gone; the end of stimulus to states led them to enact Medicaid curbs; jobless benefits in recent months have fallen by 50% since early 2010 (due to both job gains and extended benefits being exhausted).TARP and the bailouts of Fannie Mae and Freddie Mac also make the deficit improvement look better, boosting the fiscal ‘09 deficit by about $200 billion more than in fiscal ’12 (though the initial cost of TARP was overstated).Still, military spending is now on the decline due to fewer troops in Iraq and Afghanistan; Medicare costs rose 3% last year vs. the average 7% growth in recent years; and after the last year’s Budget Control Act, excluding the automatic cuts set to take effect in January, nondefense discretionary spending is already on a path to shrink to 2.7% of GDP, well below the 3.9% average, notes the Center on Budget and Policy Priorities.
greyolddave over 11 years ago
Most people must not be old enough to remember how after George II took over in 2001 that summer they started spending so much it would make a tax and spend Democrat blanch with envy. The Rebs responded that dept was a good thing. They continued to spend for 8 years. Then does anyone remember what happened next? No I didn’t think so.
Dtroutma over 11 years ago
And, “greyolddave”, “W” folks did most of the spending “off the books” to make the numbers less “disturbing” as they grew.
Incidentally, our “rightie” friends keep saying the debt was only $10 trillion when “O” took office, at the start of his first actual budget, it was already at $12.9 trillion and that still didn’t count Iraq.
Rottiluv over 11 years ago
Maybe you should learn the difference between deficit and debt before criticizing.
Don Winchester Premium Member over 11 years ago
A trilion here, a trillion here. You feel better now? Smug, perhaps? It makes the point that Obama did in 4 years what Bush did in 8 invalid now? Ignore the man behind the curtain? When are you Dim Libs going to OWN your own spending? Take responsibility perhaps? Ooops! Sorry. Libs don’t know that term of “personal responsibility”….not when they can find people to sponge off of…
rini1946 over 11 years ago
good job lisa
Kallaeum over 11 years ago
Ok. Yes, Republicans have made mistakes in the past. But we learn from them. Democrats blame others for them.
Independent Thinker and Voter over 11 years ago
The reason Romney and the republicans lost the election is because we cannot afford any more out-of-control republican spending on wars, hate, etc. We just cannot afford another republican administration at this time.