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Journeyman
Joined: 13 Oct 2008
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Location: Wash PA
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 Posted: Fri Oct 16, 2009 4:43 pm Post subject: Czan't blame THIS one on George |
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deficit in the billions after 8 years of George, in the trillions after 8 months of Obama
y MARTIN CRUTSINGER, AP Economics Writer Martin Crutsinger, Ap Economics Writer – 23 mins ago
WASHINGTON – The federal budget deficit has surged to an all-time high of $1.42 trillion as the recession caused tax revenues to plunge while the government was spending massive amounts to stabilize the financial system and jump-start the economy.
The imbalance for the budget year ended Sept. 30, more than tripled last year's record. The Obama administration projects deficits will total $9.1 trillion over the next decade unless corrective action is taken.
As a portion of the economy, the budget deficit stood at 10 percent, the highest since World War II, according to government data released Friday.
President Barack Obama has pledged to reduce the deficit once the Great Recession ends and the unemployment rate starts falling. But economists worry the government lacks the will to make the hard political choices to cut spending and raise taxes to get control of the imbalances.
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phonyfeminazi
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| Posted: Fri Oct 16, 2009 4:46 pm Post subject: Re: Czan't blame THIS one on George |
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| SSSS wrote: | deficit in the billions after 8 years of George, in the trillions after 8 months of Obama
y MARTIN CRUTSINGER, AP Economics Writer Martin Crutsinger, Ap Economics Writer – 23 mins ago
WASHINGTON – The federal budget deficit has surged to an all-time high of $1.42 trillion as the recession caused tax revenues to plunge while the government was spending massive amounts to stabilize the financial system and jump-start the economy.
The imbalance for the budget year ended Sept. 30, more than tripled last year's record. The Obama administration projects deficits will total $9.1 trillion over the next decade unless corrective action is taken.
As a portion of the economy, the budget deficit stood at 10 percent, the highest since World War II, according to government data released Friday.
President Barack Obama has pledged to reduce the deficit once the Great Recession ends and the unemployment rate starts falling. But economists worry the government lacks the will to make the hard political choices to cut spending and raise taxes to get control of the imbalances. |
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But, SSSS, it costs money to produce all those jobs that Osama promised.....oooooooooohhhhhhhhhhhh, they're not here yet???
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Last edited by phonyfeminazi on Fri Oct 16, 2009 4:53 pm; edited 1 time in total |
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Cylinsier
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| Posted: Fri Oct 16, 2009 4:46 pm Post subject: Re: Czan't blame THIS one on George |
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| SSSS wrote: | | The federal budget deficit has surged to an all-time high of $1.42 trillion as the recession caused tax revenues to plunge while the government was spending massive amounts to stabilize the financial system and jump-start the economy. |
As in Bush Stimulus? Stop trying to incriminate Obama for everything and I'll stop showing you how its Bush's fault.
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Journeyman
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| Posted: Fri Oct 16, 2009 4:47 pm Post subject: |
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in your mind it is all Bush's fault-you haven't shown me squat.. But even you can't spin this one positively.
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ellipses
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| Posted: Fri Oct 16, 2009 4:57 pm Post subject: |
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| Quote: | | as the recession caused tax revenues to plunge while the government was spending massive amounts to stabilize the financial system and jump-start the economy. |
Would you rather they DIDN'T stabilize the financial system?
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phonyfeminazi
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| Posted: Fri Oct 16, 2009 4:59 pm Post subject: |
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| ellipses wrote: | | Quote: | | as the recession caused tax revenues to plunge while the government was spending massive amounts to stabilize the financial system and jump-start the economy. |
Would you rather they DIDN'T stabilize the financial system? |
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It could have been stabilized on DAY ONE of this "crisis".....and not cost a freaking single penny...
A BLANKET MORATORIUM ON ALL DEBT.....GOVERNMENT, CORPORATE, AND INDIVIDUAL DEBT......
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Cylinsier
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| Posted: Fri Oct 16, 2009 5:03 pm Post subject: |
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How high were you when you convinced yourself that was a good idea?
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Cylinsier
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| Posted: Fri Oct 16, 2009 5:09 pm Post subject: |
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| SSSS wrote: | | in your mind it is all Bush's fault-you haven't shown me squat.. But even you can't spin this one positively. |
No spin needed. You really need to let this Bush thing go. You're obsessed.
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phonyfeminazi
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| Posted: Fri Oct 16, 2009 7:51 pm Post subject: |
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| Cylinsier wrote: | | How high were you when you convinced yourself that was a good idea? |
Well, Abomb!....how about this scenario..
All debt wiped out in a single day, everyone goes to work again the next day, and come payday, we get our regular pay, and no debt....WOW, ALL THAT MONEY TO SPEND, WOULD BE WHAT????????????????
A freaking STIMULUS.....a free STIMULUS....one that didn't cost trillions of dollars and didn't produce a single freaking job, nor did it save a freaking single job.....
And now, we face the possibility of a deep DEPRESSION, a serious devaluation of our dollar, and no possibility for a recovery for years if we even see a recovery.
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Brant
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| Posted: Fri Oct 16, 2009 8:16 pm Post subject: |
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Under that scenario, what happens to a small businessman who has been prudent and has no debt but relies on his cash receivables to keep afloat? You might have just forced him into bankruptcy by forgiving all the debt of people who owe him money. It's just stupid.
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Cylinsier
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| Posted: Fri Oct 16, 2009 8:37 pm Post subject: |
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Plus the US doesn't just tell the rest of the world, "Sorry, but we're not going to pay you."
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phonyfeminazi
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| Posted: Fri Oct 16, 2009 9:04 pm Post subject: |
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| Brant wrote: | | Under that scenario, what happens to a small businessman who has been prudent and has no debt but relies on his cash receivables to keep afloat? You might have just forced him into bankruptcy by forgiving all the debt of people who owe him money. It's just stupid. |
Well, I can see that my two favorite LIBCHIT economics experts are "marching in lockstep"....
We are on the verge of facing national bankruptcy, after trillions of dollars have been spent or written off.....and you freaking idiots don't have the slightest inkling of that happening....
Take a look at DETROIT, and then come back and tell me that the business owners there wouldn't have rather stayed in business than close their doors, because the people lost their jobs, their unemployment benefits, their savings, and can't pay their bills....
And Abomb!, as for telling the world.....we don't have to tell them...our paper won't be worth a freaking PLUG NICKLE soon, and our currency will be devalued to the point that it won't be worth chit......
We don't have to tell the world....the world will tell us to shove our debt up our azz......we won't be the SUPER POWER any longer.
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Cylinsier
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| Posted: Fri Oct 16, 2009 9:13 pm Post subject: |
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| phonyfeminazi wrote: | | We don't have to tell the world....the world will tell us to shove our debt up our azz......we won't be the SUPER POWER any longer. |
Yeah...that'll happen. 
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Brant
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| Posted: Fri Oct 16, 2009 9:35 pm Post subject: |
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And Phony totally ignores the issue I posed. Typical.
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phonyfeminazi
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| Posted: Fri Oct 16, 2009 10:41 pm Post subject: |
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| Brant wrote: | | And Phony totally ignores the issue I posed. Typical. |
Of course, I ignored it.....it's stupid ....
Any small businessman would rather have his/her door open, than have it slammed shut by a stupid Bush/Osama maneuver of trillions of dollars worth of 'STUMULUS" that DIDN'T WORK......
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