Projected Ten-Year Deficits Have Shrunk by Nearly $5 Trillion Since 2010

[boutons_deux]

Mostly Due to Legislative Changes

Improvement Reflects Deficit-Cutting Legislation and Slower Health Spending

Enacted Deficit Reduction Shrinks Deficits by $4.1 Trillion

Slowdown in Health Care Costs Contributes Significantly to Improved Outlook

Reduction in Ten-Year Deficits Improves Long-Term Budget Picture


http://www.cbpp.org/images/cms/3-19-14bud-f2.png

http://www.cbpp.org/cms/?fa=view&id=4106

govt austerity screws job creation, no help for long term unemployed, snap cut.

Expect insane sociopath, just another nasty fucking Repug Catholic, to propose an even more austerity budget, tax cuts for the corps and 1%, fucking over the poor.

[Wild Cobra]

It doesn't matter. As long as there are deficits, the national debt is increasing. The debt needs paid down.

I would hope the deficits are getting lower since 2003, when we went to war.

[pgardn]

It doesn't matter. As long as there are deficits, the national debt is increasing. The debt needs paid down.

I would hope the deficits are getting lower since 2003, when we went to war.

So the US needs to have absolutely no debt?

[boutons_deux]

the debt/deficit hawks are only the 1%/VRWC and their ignorant assholes in the 99% that they've duped into believing the debt/deficit are huge problems.

their "shared sacrifice" of their govt austerity programs, like the 99% paying more and the 1% paying less taxes, falls only on the 99%.

[Th'Pusher]

It doesn't matter. As long as there are deficits, the national debt is increasing. The debt needs paid down.

I would hope the deficits are getting lower since 2003, when we went to war.

Ok. So would you be in favor of increasing tax revenues to pay down the debt?

[DUNCANownsKOBE]

It doesn't matter. As long as there are deficits, the national debt is increasing. The debt needs paid down.

I would hope the deficits are getting lower since 2003, when we went to war.

"deficits don't matter" - your boy Dick Cheney :lol

[boutons_deux]

http://nationalmemo.wpengine.netdna-cdn.com/wp-content/uploads/2014/03/140123150440-percentage-of-gdp-620xa.png

At its height in 2010, “discretionary spending” under Obama reached 9.1 percent of GDP. That was largely due to the stimulus law intended to dig the country out of a deep recession. But even at that high level, it wasn’t that much higher than the 40-year average of 8.4 percent and was still below the 40-year peak of 10 percent reached in 1983.


Today, levels are well below the long-term average. And the Congressional Budget Office projects that by 2023 discretionary spending will fall to 5.3 percent of GDP, the lowest since 1962.


http://nationalmemo.wpengine.netdna-cdn.com/wp-content/uploads/2014/03/3-19-14bud-f1.png

http://nationalmemo.wpengine.netdna-cdn.com/wp-content/uploads/2014/03/Bic589wCcAEQCTA.png-large.png

most of our deficit reduction — three-fourths — comes from reducing spending on programs that disproportionately benefit the poor. The other one-fourth comes from the richest, who have enjoyed 95 percent of the benefit of the recovery.

https://pbs.twimg.com/media/BietqIXIIAAEVce.png

Growth Is Picking Up — But Not As Much As It Should Be


http://nationalmemo.wpengine.netdna-cdn.com/wp-content/uploads/2014/03/Screen-Shot-2014-03-19-at-3.11.10-PM.png

However, if the deficit swells, as the Congressional Budget Office expects it to by 2019, the pressure to make even more cuts to a government that’s already cut to the bone will be immense. Of course, there are less painful reforms that can be implemented now to avoid this expected crisis, including comprehensive immigration reform and reforms to Medicare that do not affect benefits.


But as much as Republicans say they care about the deficit, they are not willing to raise one dime in taxes to make a deal to cut it.

We May Never Recover From Underinvestment


http://nationalmemo.wpengine.netdna-cdn.com/wp-content/uploads/2014/03/121213krugman1-blog480.png

6 million missing workers is probably the clearest metric.

Republicans in Congress are adding to the number of Americans out of work by letting the unemployment rate rise as much as .5 percent when they let emergency benefits for the long-term unemployed expire. Cuts to medical research inhibit long-term innovation, competition and development of new treatments. Kids being kicked off Headstart costs parents while denying kids the long-term benefits of the program.

Worst of all, we’re missing incredible opportunity to invest in our crumbling infrastructure as interest rates are near zero and millions of Americans are out of work.

Republicans campaigned and won on their vision of cutting spending in the midst of an unemployment crisis in 2010. The effects of that victory linger on lost opportunity and a future where even more senseless cuts will be necessary.

http://www.nationalmemo.com/5-reasons-deficit-fallen-nearly-5-trillion-bad-thing/

[Wild Cobra]

So the US needs to have absolutely no debt?
Any smart person who has reviewed the history of debt realized we have only incurred and added to it during times of war, depression, and disasters. Clinton was the first president in history to continue adding to the debt during times of no war, crisis, or recession. All you you youngsters seem to be content with always increasing the debt. It needs to be paid down with the expectation of paying it off.

[Wild Cobra]

Ok. So would you be in favor of increasing tax revenues to pay down the debt?
Increasing tax revenue, yes. tax rates, no.

The best way to increase tax revenue is to increase the number of tax payers.

[Wild Cobra]

"deficits don't matter" - your boy Dick Cheney :lol
Who's "boy" are you?

[pgardn]

Any smart person who has reviewed the history of debt realized we have only incurred and added to it during times of war, depression, and disasters. Clinton was the first president in history to continue adding to the debt during times of no war, crisis, or recession. All you you youngsters seem to be content with always increasing the debt. It needs to be paid down with the expectation of paying it off.

So if the US has no debt, it has no need to sell Tbills. THE largest haven for investment in the world...

You don't think the government needs to lend money at all?

[Wild Cobra]

So if the US has no debt, it has no need to sell Tbills. THE largest haven for investment in the world...

You don't think the government needs to lend money at all?
Should the government be responsible for investments of the people, corporations, and other nations?

I think not.

I think we should strive to buy back all the bonds out there.

[Winehole23]

the whole world wants US denominated securities. how is that a bad thing, WC?

[Wild Cobra]

the whole world wants US denominated securities. how is that a bad thing, WC?
Maybe not.

What if they were harder to come by?

[Winehole23]

why should they be harder to come by?

[pgardn]

You don't want the dollar and the US as a safe haven for the world economy?

Really?

[Wild Cobra]

why should they be harder to come by?
If the supply was reduced, the supply and demand equations would be different, lowering the interest we paid out on the debt even more.

[Wild Cobra]

You don't want the dollar and the US as a safe haven for the world economy?

Really?

It isn't safe. That's an illusion.

[Bito Corleone]

Any smart person who has reviewed the history of debt realized we have only incurred and added to it during times of war, depression, and disasters. Clinton was the first president in history to continue adding to the debt during times of no war, crisis, or recession. All you you youngsters seem to be content with always increasing the debt. It needs to be paid down with the expectation of paying it off.
You realize there hasn't been a net pay down of the national debt in this country in almost 60 years, right? Even in the rare occasion of running a budget surplus during that time, the surpluses haven't been put toward enough on payment of principal to lead to a national debt that was less than the previous fiscal year. Are you under the impression that there wasn't a single year between 1957 and 1992 that this country wasn't in a time of war, depression, or disaster?

[TDMVPDPOY]

cutting back on expenditure, but spending it elsewhere...doesnt fkn make a difference

[boutons_deux]

govt austerity at all levels is causing the recovery Banksters Great (Jobs) Depression, already a difficult recovery due to it being a financial depression, to stretch out to a decade or more. We are now 6 years since Sep 2008 and many millions remain un/under employed.

[pgardn]

It isn't safe. That's an illusion.

Uhhh.... It's an illusion that people buy into. Pun intended.
The world economy has made the choice.


So what have you invested in that you believe will not lose value?

[RandomGuy]

So the US needs to have absolutely no debt?

That would be extremely disruptive for financial markets, with no place to park money for low risk, bordering on disastrous.

[pgardn]

That would be extremely disruptive for financial markets, with no place to park money for low risk, bordering on disastrous.

Yes I understand this.

Can you explain this to WC?

[pgardn]

You don't want the dollar and the US as a safe haven for the world economy?

Really?

[pgardn]

So if the US has no debt, it has no need to sell Tbills. THE largest haven for investment in the world...

You don't think the government needs to lend money at all?

[Nbadan]

All this, and T-bills and bonds are really low...it doesn't make sense not to borrow...

[Nbadan]

Glad we beat the hyper-inflation myth...

[Winehole23]

Glad we beat the hyper-inflation myth...doubt it. myths are like zombies. they never really die and if they don't come true it can never be ruled out that they won't in the future.

once it happens, it's no longer a myth, right?

[boutons_deux]

CBO Projection: Budget Deficit to be Smaller than Previous Forecast

As it usually does each spring, CBO has updated the baseline budget projections that it released earlier in the year. CBO now estimates that if the current laws that govern federal taxes and spending do not change, the budget deficit in fiscal year 2014 will be $492 billion. Relative to the size of the economy, that deficit—at 2.8 percent of gross domestic product (GDP)—will be nearly a third less than the $680 billion shortfall in fiscal year 2013, which was equal to 4.1 percent of GDP. This will be the fifth consecutive year in which the deficit has declined as a share of GDP since peaking at 9.8 percent in 2009.
...
CBO’s estimate of the deficit for this year is $23 billion less than its February estimate, mostly because the agency now anticipates lower outlays for discretionary programs and net interest payments. The projected cumulative deficit from 2015 through 2024 is $286 billion less than it was in February.
...
But if current laws do not change, the period of shrinking deficits will soon come to an end. Between 2015 and 2024, annual budget shortfalls are projected to rise substantially—from a low of $469 billion in 2015 to about $1 trillion from 2022 through 2024—mainly because of the aging population, rising health care costs, an expansion of federal subsidies for health insurance, and growing interest payments on federal debt.

http://2.bp.blogspot.com/-POUvM3ulIj4/U0v6yn_V_CI/AAAAAAAAep4/UX3V41zXGZ0/s1600/CBOApr2014.jpg


Read more at http://www.calculatedriskblog.com/2014/04/cbo-projection-budget-deficit-to-be.html#d9TX7u4x7UxcYULc.99

[CosmicCowboy]

double post

[CosmicCowboy]

I presume everyone in here agrees that there is a number that is "too much debt".

The question is, what is that number?

I suspect I won't have to deal with that issue in my lifetime but that my kids will.

[boutons_deux]

I presume everyone in here agrees that there is a number that is "too much debt".

The question is, what is that number?

my priority is: too much underemployed/unemployed, then too much student debt, and too much underinvestment in new/old infrastructure.

fuck the debt panic, it's nothing but VRWC/1% propaganda to screw the 99% now that the VWRC/1% has bought the govt policies than reduce their own taxes and increase their govt welfare.

[CosmicCowboy]

my priority is: too much underemployed/unemployed, then too much student debt, and too much underinvestment in new/old infrastructure.

fuck the debt panic, it's nothing but VRWC/1% propaganda to screw the 99% now that the VWRC/1% has bought the govt policies than reduce their own taxes and increase their govt welfare.

Boutons is against student debt?

[CosmicCowboy]

And Boutons says there is no federal debt number too big?

[boutons_deux]

And Boutons says there is no federal debt number too big?

The Great Boutons says everybody should know why the federal debt is so big

[spurraider21]

https://www.youtube.com/watch?v=hrGdEwV-efs

[CosmicCowboy]

The Great Boutons says everybody should know why the federal debt is so big

:lmao

like there is a difference between Republican debt and Democrat debt. It's all debt.

[Wild Cobra]

why should they be harder to come by?

Wouldn't increased demand vs. supply mean they would be at a lower interest rate? If the interest rate was less than inflation, then it would be a good thing.

[Wild Cobra]

Uhhh.... It's an illusion that people buy into. Pun intended.
The world economy has made the choice.


So what have you invested in that you believe will not lose value?
Bonds are not sold for the people. They are sold as a means of the US to borrow money. We need to get out of debt and buy them all back up. Can you explain to me why it is desirable to have this debt?

[Wild Cobra]

Yes I understand this.

Can you explain this to WC?
Are you being a libtard, asking the government to protect you?

Low risk places to park money? How does that help the economy when money is "parked?" How does it help our status when we ow other nations so much?

[CosmicCowboy]

Bonds are not sold for the people. They are sold as a means of the US to borrow money. We need to get out of debt and buy them all back up. Can you explain to me why it is desirable to have this debt?

Uhhhh...because they would have to tax those of us that work 100% of our income?

[Wild Cobra]

Uhhhh...because they would have to tax those of us that work 100% of our income?
How about they just stop spending so much?

Stop redistribution of wealth, and start taxing more people instead of increasing tax rates?

[Wild Cobra]

Start charging tariffs again on imported items that we can make here. This would bring more living wage jobs here, rather than sending our money to other nations.

How about making illegal immigrants start to self deport by making it next to impossible to work without the proper documentation? Look at all the starter jobs High School and college kids no longer have.

How about starting to instill responsibility again. Refuse to accept so many social cases without some method of future mitigation.

[CosmicCowboy]

How about they just stop spending so much?

Stop redistribution of wealth, and start taxing more people instead of increasing tax rates?



How bout the easter bunny brings you a sack full of Krugerands?

[scott]

Any smart person who has reviewed the history of debt realized we have only incurred and added to it during times of war, depression, and disasters. Clinton was the first president in history to continue adding to the debt during times of no war, crisis, or recession. All you you youngsters seem to be content with always increasing the debt. It needs to be paid down with the expectation of paying it off.

LOLWUT? Where did you get this made up version of history?

[boutons_deux]

LOLWUT? Where did you get this made up version of history?

WC is still pissed at Clinton who was in charge when DoD implemented the post-Cold War peace dividend of reducing forces and closing bases.

[TeyshaBlue]

LOLWUT? Where did you get this made up version of history?

Only Smart people know.:lmao

[TeyshaBlue]

How bout the easter bunny brings you a sack full of Krugerands?

I started buying Krugerands in high school. Those little fuckers come in handy.:lol

[Nbadan]

I started buying Krugerands in high school. Those little fuckers come in handy.:lol

One word...Bitcons

[Nbadan]

LOLWUT? Where did you get this made up version of history?

WC makes up shit as he goes along.....

The history of the United States public debt started with debt incurred during the American Revolutionary War by the federal government of the United States, after its formation in 1789. The United States has continuously held public debt since then....

[Nbadan]

How about making illegal immigrants start to self deport by making it next to impossible to work without the proper documentation? Look at all the starter jobs High School and college kids no longer have.

You really expect teenagers to become migrant workers?

[Nbadan]

How about they just stop spending so much?

Stop redistribution of wealth, and start taxing more people instead of increasing tax rates?

...and raise the minimum wage to a living wage of $15, and provide subsidized health-care, and day-care to working parents, right?

[boutons_deux]

Repugs so "panicked" about the DISASTROUS US deficit? :lol

GOP Hypocrites Busted For Trying to Add $310 Billion to the Deficit Via Tax Breaks

The next time a Republican even comes near climbing aboard the deficit cross, you have permission to laugh in their face. The party of paying for things has proposed $310 billion in permanent, unpaid for tax provisions today.The party of austerity for children, veterans, the elderly, and the sick claimed they were only cutting people off in order to be “Responsible with the Deficit”. This is the same deficit that they told us didn’t matter when they were in charge, but after they fled responsibility in the wake of the 2008 crash as a Democratic President took office to clean up their mess, suddenly the deficit was all Republicans could think about. So sorry about your starving baby, but the DEFICIT.The DEFICIT is the number one priority, they somberly and relentlessly intoned any time they got near a microphone.


And yet today, Republicans proposed tax provisions without offsets that Ranking Member Sander Levin (D-MI) points out would add “a combined $310 billion to the deficit,” which “represents more than half of the entire federal deficit this year.”

http://www.politicususa.com/2014/04/29/republicans-move-add-310-billion-deficit-federal-deficit-year.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+politicususa%2FfJAl+%28Politi cus+USA+%29