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Old 03-11-2012, 02:37 PM   #961
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Govt. sets record deficit in February - Washington Times

Quote:
Another Record Set for US Budget Deficit in February

The federal government recorded its worst monthly deficit in history in February, according to a preliminary report Wednesday from the Congressional Budget Office that said the deficit in fiscal year 2012 is already more than half a trillion dollars.

The CBO’s figures show that despite repeated efforts to trim spending, the government has borrowed 42 cents of every dollar it spent during the first five months of this fiscal year.

The nonpartisan agency projected the government will run a deficit of $229 billion in February, the highest monthly figure ever. The previous high was $223 billion a year ago, in February 2011.

It is the 41st straight month the government has run a deficit — itself a record streak that dates back to the final months of President George W. Bush’s tenure. Before now, the longest streak on record was 11 months.
And how's this for leadership?

Quote:
Mr. Obama last month released a budget that showed the government averaging $1 trillion deficits for the rest of this decade. House Republicans are working to write their own budget now, while Senate Democratic leader Sen. Harry Reid of Nevada has said he doubts his chamber will write a budget this year.
Funny how this story gets lost among important issues like the GOP's War on Women, Rush Limbaugh and all those crazy white folks stocking up on guns.
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Old 03-11-2012, 05:03 PM   #962
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And, you know, job growth, which matters way more than the deficit.
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Old 03-11-2012, 05:15 PM   #963
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Originally Posted by INDY500 View Post
Govt. sets record deficit in February - Washington Times



And how's this for leadership?



Funny how this story gets lost among important issues like the GOP's War on Women, Rush Limbaugh and all those crazy white folks stocking up on guns.
You're telling me that the new cycle favours popcorn outrage over stupid people over hard facts about fiscal policy?

Who knew?

The debt-to-GDP ration is not looking too good at 115%, though. Call me when we approach 150%, which is when economists generally agree that the shit is hitting the proverbial fan.
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Old 03-11-2012, 05:57 PM   #964
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the only solution to ballooning deficits is cutting taxes.
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Old 03-11-2012, 08:43 PM   #965
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Ye olde Laffer Curve abuse
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Old 03-11-2012, 09:20 PM   #966
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The debt-to-GDP ration is not looking too good at 115%, though. Call me when we approach 150%, which is when economists generally agree that the shit is hitting the proverbial fan.
Exactly 10 years according to President Obama's 2012 budget. Not that anyone would know that from his words or actions.
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Old 03-11-2012, 09:43 PM   #967
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After two rounds of QE, I wonder how much of that has actually been bought by the Fed. There's a reasonable argument to be made that the Fed's inability to purchase bonds directly from the Treasury is a bit of a problem sometimes. So many billions of dollars of fairly-liquid assets more or less vanished with the recession, and deflation was a major concern. Along with the Fed's own actions to replace bonds with printed money, Congress dumped borrowed money into the market to replace those more-or-less destroyed assets... but the bonds that investors bought have always been considered liquid and safe enough assets to not be that much different than cash themselves. There's part of me that thinks that things would be better if the Fed could have just directly printed the money that Congress used for stimulus, along the lines of Modern Monetary Theory.
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Old 03-13-2012, 08:32 PM   #968
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And now for Barack and everyone's least favourite human penis, DCam, eating processed raccoons inside intestinal casing

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Old 03-19-2012, 01:07 PM   #969
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Interesting little infographic for those so worried about out of control government spending:

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Old 03-19-2012, 07:00 PM   #970
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To be fair, I would like to see numbers based on who controlled Congress during those respective time periods.
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Old 03-19-2012, 08:16 PM   #971
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I'd like to see the chart after Obamacare cranks up 2014.
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Old 03-19-2012, 08:37 PM   #972
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Here's an interesting nugget for you on the stimulus that I read today. The stimulus wasn't that substantial at all.

Quote:
Total nondefense spending at all levels rose from 27.2% of potential GDP in the last quarter of the Bush Administration (2008Q4) to a shocking 29.9% by 2010Q4, before declining to 28.4% in the last quarter for which data are available for.


Econbrowser: Re-Examining that "Massive Stimulus"
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Old 03-27-2012, 12:02 AM   #973
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Quote:
"This is my last election. After my election I have more flexibility."
President Obama 03/26/2012
Who was the president talking to?

1) Same-sex marriage supporters
2) Petrophobic environmentalists
3) Russian President Medvedev
4) Palestinian statehood advocates
5) Democratic lawmakers calling for more government spending
6) Accidentally caught on tape, C, but most likely all the above and many, many more hard-left supporters the president needs to assure before the election.
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Old 03-27-2012, 12:56 AM   #974
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Everyone? It's not exactly news that a public official not seeking re-election has more flexibility, is it? Yeah, obviously there's certain implications when you point out that flexibility, but is that surprising?

I'd love to see Obama take the mittens off when dealing with the idiots on the right, that way he can just deal with the more intelligent beings on that side instead of everyone.
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Old 03-27-2012, 01:03 AM   #975
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Originally Posted by PhilsFan View Post
I'd love to see Obama take the mittens off when dealing with the idiots on the right, that way he can just deal with the more intelligent beings on that side instead of everyone.
Wholeheartedly agree.

If getting a second term causes Obama to start fighting harder to implement the things he actually wants, and his ideas start becoming reality, that would be fantastic .
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