Obama`s record deficet cut...CBO

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Owner59 -> Obama`s record deficet cut...CBO (2/5/2014 9:16:51 AM)
From over 10% of GDP to just 3% of GDP...... [:D] "The age of trillion-dollar deficits is well over. For now." http://money.cnn.com/2014/02/04/news/economy/budget-outlook-deficits-cbo/

Yachtie -> RE: Obama`s record deficet cut...CBO (2/5/2014 10:52:56 AM)
From OP link - Overall, the CBO expects $7.9 trillion to be added to the nation's cumulative public debt over the next decade. That's $1 trillion higher than CBO's projection last May, in part because of changes in the agency's economic forecast -- specifically lower projections for real economic growth. In any case, the debt is now expected to grow from roughly 74% of GDP this year to 79% by 2024. Historically, that's a high level. In 2007, total public debt was just 35%. And looking ahead, under current policies, even though revenue would reach historically high levels of GDP, it would not keep pace with the growth in spending. As a result, the CBO expects debt to reach at least 110% of GDP by 2038. The stupid, it burns.

LookieNoNookie -> RE: Obama`s record deficet cut...CBO (2/5/2014 2:48:23 PM)
Thank God....now in 5 years we'll only owe 200% of our GDP instead of 25%, as we did in 1980 when this madness (essentially) began. Now it only goes ballistic in 30 years instead of 25. Life is good.

DaNewAgeViking -> RE: Obama`s record deficet cut...CBO (2/5/2014 3:29:25 PM)
Of course all that is assuming the present situation continues and raising new revenues by applying reasonable and proper taxes on the 1% remain blocked. One can't help but note that under Clinton there was a labor shortage, high wages and a surplus, which clearly shows that the Democratic game plan is valid. But perish the thought of the Radicals ever acknowledging that. [sm=doh.gif]

DesideriScuri -> RE: Obama`s record deficet cut...CBO (2/5/2014 3:49:01 PM)
quote: ORIGINAL: DaNewAgeViking Of course all that is assuming the present situation continues and raising new revenues by applying reasonable and proper taxes on the 1% remain blocked. One can't help but note that under Clinton there was a labor shortage, high wages and a surplus, which clearly shows that the Democratic game plan is valid. But perish the thought of the Radicals ever acknowledging that. [sm=doh.gif] Bush had under 5% unemployment in his term, too. The amount of Federal tax revenues rose under Bush. Fewer people paid Federal Income taxes, and "the wealthy" bore a greater percentage of those Federal Income taxes than under Clinton. The first recession wasn't Bush's fault (nor was it Clinton's), and the boom that preceded it started under Clinton. There are several Presidents that blame can be spread to for the Great Recession. There just may be a bit more to the state of the economy and employment figures than tax policy.

LookieNoNookie -> RE: Obama`s record deficet cut...CBO (2/5/2014 4:22:47 PM)
quote: ORIGINAL: DaNewAgeViking Of course all that is assuming the present situation continues and raising new revenues by applying reasonable and proper taxes on the 1% remain blocked. One can't help but note that under Clinton there was a labor shortage, high wages and a surplus, which clearly shows that the Democratic game plan is valid. But perish the thought of the Radicals ever acknowledging that. [sm=doh.gif] What it clearly shows is that, although Clinton was an amazingly effective President, he inherited a 150 billion dollar tax increase (from a man who won his Presidency stating "read my lips...no new taxes" and then initiated the singularly largest one {then} in history) and, conclusively, he inherited that same gigantic influx of tax revenue at the exact moment in history when productivity, thanks to computers and software converging to allow CEO's to eliminate secretaries (because they could do their own typing with auto correct) or, their secretary could now do the books too (Quicken, later Quickbooks) skyrocketed, to the point that Alan Greenspan when asked by Congress..."why is this happening?" said "I don't know" because it was unprecedented in the history of mankind.

FellowSlave -> RE: Obama`s record deficet cut...CBO (2/5/2014 5:23:19 PM)
quote: What it clearly shows is that, although Clinton was an amazingly effective President, he inherited a 150 billion dollar tax increase (from a man who won his Presidency stating "read my lips...no new taxes" and then initiated the singularly largest one {then} in history) and, conclusively, he inherited that same gigantic influx of tax revenue at the exact moment in history when productivity, thanks to computers and software converging to allow CEO's to eliminate secretaries (because they could do their own typing with auto correct) or, their secretary could now do the books too (Quicken, later Quickbooks) skyrocketed, to the point that Alan Greenspan when asked by Congress..."why is this happening?" said "I don't know" because it was unprecedented in the history of mankind. Clinton contribution is often misunderstood. Bill Clinton was not an American president, he was a globalist. His main contribution was building a neo-liberal global corporatist structure. It started with NAFTA, WTO, getting China into the system, financialization of the economy, leveraged merger mania, liquidating financial control structure, giving boost to derivative trading, IPO scams... and so on. This is where his "amazing effectiveness" lies. Among other things Bill Clinton destroyed the Democratic party.

LookieNoNookie -> RE: Obama`s record deficet cut...CBO (2/5/2014 5:31:20 PM)
quote: ORIGINAL: FellowSlave quote: What it clearly shows is that, although Clinton was an amazingly effective President, he inherited a 150 billion dollar tax increase (from a man who won his Presidency stating "read my lips...no new taxes" and then initiated the singularly largest one {then} in history) and, conclusively, he inherited that same gigantic influx of tax revenue at the exact moment in history when productivity, thanks to computers and software converging to allow CEO's to eliminate secretaries (because they could do their own typing with auto correct) or, their secretary could now do the books too (Quicken, later Quickbooks) skyrocketed, to the point that Alan Greenspan when asked by Congress..."why is this happening?" said "I don't know" because it was unprecedented in the history of mankind. Clinton contribution is often misunderstood. Bill Clinton was not an American president, he was a globalist. His main contribution was building a neo-liberal global corporatist structure. It started with NAFTA, WTO, getting China into the system, financialization of the economy, leveraged merger mania, liquidating financial control structure, giving boost to derivative trading, IPO scams... and so on. This is where his "amazing effectiveness" lies. Among other things Bill Clinton destroyed the Democratic party. He was to Democrats what Reagan was to Republicans. A (false) deity...because no matter how far we all get from our British roots, the tabloids prove every week, we still want a King. If we can't find one...we'll make one. Deserved or not.

DomKen -> RE: Obama`s record deficet cut...CBO (2/5/2014 5:40:21 PM)
quote: ORIGINAL: DesideriScuri There just may be a bit more to the state of the economy and employment figures than tax policy. Not really. This whole mess got started in the 70's when Nixon, Ford and Burn's mismanaged the end of the Bretton Woods system, as well as the end of Vietnam and the oil embargo and was made much worse when the idiot supply siders got in power with raygun. W simply exploded the issue with more supply side stupidity. We simply have to reverse this insanity or we are looking at a demand side collapse as there is almost no middle class left to drive consumption.

DesideriScuri -> RE: Obama`s record deficet cut...CBO (2/6/2014 6:27:39 AM)
quote: ORIGINAL: DomKen quote: ORIGINAL: DesideriScuri There just may be a bit more to the state of the economy and employment figures than tax policy. Not really. This whole mess got started in the 70's when Nixon, Ford and Burn's mismanaged the end of the Bretton Woods system, as well as the end of Vietnam and the oil embargo and was made much worse when the idiot supply siders got in power with raygun. W simply exploded the issue with more supply side stupidity. We simply have to reverse this insanity or we are looking at a demand side collapse as there is almost no middle class left to drive consumption. Seriously? How can you genuinely state that? Clinton had higher tax rates, great employment numbers and his revenues grew. Bush had lower tax rates, great employment numbers (outside the recessions), and revenues went way up. If the state of the economy and employment numbers are tied to tax policy, how can this be?

Yachtie -> RE: Obama`s record deficet cut...CBO (2/6/2014 6:46:11 AM)
quote: ORIGINAL: DesideriScuri If the state of the economy and employment numbers are tied to tax policy, how can this be? Skew your head way way over,,, to the left man, to the left. See it now? [:D]

cloudboy -> RE: Obama`s record deficet cut...CBO (2/6/2014 8:11:15 AM)
The only way to get the budget under control is to cut the costs of healthcare spending and reduce defense spending from 5% of GDP to 2%.

Owner59 -> RE: Obama`s record deficet cut...CBO (2/6/2014 8:27:01 AM)
quote: ORIGINAL: cloudboy The only way to get the budget under control is to cut the costs of healthcare spending and reduce defense spending from 5% of GDP to 2%. [sm=applause.gif][sm=agree.gif]

Yachtie -> RE: Obama`s record deficet cut...CBO (2/6/2014 12:48:08 PM)
[deleted]

LookieNoNookie -> RE: Obama`s record deficet cut...CBO (2/6/2014 3:06:20 PM)
quote: ORIGINAL: DesideriScuri quote: ORIGINAL: DomKen quote: ORIGINAL: DesideriScuri There just may be a bit more to the state of the economy and employment figures than tax policy. Not really. This whole mess got started in the 70's when Nixon, Ford and Burn's mismanaged the end of the Bretton Woods system, as well as the end of Vietnam and the oil embargo and was made much worse when the idiot supply siders got in power with raygun. W simply exploded the issue with more supply side stupidity. We simply have to reverse this insanity or we are looking at a demand side collapse as there is almost no middle class left to drive consumption. Seriously? How can you genuinely state that? Clinton had higher tax rates, great employment numbers and his revenues grew. Bush had lower tax rates, great employment numbers (outside the recessions), and revenues went way up. If the state of the economy and employment numbers are tied to tax policy, how can this be? I forgot that....excellent point...the guy inherited the singularly highest tax increase in history (from Bush Uno) and THEN increased it all the more. Another 2.6% points. Add to that the productivity increases that occurred thanks to computers....and he couldn't lose. (Thanks bud...I totally missed that aspect).

LookieNoNookie -> RE: Obama`s record deficet cut...CBO (2/6/2014 3:29:36 PM)
quote: ORIGINAL: cloudboy The only way to get the budget under control is to cut the costs of healthcare spending and reduce defense spending from 5% of GDP to 2%. The ONLY way to "get the budget under control" is to say...."we're (ALL)* spending too much...your spending....mine...theirs...it's too much". Healthcare, SSI, SNAP, Farmers, Transportation....all of it we're all asking for more.... At some point we all have to say (EVERY taxpayer)...."we want too much...but we can have it if.....here it comes.....we pay for it". So many believe that the wealthy should pay for all of this and...it's true...they pay too little for what they receive but it's also true that to be fully invested....everyone should pay something. The argument that "the poor pay taxes too!!!!!!!!!!!"* is moot....every tax they pay, the wealthy pay x's 12, and then some. Move on....it's a boring, non essential argument. It's "OUR" fight....not "theirs". Should we pay fewer taxes (as to the world) on defense? Probably. But when the bad guys are here and elsewhere....and no other country wants to step up...it's fairly clear....you want to have your children never remember "duck and cover" as many of us do....you have to have boots. Bad guys abound. Japan ain't paying for that, our other allies ain't stepping up. It sucks to be the U.S.....and it even sucks more knowing what the U.S. is up to (more devious shit every day...no one's unclear on that...argues all the more for the world to be involved more....not the U.S. less...we're carrying the world's water...bad guys are everywhere)....but it sucks even more knowing that without that/them/us....it'd be a LOT worse.

LookieNoNookie -> RE: Obama`s record deficet cut...CBO (2/6/2014 4:36:14 PM)
quote: ORIGINAL: Yachtie [deleted] Come on man.....put it out there!!!!

Yachtie -> RE: Obama`s record deficet cut...CBO (2/6/2014 5:12:43 PM)
quote: ORIGINAL: LookieNoNookie quote: ORIGINAL: Yachtie [deleted] Come on man.....put it out there!!!! Moved it. Accident putting it here.

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