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  1. #1
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    Default Government posts biggest monthly deficit ever

    February's deficit alone was bigger than all of 2007. I seem to remember the media pasting GW over the deficit that year, tax breaks for the rich, illegal wars etc.


    http://www.washingtontimes.com/news/...-deficit-ever/


    The federal government posted its largest monthly deficit in history in February at $223 billion, according to preliminary numbers the Congressional Budget Office released Monday morning.

    That figure tops last February’s record of $220.9 billion, and marks the 29th straight month the government has run in the red — a modern record. The last time the federal government posted even a monthly surplus was September 2008, just before the financial collapse.

    Last month’s federal deficit is nearly four times as large as the spending cuts House Republicans have passed in their spending bill, and is more than 30 times the size of Senate Democrats’ opening bid of $6 billion.

    Senators are slated to vote this week on those two proposals — both of which are expected to fail — and then all sides will go back to the negotiating table to try to work out a final deal.


    From 2007



    Deficit for Fiscal 2007 Slides.


    http://blogs.wsj.com/economics/2007/...l-2007-slides/


    It’s all in the surge – the revenue surge, that is.

    The Congressional Budget Office estimated Friday that the U.S. federal budget deficit for fiscal year 2007, which ended Sunday, was about $161 billion, or 1.2% of gross domestic product. That’s down from the $248 billion shortfall recorded in fiscal 2006, which translated into 1.9% of GDP. The Treasury Department will report the official tally later this month.

    Much of the improvement in the nation’s fiscal outlook in the last year has come from continued rapid growth in federal revenue. CBO estimates that 18.8% of GDP in fiscal 2007, up from 18.4% 2006 and 16.3% in 2004 and 18.4% in 2000. Outlays came to an estimated 20% of GDP, about equal to the average over the previous five years.

    While annual federal spending grew 2.8% in fiscal 2007 over fiscal 2006, year to year, revenue grew 6.7%. Individual income-tax receipts are estimated to be 11.3% higher than last year, and corporate income tax receipts are estimated to be 5% higher. Revenue growth has cooled substantially from the 11.8% fiscal year-to-year increase from 2005 to 2006. Spending growth also slowed.

    Federal expenditures were up in fiscal 2006 due to Gulf-coast hurricane recovery efforts. They were driven down in fiscal 2007 by legislation enacted in 2006 cutting student loan subsidies and auctioning off a portion of the broadcast spectrum, proceeds from which are recorded as negative expenditures not as revenues.
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  2. #2

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    do you think Obama is intentionally trying to destroy the economic vitality of the country?

    btw...why is it Bush caught living hell for gas prices at a comparable level to where they are today but Obama does not? it's mind blowing: unemployment through the roof, escalating food and commodity prices, sky rocketing gas/energy prices...and scarcely a peep vis the guy sitting in the front office.
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  3. #3

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    Well, like I said when the country elected this incompetent suit.

    I HOPE I have some CHANGE left when it's all over.

    Which better be 2012.

    8 years would be tough to take.
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  4. #4
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    8 years would permanently damage this country
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    Quote Originally Posted by Sarge View Post
    8 years would permanently damage this country

    Bingo! Regrettably.

    But that might have been the plan all along.
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    Quote Originally Posted by MikeSr619 View Post
    I dislike Obama as President as much as the next man but to insinuate that he is intentionally trying to ruin this country is too much. there is no way he had come big scheme to become President and ruin our country. nobody is that diabolical and i dont care what the retort is to that.

    maybe. depends on how you look at it. in my mind...it's clear as day that he is motivated by ideology...not the immediate welfare of this nation. if...to realize his goal...he needs to create an atmosphere of crisis...then there is a path. the ruination of the country isn't his ultimate objective...but moving toward that state sets conditions he can exploit to get where he does want to go (with us in tow).
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    I don't know Mike, I think it really does depend on how you look at it. The verbiage used says more than just the words themselves.

    I'm sure Obama thinks what he's doing is necessary. So, there is no diabolical scheme. He seems to think the country is hopelessly broken, and he's just trying to fix it. To those of us who don't share his vision, he is, in reality, ruining the country.

    So, he is intentionally doing the things he's doing, because he believes in them, we think. But, I, and others, believe his intentions are ruining the country.

    Therefore, stating that, "He is intentionally ruining the country", may not be true...
    ...but, it is accurate.
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  8. #8
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    Quote Originally Posted by MikeSr619 View Post
    I dislike Obama as President as much as the next man but to insinuate that he is intentionally trying to ruin this country is too much. there is no way he had come big scheme to become President and ruin our country. nobody is that diabolical and i dont care what the retort is to that.
    He is either trying to wreck it or is incompetent
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    Quote Originally Posted by MikeSr619 View Post
    no, its not how you look at it. just because he is making mistakes doesnt mean he is trying to ruin the country like you have clearly implied.

    and by saying now it "isnt his ultimate objective" after you said "might have been the plan all along" doesnt make sense and only makes me believe you cant really believe it either. or at least not enough to stick by the original statement

    I understand your pov Mike...and the emotion behind it. IMO.....his vision for transformation includes destroying many institutions he finds historically outdated or inimical. he is TRYING to fundamentally change America. You don't do this through subtle, nuanced tip toes to end state. many things have to be swept out of the way.

    I will concede this: do I know that this is his state of mind or intention? no. I don't. but, after two years, I'm finding it harder and harder to disconnect policy and outcomes from intentions.
    Last edited by fansince62; 03-09-11 at 11:38 PM.
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    bigMike....upon further reflection I accept your proposition that Obama isn't actively trying to destroy the country. in the search to understand what he is doing...since he masks so much in menaingless abstractions...it's easy to fall prey to that conclusion.

    in the end...I believe he is wedded to his ideology/support the masses vision and lives in this academic bubble that shields him from many of the real world consequences of his decisions. I have no doubt about this given some things I have seen....
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    Quote Originally Posted by fansince62 View Post
    bigMike....upon further reflection I accept your proposition that Obama isn't actively trying to destroy the country. in the search to understand what he is doing...since he masks so much in menaingless abstractions...it's easy to fall prey to that conclusion.

    in the end...I believe he is wedded to his ideology/support the masses vision and lives in this academic bubble that shields him from many of the real world consequences of his decisions. I have no doubt about this given some things I have seen....

    That's a much more reasonable approach, and one I can agree with. Sadly, I think many politicians fall into this trap, which is shame given they are supposed to represent those who elected them, us. Most of whom are not in a bubble and are living (or trying to live) in the real world.
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    Quote Originally Posted by Goaldeje View Post
    That's a much more reasonable approach, and one I can agree with. Sadly, I think many politicians fall into this trap, which is shame given they are supposed to represent those who elected them, us. Most of whom are not in a bubble and are living (or trying to live) in the real world.
    there's one other part of the dynamic I forgot to mention which I absolutely believe to be true. This President and his team are motivated by a Globalist vision. In order to meet the demands of that vision...one of the things they have to do is reduce the US Military presence as a threat to other nations. These people are engaging in the first salvos of dismantling DoD by as much as a third. Aside ftom not really letting the people know this is the long-term objective....what is distrubing is they are not reducing the national defense strategy driven commitments at the same time. We are on the cusp of real damage being done.

    on the other hand......all of this is academic in one sense......a budget in which an increasingly huge portion is consumed to just make interest payments on debt is going to eat all our lunches. these people...at least by appearances....just think that they can keep borrowing and borrowing to pay off past debts. it's not going to work. they have also misjudged the Amercian character. look at what's going on in WI if you want a precursor look at what is going to happen when forking out the costs of this borrowing to pay interest finally hits the wall. it will be very ugly.
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