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Thread: The deficit: Not as bad as they want you to think

  1. #1
    Havakasha is offline
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    The deficit: Not as bad as they want you to think

    http://www.bloomberg.com/news/2012-1...-to-think.html



    If those so-called deficit hawks would stop moralizing long enough to look at the data, they might find something surprising: That data almost entirely undermine their argument.
    Yes, the long-run path of spending on federal health programs remains a serious and legitimate source of concern. But the numbers show that our current fiscal deficit is well within control -- as have been the deficits of the last five years.

  2. #2
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    That Terrible Trillion
    By PAUL KRUGMAN
    Published: December 16, 2012 525 Comments


    As you might imagine, I find myself in a lot of discussions about U.S. fiscal policy, and the budget deficit in particular. And there’s one thing I can count on in these discussions: At some point someone will announce, in dire tones, that we have a ONE TRILLION DOLLAR deficit

    No, I don’t think the people making this pronouncement realize that they sound just like Dr. Evil in the Austin Powers movies.

    Anyway, we do indeed have a ONE TRILLION DOLLAR deficit, or at least we did; in fiscal 2012, which ended in September, the deficit was actually $1.089 trillion. (It will be lower this year.) The question is what lesson we should take from that figure.


    http://www.nytimes.com/2012/12/17/op...-trillion.html

  3. #3
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    More evidence.

    The U.S. government posted a budget surplus in June, the latest sign of rapidly improving public finances that could reduce the urgency in Congress to strike a deal to raise the nation's limit on borrowing.

    Rising tax revenues, public spending cuts and big payments to the Treasury from state-backed mortgage firms helped the government take in $117 billion more last month than it paid out, the U.S. Treasury said on Thursday.



    http://www.cnbc.com/id/100880536

  4. #4
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    http://www.huffingtonpost.com/2013/0...n_3745096.html


    WASHINGTON -- The government on Monday reported a $97.6 billion deficit for July but remains on track to post its lowest annual budget gap in five years.

    July's figure raises the deficit so far for the 2013 budget year to $607.4 billion, the government says. That's 37.6 percent below the $973.8 billion deficit for the first 10 months of the 2012 budget year.

    The Congressional Budget Office has forecast that the annual deficit will be $670 billion when the budget year ends Sept. 30, far below last year's $1.09 trillion. It would mark the first year that the gap between spending and revenue has been below $1 trillion since 2008.

    Steady economic growth, higher taxes, lower government spending and increased dividends from mortgage giants Fannie Mae and Freddie Mac have helped shrink the deficit.
    WASHINGTON -- The government on Monday reported a $97.6 billion deficit for July but remains on track to post its lowest annual budget gap in five years.

    July's figure raises the deficit so far for the 2013 budget year to $607.4 billion, the government says. That's 37.6 percent below the $973.8 billion deficit for the first 10 months of the 2012 budget year.

    The Congressional Budget Office has forecast that the annual deficit will be $670 billion when the budget year ends Sept. 30, far below last year's $1.09 trillion. It would mark the first year that the gap between spending and revenue has been below $1 trillion since 2008.

    Steady economic growth, higher taxes, lower government spending and increased dividends from mortgage giants Fannie Mae and Freddie Mac have helped shrink the deficit.

  5. #5
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    What a difference the past four years have made! The federal budget deficit for fiscal year 2018, which began October 1, 2017, is $440 billion. (Why can't the government go by calendar years like the rest of us?) Federal revenue is $3.654 trillion and federal spending is $4.094 trillion. (Why can't the government spend less money than it takes in? It can't be that difficult.)

    President Trump announced a $1.25 trillion tax cut plan which would add an estimated two trillion dollars to the deficit over the next ten years. Many Republicans are opposed to the lowering of the corporate tax rate to 20%, the elimination of the estate tax and the elimination of state and local tax deductions on federal income taxes. The tax plan will undergo many changes before it passes -- if it passes. Republicans do not want the deficit to rise. Even without the tax plan, the deficit will rise. Fortune magazine has the depressing details:

    In 36 months, America will face a $1 trillion budget deficit. Do voters care?

    http://fortune.com/2017/09/22/united...udget-deficit/

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