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U.S. Budget Deficit Running At Near-Record Level

Postby Zardoz » Tue 12 Feb 2008, 19:06:01

Going broke, going bad, going south. BushCo is leaving us with quite the little mess to clean up, aren't they?
2008 U.S. Budget Deficit Bleeding Red Ink - First 4 Months Of Budget Year At Nearly $88B, Double Amount Recorded For Same 2007 Period
$this->bbcode_second_pass_quote('', 'T')he federal budget deficit is running at a pace that is more than double last year's imbalance through the first four months of the budget year.
In its monthly review of the government's finances, the Treasury Department said Tuesday that the budget was in surplus in January, but totals $87.7 billion so far this budget year, double the $42.2 billion imbalance recorded during the same period in 2007. The new budget year started last Oct. 1.
The Bush administration sent its final budget request to Congress last week, projecting that the deficit for all of 2008 will total $410 billion, very close to the all-time high in dollar terms of $413 billion in 2004.
So far this year, federal spending is 8.3 percent ahead of last year's pace, at $949.1 billion. That is far ahead of the 3.2 percent increase in revenues, which have totaled $861.4 billion in the current budget year.

I swear to God, I think we're being punished. I think they're doing all this to get even with us for disliking them so much.
How else can you explain it?
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Re: U.S. Budget Deficit Running At Near-Record Level

Postby PopeGideon » Tue 12 Feb 2008, 19:11:06

You know, I severely dislike Bush.
I also severely dislike idiot democrat/liberals whose elected officials currently own two houses of Congress.
Why?
Because when the idiot Congress passes an idiot deficit spending package and it signed by the idiot president, the idiot democrat/liberals come screaming hysterically down the street, "look what Bush is doing."

Who will you f**king blame it on when you own Congress and the White House? Right wing, minority party obstructionists?
You are a total idiot. Your boys in Congress draft this bill and pass it, and you blame it on Bush. This explains a lot about you and our interaction in another thread. Always somebody else to blame, never your fault.
Double plus bad.
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Re: U.S. Budget Deficit Running At Near-Record Level

Postby threadbear » Tue 12 Feb 2008, 19:18:13

$this->bbcode_second_pass_quote('PopeGideon', 'Y')ou know, I severely dislike Bush.
I also severely dislike idiot democrat/liberals whose elected officials currently own two houses of Congress.
Why?
Because when the idiot Congress passes an idiot deficit spending package and it signed by the idiot president, the idiot democrat/liberals come screaming hysterically down the street, "look what Bush is doing."
Who will you f**king blame it on when you own Congress and the White House? Right wing, minority party obstructionists?
You are a total idiot. Your boys in Congress draft this bill and pass it, and you blame it on Bush. This explains a lot about you and our interaction in another thread. Always somebody else to blame, never your fault.
Double plus bad.

I don't like either party either, but can tell you the repuglicans are the ones who borrow and spend, which seems a lot less fair than taxing and spending. The democrats often inherit deficits from the no mind repubs.
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Re: U.S. Budget Deficit Running At Near-Record Level

Postby KrellEnergySource » Tue 12 Feb 2008, 19:35:39

$this->bbcode_second_pass_quote('threadbear', 'I') don't like either party either, but can tell you the repuglicans are the ones who borrow and spend, which seems a lot less fair than taxing and spending. The democrats often inherit deficits from the no mind repubs/

That's my impression, too. Democrats tax and spend. Republican spend.
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Re: U.S. Budget Deficit Running At Near-Record Level

Postby Plantagenet » Tue 12 Feb 2008, 19:42:30

$this->bbcode_second_pass_quote('PopeGideon', ' ')when the idiot Congress passes an idiot deficit spending package and it signed by the idiot president, the idiot democrat/liberals come screaming hysterically down the street, "look what Bush is doing."

HOOO-RAY!
FInally someone who understands how the government works.
Most people know so little about the US government that they assume the president is responsible for everything. They don't know how budgets are written and how laws are passed or who is in charge of spending and taxing. They see Bush on their TVs, so they assume he created the deficit. These people don't understand the US Constitution and how the US government works.

Its surprising how few people understand that it is CONGRESS that sets the spending and taxation law. It is CONGRESS that is responsible for deficit spending.
Complaining about Bush's proposed new budget is just silly, because the CONGRESS will never pass it. Its DOA. Next year's budget and budget deficit are both going to be set by CONGRESS. 8)
Never underestimate the ability of Joe Biden to f#@% things up---Barack Obama
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Re: U.S. Budget Deficit Running At Near-Record Level

Postby Zardoz » Tue 12 Feb 2008, 20:09:19

Bush's proposed $3 trillion budget is biggest - With reactions like 'fiscal meltdown,' Democrats aren't ready to deal

$this->bbcode_second_pass_quote('', 'I')n the nation's first-ever $3 trillion budget proposal, President Bush seeks to seal his legacy of promoting a strong defense to fight terrorism and tax cuts to spur the economy. Democrats, who control Congress, are pledging fierce opposition to Bush's final spending plan — perhaps even until the next president takes office.

The 2009 spending plan sent to Congress on Monday will project huge budget deficits, around $400 billion for this year and next and more than double the 2007 deficit of $163 billion. But even those estimates could prove too low given the rapidly weakening economy and the total costs of the wars in Iraq and Afghanistan, which Bush does not include in his request for the budget year beginning Oct. 1.

Image
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Re: U.S. Budget Deficit Running At Near-Record Level

Postby mmasters » Tue 12 Feb 2008, 20:20:31

$this->bbcode_second_pass_quote('PopeGideon', 'Y')ou know, I severely dislike Bush.
I also severely dislike idiot democrat/liberals whose elected officials currently own two houses of Congress.
Why?
Because when the idiot Congress passes an idiot deficit spending package and it signed by the idiot president, the idiot democrat/liberals come screaming hysterically down the street, "look what Bush is doing."
Who will you f**king blame it on when you own Congress and the White House? Right wing, minority party obstructionists?
You are a total idiot. Your boys in Congress draft this bill and pass it, and you blame it on Bush. This explains a lot about you and our interaction in another thread. Always somebody else to blame, never your fault.
Double plus bad.

It's amazing how far fewer understand how our government is OWNED. That the deficit is merely an UNLIMITED line of credit from the Federal Reserve which creates this money on demand with NO BACKING. And that our tax dollars ONLY pay interest on this unlimited line of credit. And that the fed is majority owned by the international banks and that the international banks are majority owned by a network of families.
You want to talk about blaming individual voters and idiotic incompetence. You are the fool.
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Re: U.S. Budget Deficit Running At Near-Record Level

Postby Windmills » Tue 12 Feb 2008, 20:23:26

$this->bbcode_second_pass_quote('PopeGideon', ' ') Who will you f**king blame it on when you own Congress and the White House? Right wing, minority party obstructionists?

The Republicans have been in control of the House, the Senate, and the White House for the majority of Bush's time. Despite that, they still managed to spend like mad and jack up the national debt. I'd have a lot more respect for Republicans if they acted more according to their professed principles instead of being hypocrites. They're supposed to be fiscally conservative, something we could really use, but when you look at how much they've added to the national debt through deficit spending from Reagan, Bush I and Bush II, it's clear they love to spend just as much as the Democrats, if not more. And they're more into spending money we don't have than the Democrats. I think that's even worse.
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Re: U.S. Budget Deficit Running At Near-Record Level

Postby Plantagenet » Tue 12 Feb 2008, 20:28:16

$this->bbcode_second_pass_quote('Zardoz', 'I')n the nation's first-ever $3 trillion budget proposal, President Bush seeks to seal his legacy of promoting a strong defense to fight terrorism and tax cuts to spur the economy. Democrats, who control Congress, are pledging fierce opposition to Bush's final spending plan

Since the democrats are in "fierce opposition" to Bush's budget proposal, they won't vote for it. And since the democrats are in majority and control Congress, they are the ones who are responsible for writing and passing the actual budget and setting all taxation and spending.

Bush will have very little to say about it----Bush doesn't even have a line item veto. Bush doesn't have the power to add even a single item to the budget....all a president can do is choose to veto the budget bill after the entire Congressional Budget writing process is over.
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Re: U.S. Budget Deficit Running At Near-Record Level

Postby Bas » Tue 12 Feb 2008, 20:29:58

the perks of a two party democracy.....hey, wait a minute is, a two party state actually a democracy?!
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Re: U.S. Budget Deficit Running At Near-Record Level

Postby vision-master » Tue 12 Feb 2008, 21:38:26

$this->bbcode_second_pass_quote('PopeGideon', 'Y')ou know, I severely dislike Bush.
I also severely dislike idiot democrat/liberals whose elected officials currently own two houses of Congress.
Why?
Because when the idiot Congress passes an idiot deficit spending package and it signed by the idiot president, the idiot democrat/liberals come screaming hysterically down the street, "look what Bush is doing."
Who will you f**king blame it on when you own Congress and the White House? Right wing, minority party obstructionists?
You are a total idiot. Your boys in Congress draft this bill and pass it, and you blame it on Bush. This explains a lot about you and our interaction in another thread. Always somebody else to blame, never your fault.
Double plus bad.

Nothing more than right wing dibble.
Face it, the repubs blew it the last 7 years.
Now, I hope all you big money Repubs crash like the rest of us poor folk. :razz:
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Re: U.S. Budget Deficit Running At Near-Record Level

Postby PopeGideon » Tue 12 Feb 2008, 22:24:10

Vision master, you old communist, I'm no right winger.
But it's interesting that, because I disagreed with your position, you label my words are right wing dribble.
Threadbare, I know you're a socialist.

Between tax and spend and borrow and spend, I'll take borrow and spend.
With tax and spend, I'm certain I'll get screwed bad. With the other, less so.
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Re: U.S. Budget Deficit Running At Near-Record Level

Postby BigTex » Tue 12 Feb 2008, 22:47:11

Both parties are equally good at spending.
Surely that is beyond debate by now.
The difference is the constituencies served by the spending. The Republican constituencies are much better at keeping their programs than the Democrats' constituencies.
Want to cut a program to the poor? Who are you going to fight? Ted Kennedy (if he's sober).

Want to cut a weapons program? You better have a big stick because it's going to be a fierce fight.
True, Congress must pass the budget, but the budget the President presents is ALWAYS the starting point for negotiation, so the President always has a lot of input on where the conversation is going to start. The President can always PRESENT a balanced budget to Congress. On the other side, the President can always veto a budget he doesn't like and there typically are not the super-majorities needed to overrule the veto. So the President and Congress share about equally in the bad fiscal policy.

The bottom line is this: Government exists for one reason and one reason only, and that is to perpetuate itself and grow larger. Governments NEVER shrink, they only get bigger. Politicians get their support because of what they DO, not because of what they DON'T DO. If I ran a campaign and my platform was "I'm not going to do shit for anybody because that's not the government's job", do you think I would be elected?
What is government really, other than one big "protection" racket? Think about it. When the neighborhood thug comes in and demands protection money, who is he protecting you from? Mainly him, but if another thug moves in he will protect you from the other thug as well, but not because he cares about you, but because he wants to protect his source of income.

The government sends you your tax bill and requires you to pay it. Why? Because the government is providing you with "protection." From whom are you being protected? Well, hostile foreign nations, street criminals, and....of course....the law enforcement apparatus of the government. If you refuse to pay the protection money the authorities will come for you way before the street criminals and foreign governments will.
Does the government see it this way? No, but does that really matter? You're still paying protection money and the government continues to use the protection money for foreign and domestic adventures that have absolutely nothing to do with the function of any kind of restrained and minimal government.

The sad thing about democracy is that it guarantees the government will always expand because to get elected you must make promises to your constituents that the government will pay for. Whoever makes the most promises and delivers the most when elected gets to stay in office.
Promising tax cuts with no corresponding spending cuts is just one more "big government program."
:)
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Re: U.S. Budget Deficit Running At Near-Record Level

Postby ALBY » Tue 12 Feb 2008, 23:10:00

LESS FILLING !/TASTES GREAT !

*pukes*
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Re: U.S. Budget Deficit Running At Near-Record Level

Postby heroineworshipper » Wed 13 Feb 2008, 01:20:36

$400 billion is only $100 billion in 1980 dollars.
People first, then things, then dollars.
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Re: U.S. Budget Deficit Running At Near-Record Level

Postby BigTex » Wed 13 Feb 2008, 01:32:25

$this->bbcode_second_pass_quote('heroineworshipper', '$')400 billion is only $100 billion in 1980 dollars.

I agree that when you look at the budget deficit as a percentage of GDP and when adjusted for inflation it doesn't look as bad.
But it still looks bad.
To me the more useful statistic is the percentage of the federal budget and the percentage of GDP that is necessary to pay the interest on the total national debt. That should be more illuminating regarding how deep a hole we are in. I believe it is around $300 billion per year and I don't recall what percentage of GDP it is.
:)
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Re: U.S. Budget Deficit Running At Near-Record Level

Postby Zardoz » Wed 13 Feb 2008, 01:38:47

$this->bbcode_second_pass_quote('heroineworshipper', '$')400 billion is only $100 billion in 1980 dollars.

And your point is what, exactly?
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Re: U.S. Budget Deficit Running At Near-Record Level

Postby KaiserCesar06 » Thu 14 Feb 2008, 22:45:20

$this->bbcode_second_pass_quote('Zardoz', '')$this->bbcode_second_pass_quote('heroineworshipper', '$')400 billion is only $100 billion in 1980 dollars.

And your point is what, exactly?

The argument of inflation and the discussion of how it is likely higher than what is reported is primarily used when it is used to discredit positive news around here. This is a near-record deficit in nominal terms, not real dollars, so its not as bad as it seems, but as mentioned earlier, its still pretty bad. The government is too big and too much money is being printed to fund it, and this is the cause of the current inflationary pressure. This report means that nothing special is that different this year. If the sky is falling (it is), its been falling for some time.
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Re: U.S. Budget Deficit Running At Near-Record Level

Postby threadbear » Thu 14 Feb 2008, 23:57:05

$this->bbcode_second_pass_quote('KaiserCesar06', '')$this->bbcode_second_pass_quote('Zardoz', '')$this->bbcode_second_pass_quote('heroineworshipper', '$')400 billion is only $100 billion in 1980 dollars.

And your point is what, exactly?

The argument of inflation and the discussion of how it is likely higher than what is reported is primarily used when it is used to discredit positive news around here. This is a near-record deficit in nominal terms, not real dollars, so its not as bad as it seems, but as mentioned earlier, its still pretty bad. The government is too big and too much money is being printed to fund it, and this is the cause of the current inflationary pressure. This report means that nothing special is that different this year. If the sky is falling (it is), its been falling for some time.

The credit freeze and structured finance debacle is equally disturbing. It's not any one disaster it's several disasters happening concurrently, a lack of transparency that adds confusion, reduces confidence, against a backdrop of climate change, diminishing natural resources, etc... You must admit this is unprecedented. I would compare it to the Great Depression, except this time it won't be that great, as the federal govt is carrying a very large debt burden, while during the Depression, it was not so.
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Re: U.S. Budget Deficit Running At Near-Record Level

Postby Revi » Fri 15 Feb 2008, 00:07:50

The Federal Government can just print up a bunch more money. It's the state governments that are in real trouble. They don't have the power to print more worthless coupons and have to live within their budgets. We are in real trouble here in Maine, and I guess we aren't alone. They are going to cut 95 million out of the state budget and I'm afraid that they always start at the bottom. The bureaucrats won't be cut until last. Children, elderly and anyone else who is easy to take from get cut first.
Deep in the mud and slime of things, even there, something sings.
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