Stephen Dinan:
"President Obama’s budget would pile up an additional $3.5 trillion in debt over the next 10 years and shows the government’s trust funds running out of money in 2020, Congress’s official non-partisan scorekeeper said Friday.
In 2012 alone Mr. Obama’s budget would leave a $1.3 trillion deficit — $82 billion worse than if none of his policies were enacted. Over the next ten years the deficit would dip to less than a half-trillion dollars in 2017, but would rise again in the later years...." (Read more? Click title)
"Unapologetically pursuing and tracking patterns within the news others make since 2010."
Showing posts with label national debt. Show all posts
Showing posts with label national debt. Show all posts
March 18, 2012
March 13, 2012
SandBoxBlogs: Red State "New Record Monthly Deficit 37 Months into Obama’s Presidency "
Daniel Horowitz Diary:
"Here’s a headline you won’t see in the media this week: we incurred the largest monthly deficit on record in February.
Seven months into a government “reined in” by the Budget Control Act, we are supposed to be reaping the benefits of budget reduction. Yet, according to CBO, we incurred a gargantuan
Think for a moment about what it means to spend $335 billion in 29 days. It comes out to $11.5 billion per day; $480 million per hour. So the next time Congress deliberates over a few billion in spending cuts over the course of a month, remember that we will add several hundred billion more in debt during the course of the debate.
What is so astounding about the record monthly deficit is that it comes amidst a recovery in the job market and an overall increase in revenues. Due to quirks in the scheduling of government payments, February is always a bad month; nevertheless, even during the worst months of the recession, we never suffered such a large budget deficit. In February 2009, the monthly deficit checked in at $193.8 trillion. At a time when tax receipts are increasing again (corporate tax receipts are up 56%), we should not be racking up such high deficits. Hence, it is incontrovertibly clear that we don’t have a revenue problem; we have a spending problem, most prominently, an entitlement and welfare problem...." (Read more? Click title)
"Unapologetically pursuing and tracking patterns within the news others make since 2010."
$229 billion
"Here’s a headline you won’t see in the media this week: we incurred the largest monthly deficit on record in February.
Seven months into a government “reined in” by the Budget Control Act, we are supposed to be reaping the benefits of budget reduction. Yet, according to CBO, we incurred a gargantuan
Think for a moment about what it means to spend $335 billion in 29 days. It comes out to $11.5 billion per day; $480 million per hour. So the next time Congress deliberates over a few billion in spending cuts over the course of a month, remember that we will add several hundred billion more in debt during the course of the debate.
What is so astounding about the record monthly deficit is that it comes amidst a recovery in the job market and an overall increase in revenues. Due to quirks in the scheduling of government payments, February is always a bad month; nevertheless, even during the worst months of the recession, we never suffered such a large budget deficit. In February 2009, the monthly deficit checked in at $193.8 trillion. At a time when tax receipts are increasing again (corporate tax receipts are up 56%), we should not be racking up such high deficits. Hence, it is incontrovertibly clear that we don’t have a revenue problem; we have a spending problem, most prominently, an entitlement and welfare problem...." (Read more? Click title)
"Unapologetically pursuing and tracking patterns within the news others make since 2010."
$229 billion
March 8, 2012
SandBoxBlogs: Washington Post "Govt. sets record deficit in February"
Stephen Dinan:
"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...." (Read more? Click title)
"Unapologetically pursuing and tracking patterns within the news others make since 2010."
"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...." (Read more? Click title)
"Unapologetically pursuing and tracking patterns within the news others make since 2010."
March 6, 2012
SandBoxBlogs: Glenwood Springs Post Independent/James Kellogg "Obama's budget is a big bill for the future generations"
James Kellogg:
"...As far as President Obama is concerned, power is fortified by a welfare state full of indentured voting blocks. Taxpaying Americans end up holding the dirty end of the stick.
The U.S. national debt has surpassed $15.4 trillion. That's over $136,000 per taxpayer. Yet, the Obama budget comprises unfunded entitlements, endless deficits with undefined payment terms, and immense tax increases on the entrepreneurial class.
President Obama claims his administration is making “very difficult choices.” He proclaimed, “Every department will feel the impact of these reductions as they cut programs or tighten their belts.” We are told his plan will cut the deficit by $4 trillion over the next decade. Yeah, right!
Did you know that $2 trillion of the president's claimed deficit reduction measures were already enacted into law under the Budget Control Act of 2011? They can't be counted again in fiscal year 2013. Besides, Mr. Obama is not even responsible for these measures. Tea Party Republicans forced those spending cuts on the president last year as conditions to approve the debt ceiling increase he wanted.
Another $1 trillion of Mr. Obama's so-called savings comes from winding down the wars in Iraq and Afghanistan. But these funds were never requested or authorized. It's like a minimum wage worker declaring, “I'm not going to buy a Lamborghini next year, so I'm cutting spending by $400,000.”..."
(Read more? Click title)
"Unapologetically pursuing and tracking patterns within the news others make since 2010."
"...As far as President Obama is concerned, power is fortified by a welfare state full of indentured voting blocks. Taxpaying Americans end up holding the dirty end of the stick.
The U.S. national debt has surpassed $15.4 trillion. That's over $136,000 per taxpayer. Yet, the Obama budget comprises unfunded entitlements, endless deficits with undefined payment terms, and immense tax increases on the entrepreneurial class.
President Obama claims his administration is making “very difficult choices.” He proclaimed, “Every department will feel the impact of these reductions as they cut programs or tighten their belts.” We are told his plan will cut the deficit by $4 trillion over the next decade. Yeah, right!
Did you know that $2 trillion of the president's claimed deficit reduction measures were already enacted into law under the Budget Control Act of 2011? They can't be counted again in fiscal year 2013. Besides, Mr. Obama is not even responsible for these measures. Tea Party Republicans forced those spending cuts on the president last year as conditions to approve the debt ceiling increase he wanted.
Another $1 trillion of Mr. Obama's so-called savings comes from winding down the wars in Iraq and Afghanistan. But these funds were never requested or authorized. It's like a minimum wage worker declaring, “I'm not going to buy a Lamborghini next year, so I'm cutting spending by $400,000.”..."
(Read more? Click title)
"Unapologetically pursuing and tracking patterns within the news others make since 2010."
January 5, 2012
SandBox Comments: Aspen Times/Melanie Sturm "America's New Years resolution: fiscal fitness"
"...Like a long-running soap opera whose actors change though the story line doesn't, we spend $4 billion more than we have every day — and growing. Since 2008, spending skyrocketed past our historical average of 20 percent of gross domestic product to 25 percent.
The problem isn't merely the amount of debt — though as Sen. Obama asserted before voting against the 2006 debt-ceiling increase, “Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren” — it's the size of the debt relative to our economy that reflects poor economic health. With our debt-to-GDP ratio at 100.3 percent versus 69.8 percent in 2008, we're living on “borrowed” time unless politicians stop deluding themselves that a stagnant private sector can finance a growing public sector.
The eurozone crisis offers America a timely warning that the battle of the spending and debt bulge is an existential one. Europe's saga is our “Chronicle of a Death Foretold,” except America can avert doom by slashing spending levels and lifting private-sector burdens. If Sweden, Ireland and a new reform-minded Spanish government can do both — the reverse of what we've done during the Great Recession — America should, too...."
(Melanie Sturm)
(Read more? Click title. Comment to discuss)
The problem isn't merely the amount of debt — though as Sen. Obama asserted before voting against the 2006 debt-ceiling increase, “Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren” — it's the size of the debt relative to our economy that reflects poor economic health. With our debt-to-GDP ratio at 100.3 percent versus 69.8 percent in 2008, we're living on “borrowed” time unless politicians stop deluding themselves that a stagnant private sector can finance a growing public sector.
The eurozone crisis offers America a timely warning that the battle of the spending and debt bulge is an existential one. Europe's saga is our “Chronicle of a Death Foretold,” except America can avert doom by slashing spending levels and lifting private-sector burdens. If Sweden, Ireland and a new reform-minded Spanish government can do both — the reverse of what we've done during the Great Recession — America should, too...."
(Melanie Sturm)
(Read more? Click title. Comment to discuss)
November 3, 2011
SandBox Comments: Aspen Times "Charlie Leonard: Greece is falling — are we next?"
"...Let's put the work of the Supercommittee in perspective. If you total up all the federal budgets of the next 10 years, we are on course to spend more than $40 trillion and borrow another $15 trillion to pay for it all. Yet we have a Supercommittee that is struggling to find ways to cut $1.2 trillion, or about 2 percent, of federal spending over the next 10 years. Even if the committee succeeds, we are still on a Greek-like path to financial ruin — we just buy ourselves a couple of more years...."
(Charlie Leonard)
(Learn more? Click title and comment to start discussion)
(Charlie Leonard)
(Learn more? Click title and comment to start discussion)
"Truth goes through three stages. First it is ridiculed. Then it is violently opposed. Finally, it is accepted as self-evident."
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