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Old 11-21-2012, 09:45 PM  
BigRedChief BigRedChief is offline
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U.S. Deficit Shrinking At Fastest Pace Since WWII

http://news.investors.com/blogs-capi...rld-war-ii.htm



Believe it or not, the federal deficit has fallen faster over the past three years than it has in any such stretch since demobilization from World War II.

In fact, outside of that post-WWII era, the only time the deficit has fallen faster was when the economy relapsed in 1937, turning the Great Depression into a decade-long affair.

If U.S. history offers any guide, we are already testing the speed limits of a fiscal consolidation that doesn't risk backfiring. That's why the best way to address the fiscal cliff likely is to postpone it.

While long-term deficit reduction is important and deficits remain very large by historical standards, the reality is that the government already has its foot on the brakes.

In this sense, the "fiscal cliff" metaphor is especially poor. The government doesn't need to apply the brakes with more force to avoid disaster. Rather the "cliff" is an artificial one that has sprung up because the two parties are able to agree on so little.

Hopefully, they will agree, as they did at the end of 2010, to embrace their disagreement for a bit longer. That seems a reasonably likely outcome of negotiations because the most likely alternative to a punt is a compromise (expiration of the Bush tax cuts for the top and the payroll tax cut, along with modest spending cuts) that could still push the economy into recession.

Rather than applying additional fiscal restraint now, the government needs to make sure it sets the course for steady restraint once the economy emerges further from the deep employment hole that remains. In fact, a number of so-called deficit hawks are calling for short-term tax cuts to spur growth, rather than immediate austerity.

From fiscal 2009 to fiscal 2012, the deficit shrank 3.1 percentage points, from 10.1% to 7.0% of GDP.

That's just a bit faster than the 3.0 percentage point deficit improvement from 1995 to '98, but at that point, the economy had everything going for it.

Other occasions when the federal deficit contracted by much more than 1 percentage point a year have coincided with recession. Some examples include 1937, 1960 and 1969.

President Obama hasn't gotten much credit for reining in the deficit, probably because a big part of the deficit progress has come from the unwinding of extraordinary government supports that he helped put in place. Stimulus programs have come and mostly gone; the end of stimulus to states led them to enact Medicaid curbs; jobless benefits in recent months have fallen by 50% since early 2010 (due to both job gains and extended benefits being exhausted).

TARP and the bailouts of Fannie Mae and Freddie Mac also make the deficit improvement look better, boosting the fiscal '09 deficit by about $200 billion more than in fiscal '12 (though the initial cost of TARP was overstated).

Still, military spending is now on the decline due to fewer troops in Iraq and Afghanistan; Medicare costs rose 3% last year vs. the average 7% growth in recent years; and after the last year's Budget Control Act, excluding the automatic cuts set to take effect in January, nondefense discretionary spending is already on a path to shrink to 2.7% of GDP, well below the 3.9% average, notes the Center on Budget and Policy Priorities.
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Old 11-26-2012, 12:35 PM   #106
Brainiac Brainiac is offline
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I assume you know that was Republican shenanigans but, by the standards set by both parties what you are saying is technically true.
It's more than technically true.
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Old 11-26-2012, 01:59 PM   #107
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It's more than technically true.
Yes true like “ I didn’t have sexual relations with that woman” True but not very honest either.
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Old 11-26-2012, 02:32 PM   #108
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The Senate, which is controlled by Obama's party, hasn't passed a budget since 2009. The budget that Obama submitted for 2012 was rejected 97-0 by the Senate. Obama's budget proposals aren't even supported by ANYONE in his own party.
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Originally Posted by FishingRod View Post
I assume you know that was Republican shenanigans but, by the standards set by both parties what you are saying is technically true.
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Originally Posted by Brainiac View Post
It's more than technically true.
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Originally Posted by FishingRod View Post
Yes true like “ I didn’t have sexual relations with that woman” True but not very honest either.
According to Politifact, both parties have been at fault. An independent group stated that the Democrats were at fault in 2010. Harry Reid is the source that blamed this on the Republicans for 2011. However, even the most hard-core liberal would have a hard time making a case that Harry Reid is a reliable and impartial source. The fact is that the Democrats control the Senate, and they've refused to pass a budget for 3 years. They can blame the Republicans all they want, but they are the majority party, and blaming it on Republican "shenanigans" is extremely lame and self-serving.

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Originally Posted by Politifact
Our PolitiFact colleagues in Wisconsin, Florida and at PolitiFact national had the same question, and concluded that neither party can claim superiority on budget resolutions.

In 2010, the then Democratic-controlled House and Senate did not adopt a budget resolution or adopt a single spending bill "because the Democrats were afraid of being labeled big spenders," said Steve Ellis, a budget expert with Taxpayers for Common Sense, an independent group that analyzes federal spending.

Senate Democrats didn’t pass a fiscal 2011 budget because "Republicans were threatening to hijack the budget process and waste the American people’s time with pointless political votes," a spokesman for Senate Majority Leader Harry Reid told PolitiFact Florida. "Faced with this obstruction, we decided it would be a more productive use of the American people’s time to move on and address other issues critical to middle-class families."
http://www.politifact.com/ohio/state...passed-budget/
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Old 11-26-2012, 02:47 PM   #109
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US Debt.

$16 Trillion and growing by the second.
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Old 11-26-2012, 03:43 PM   #110
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the Shenanigans I was referring to was this particular vote. You get no argument that the Dems have done a poor job.



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US Debt.

$16 Trillion and growing by the second.
That is a huge issue. We simply can’t continue to spend trillions of dollars more than we take in. The Government and the people need to acknowledge we simply can’t afford to do everything.
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Old 11-26-2012, 05:59 PM   #111
Iowanian Iowanian is offline
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When the debt number is continuing to grow each and every second, I don't want to hear anything about defeating the deficit from the obama crows.

IF the deficit were truly for the good....well, the number referenced above, which to me is a bigger factor would be going in the opposite direction.
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