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Budget Deficit shrinks to FIVE-YEAR low

Via: MSNBC

1

House Majority Leader Eric Cantor (R-Va.) recently appeared on FOX NEWS and when the discussion turned to the budget, the Virginia Republican said lawmakers should be “focused on trying to deal with the ultimate problem, which is this growing deficit.”

In reality, the deficit is NOT GROWING; it’s SHRINKING. The AP reported this afternoon:

For the first time in five years, the U.S. government has run a budget deficit below $1 trillion.

The government says the deficit for the 2013 budget year totaled $680.3 billion, down from $1.09 trillion in 2012. That’s the smallest imbalance since 2008, when the government ran a $458.6 billion deficit.

This isn’t a surprising, at least not to the policy mainstream. Many congressional Republicans predicted tax increases on the wealthy that began in January would fail to lower the deficit, but as is usually the case, the opposite happened.

The combination of new tax revenue and reduced spending did what exactly what was expected – it reduced the nation’s budget shortfall.

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This is the fastest deficit reduction seen in the United States since the end of World War II.

http://www.msnbc.com/rachel-maddow-show/budget-deficit-shrinks-five-year-low

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personal thoughts:

1. Employment is ALSO up, which means more people are paying taxes.

2. However, the wealthy and corporations are finding more and more ways to avoid paying their ‘fair share’.

3. Reducing ‘wasteful COSTS’ is fine, but we need to start doing a better job of collecting ‘REVENUE’.

.

 

 

October 31, 2013 - Posted by | 2014, 2016, GOP morons | , , , , , , , , , ,

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