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The Deficit Fell Faster Last Year Than Any Year Since the End of WW-II

Via: Think Progress

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The federal budget deficit fell faster last year than in any year since the end of World War II, according to a Treasury Department report on Thursday. It declined from $1.1 trillion in 2012 to $680 billion in 2013. That represents the smallest deficit since 2008 in nominal terms.

It’s now 4.1 percent of GDP, dropping from a high of more than 10 percent during the depths of the recession.

It’s less than half of what it was in 2009, when the recession ended.

The good news is that part of the decline is being driven by higher tax revenue as the economy slowly recovers. “Growth in tax revenue from an improving economy accounted for much of the decline in the deficit,” Annie Lowrey at the New York Times reports. Tax revenue increased $234 billion over last year, reaching $2.8 trillion, growth of about 12.9 percent. The deficit may be falling, but hardship isn’t necessarily following suit. Unemployment still stands at 6.6 percent, and the long-term unemployed make up nearly 40 percent of that figure, yet Republicans let their benefits lapse over concerns that it would cost too much to extend them. Incomes have been stagnant or falling, making it hard for many to make ends meet, but Congress reduce food stamps TWICE and welfare benefits are quickly losing value.

And without the deep spending cuts, the health of the economy would look much better. There would have been 2.4 million additional jobs since 2010.

The deficit would have improved even faster without last year’s automatic sequestration cuts, which are still continuing for many programs.

http://thinkprogress.org/economy/2014/02/28/3344231/deficit-fall-2013/ .

March 1, 2014 Posted by | Uncategorized | , , , , , , , | Leave a comment

“Quote of the Day”

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January 27, 2014 Posted by | Uncategorized | , , , , , , , | Leave a comment

Budget Deficit shrinks to FIVE-YEAR low

Via: MSNBC

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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’.

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October 31, 2013 Posted by | 2014, 2016, GOP morons | , , , , , , , , , , | Leave a comment

For my, ‘Nephew Dave’

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October 15, 2013 Posted by | GOP morons, President Bush, President Reagan | , , , , , , , , , | Leave a comment

President Reagan vs President Obama

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personal thought:

Except for George W. Bush, Ronald Reagan was the WORSE president since Herbert Hoover!

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September 28, 2013 Posted by | GOP morons | , , , , , , , | Leave a comment

“Quote of the Day”

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September 14, 2013 Posted by | Uncategorized | , , , , , , , , | Leave a comment

‘Message of the Day’

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That’s right, STFU!

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September 6, 2013 Posted by | Uncategorized | , , , | Leave a comment

Spending, Taxes, And Deficits Are All Lower Today Than When Obama Took Office

Via: Thing Progress

SPENDING:

Via:Federal spending is lower now than it was when President Obama took office. I’ll pause to let you absorb the news.

In January 2009, before President Obama had even taken the oath of office, annual spending was set to total 24.9 percent of GDP.

Total spending this year, fiscal year 2012, is expected to top out at 23.4 percnt GDP.

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TAXES:

Here’s another interesting fact. Taxes today are lower than they were on inauguration day 2009. Back in January 2009, the CBO projected that total federal tax revenue that year would amount to 16.5 percent of GDP.

This year? 15.8 percent.

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DEFICIT:

One last nugget. The deficit this year is going to be lower than what it was on the day President Obama took office. Back then, the CBO said the 2009 deficit would be 8.3 percent of GDP.

This year’s deficit is expected to come in at 7.6 percent.

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BOTTOM LINE:

The fact is that Obama inherited a disaster of a federal budget.

Eight years prior, when President George W. Bush took the oath of office, there was a $281 billion SURPLUS. By the time Obama was sworn in, he was facing a $1.2 trillion DEFICIT.

Inconvenient though it may be for conservatives (especially those who are running for president), the truth is that spending, taxes and the deficit are all lower today than when President Obama took office.

http://thinkprogress.org/economy/2012/05/15/484767/obama-budget-chart/

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personal thought:

I hope when you hear the bull-sh*t from the GOP/teabagger/libertarian Party in the run-up to the election, you will remember these numbers.

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May 16, 2012 Posted by | 2012, GOP morons, President Obama, Romney, teabaggers | , , , , , , , , , , , | Leave a comment