Hate to Be the Bearer of Bad News, But...

[LAGC]

Budget deficit tops $1 trillion for first time

http://apnews.myway.com/article/20090714/D99DSUG00.html

When is the Obama Administration going to raise taxes to pay for all this debt? If they just print more money without taxing it out of the economy, it will only cause mass-inflation...

[bluestateguy]

1. Next year

The Bush tax cuts--for the well to do--will be expiring next October.

[Sebastian Doyle]

10. What about the Reagan tax "cuts"?

And the JFK tax cuts?

The tax rates during the Eisenhower years were about right. Bring those back, along with a 90% Estate tax, and maybe we can get rid of these goddamn multi-generational inheritance leeches eventually.

[SpiralHawk]

31. "Unfair. Smirk." - Republicon Homelander Fatcats

"America needs (smirk) more tax cuts for the wealthy! (smirk)."

- Republicon Homelander Fatcats

[okieinpain]

35. WTF? n/t.

[babylonsister]

2. Your concern is noted! nt

[Clio the Leo]

3. I had no idea Bush put us in the can so quickly. NT

[LAGC]

4. Agreed. Much of it is carry-over from he Bush Admin.

I'm just concerned about how that debt is going to be paid for.

One of Clinton's great accomplishments was running budget surpluses year after year, I hope Obama figures out a way to do the same...

[Clio the Leo]

6. He has.....

By using the same system Clinton used....

http://www.cnn.com/2009/POLITICS/06/09/obama.paygo/

[LAGC]

8. Thats good to know.

Thanks for the link.

[Ikonoklast]

7. He's gonna sell Che t-shirts to gullible revolutionary wanna-be's.

Fill a dumptruck full of money every week.

[LAGC]

9. Hehe.

This from someone with a "Don't Tread on Me" avatar...

[Ikonoklast]

11. I despise Che.

He ended up being the very thing he hated.

[LAGC]

13. What, a capitalist exploiter?

I'm going to send you a PM, so we can continue this discussion there without muddying up this thread.

[Ikonoklast]

17. K.

[onehandle]

5. It will be reversed. And maybe THEN people will notice the curves in this data.

Democrats = Positive

Republicans = Negative

[hedgehog]

12. Umm, aren't those figures actually for George Bush's last budget?

[ThomCat]

18. The 2009 number is Obama's number.

That is the monster in the room that people don't want to talk about. Obama is running up debt at a faster rate than even Bush managed. And what do we have to show for it?

We are still losing jobs. That hasn't reversed yet. Foreclosures haven't stopped. Income is only going up for CEOs. For everyone else, if we still have jobs we're seeing pay stagnate or decrease.

Only Wall Street is showing a turn-around, and really, it is only Goldman Sachs. Nothing has trickled down to the rest of the nation yet.

Was Trickle Down Economics such a success under Reagan that we want Obama pushing it as his economic strategy too? Because that's what we've got?

[Teaser]

19. comment fail

.

[ThomCat]

20. Well that's such an intelligent rebuttal.

:eyes:

[Name removed]

21. Deleted message

Message removed by moderator. Click here to review the message board rules.

[ThomCat]

23. You just LOVE to call progressives Republicans.

That really seems to be your thing. Get a new schtick already. It's getting boring.

"Thanks a lot for hating the first black President." Are you calling me a racist?

I'll call out any politician for policies I disagree with. I've been a civil rights activist for decades, and nobody has a right to call me a racist. Go make a fool of yourself somewhere else.

[dolphindance]

25. You may not be racist, but you are insensitive to Obama's importance to black Americans.

A larger "honeymoon" is warranted. That is all.

[SpartanDem]

24. FY 2009 started in Oct 08

But don't let fact ruin a good argument

[ThomCat]

28. That is true

but it is under Obama that our Treasury has shoveled unprecedented amounts of money into bank balance sheets, and channeled more in low interest loans and guarantees through the Fed in ammounts they won't discuss to companies they won't reveal. Under Obama the military budget has increased above what it was under Bush.

Even though Obama has had less than one full fiscal year it has already been well reported that he is running up a deficit higher and faster than Bush, and Goldman Sachs is the primary beneficiary of most of it. A very small fraction went to mortgage programs and green initiatives, but the vast majority went straight to Wall Street.

If that is the damage to our budget in less than a year, I am sure as hell hoping we're going to see far better results in the rest of his term. :(

Pointing out that the fiscal year started in October 08 is a point, but it means nothing. Were you REALLY trying to imply that because Bush was still in office in October 08 Bush is responsible for the spending in this Fiscal year?

[firedupdem]

14. The republicans tried to destroy this country. Those numbers

prove it.

[high density]

15. When will they raise taxes? When the Bush cuts expire in 2010.

Flash back to February 2007:

The budget that President Bush will submit to Congress today shows the federal deficit falling in each of the next four years and would produce a $61 billion surplus in 2012, administration officials said. But to get there, Bush is counting on strong economic growth, diminishing costs in the Iraq war and tight domestic spending to offset the cost of his tax cuts.

Democrats yesterday criticized the five-year budget plan as overly optimistic, and predicted that extending the tax cuts past their 2010 expiration date would dig the nation deeper into debt rather than produce a budget surplus. Republicans countered that the tax cuts are critical to maintaining a healthy economy and that a balanced budget is not possible without them.
...
According to the CBO, a vibrant economy has indeed produced a gusher of revenue over the past two years that could help turn the nation's $248 billion deficit into a $170 billion surplus by 2012. But if the tax cuts and other expiring tax provisions are extended, the CBO predicts, the deficit would hit $146 billion in 2012 and grow thereafter as health costs skyrocket and the baby-boom generation retires.

http://www.washingtonpost.com/wp-dyn/content/article/2007/02/04/AR2007020401174.html

[Thrill]

16. This is what happens when the rich don't pay their fair share

.

[Hello_Kitty]

22. Isn't much of this because Obama is including war spending while Bush didn't?

My understanding was that Bush "hid" the money spent on both wars with emergency supplementals and accounting tricks.

[Justitia]

26. So what? Per Ronald Reagan & Dick Cheney: "Deficits don't matter"

Why should we give a shit now?
Especially when our economy is circling the bowl & gov't spending is the only way to recover?
Don't you know the lessons of the Great Depression?
We should be spending like tomorrow is our last day on Earth, just ask Dick.

[wiggs]

27. doesn't this deficit include the two wars, for the first time, and TARP and the

stimulus plan?

As I remember, up until 2009, at least the Iraq war was off the books.

[Jennicut]

29. I think Obama banned four gimmicks from the budget deficit projections and it rose

WASHINGTON — For his first annual budget next week, President Obama has banned four accounting gimmicks that President George W. Bush used to make deficit projections look smaller. The price of more honest bookkeeping: A budget that is $2.7 trillion deeper in the red over the next decade than it would otherwise appear, according to administration officials.

The new accounting involves spending on the wars in Iraq and Afghanistan, Medicare reimbursements to physicians and the cost of disaster responses.

But the biggest adjustment will deal with revenues from the alternative minimum tax, a parallel tax system enacted in 1969 to prevent the wealthy from using tax shelters to avoid paying any income tax.

Recent presidents and Congresses were complicit in the ploy involving the alternative minimum tax. While that tax was intended to hit the wealthiest taxpayers, it was not indexed for inflation. That fact and the tax breaks of the Bush years have meant that it could affect millions of middle-class taxpayers.

If they paid it, the government would get billions of dollars more in tax revenues, which is what past budgets have projected. But it would also probably mean a taxpayer revolt. So each year the White House and Congress agree to “patch” the alternative tax for inflation, and the extra revenues never materialize.

http://www.nytimes.com/2009/02/20/us/politics/20budget.html

[tammywammy]

33. Thanks for the link. Good post. n/t

[Critters2]

30. Thanks for your concern. nt

[CatWoman]

32. still at it, huh?

why do you even waste your time here?

[Name removed]

36. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Jennicut]

37. Read my post above. Obama got rid of many gimmicks Bush used in the budget.

[Orsino]

34. You mean, when is Congress going to raise taxes?

Yeah, I thought that's what you meant.

[LAGC]

38. Obama could be doing more to push and prod Congress.

I just think waiting until next year when the Bush tax cuts expire might be waiting too long...

[harun]

39. A withdrawal from Iraq and Afghanistan would save some $$$