Will Bush own up to the twin deficits?

[realFedUp]

http://www.reachm.com/amstreet/

Will Bush own up to the twin deficits?

The second presidential debate is coming up this Friday and will focus on economic issues. While you can expect all the usual questions about the budget, jobs, economic growth, health care, etc., I suspect one issue you won’t hear much about is the global economy and its effects on the US economy, both now and into the next four years. In particular, Bush and Kerry need to talk seriously about the so-called ‘twin deficits’ this week: both the $420bn federal budget deficit and the $600bn current account deficit. My guess is that the wonkish argument from the first debate over bilateral versus multilateral talks with North Korea won’t make a reappearance. But I’m telling you now, these deficits will have far more impact on your everyday lives than North Korean nukes ever will.

In 2003 the “on-budget” (excluding Social Security) US federal budget deficit hit $536bn. If you think that’s big, you’re right. It was an all-time record. Even in relative terms this sucker is huge. In 2003 the “on-budget” deficit hit 5.0% of GDP. Since WWII the only other time we saw such figures were during the Reagan days.

So how did our government afford such a massive deficit? Simple – credit.

Continue reading…

posted by General Glut

[AIJ Alom]

1. I'm sorry I thought you were posting about the combined mental capability

of the Bush twins. Kidding aside.

The IMF has been warning us about this and the Bush Administration has done nothing.

I'd like to add to the article you posted. The Republicans in the House, within the last ten years of their control are responsible for 1/3rd of the 7.35 trillion dollar national debt. TALK ABOUT MISMANAGEMENT !!! 1/3rd of the entire debt in 10 YEARS out of the 228 our nation has existed !!!

[Strelnikov_]

5. 23% Of End FY 04 Debt Added Last 4 FY

(1) Debt at end of fiscal year (Oct-Sep FY)
http://www.publicdebt.treas.gov/opd/opdpenny.htm

(2) FY debt growth (Diff. between begin and end FY debt)

(3) Reported Deficit
http://www.cbo.gov/showdoc.cfm?index=1821&sequence=0#table11

All in $bn

............(1)..........(2)...........(3)
FY 04 $ 7,379 .....$ 596 ........$422 (a)
FY 03 $ 6,783 .....$ 555 ........$375
FY 02 $ 6,228 .....$ 421 ...... $158
FY 01 $ 5,807 .....$ 133 ....(+)$127
FY 00 $ 5,674 ......$ 18 ....(+)$233
FY 99 $ 5,656

(a) Estimated

[realFedUp]

6. a kick for the nightwriters.

[doni_georgia]

2. Man I thought you were talking about his daughters' taking after their dad

:spank:

[tjdee]

3. September ELEVENTH, hello?

Excuse me, 9-11.
That's all Bush will say about that.

[sybylla]

4. MEME - * just took out a $2000 loan in your name

and the names of your parents, your spouse, your kids, your baby brother. You name it. $536bn divided by 270 million people equals just about $2000 per person that we now owe over and above the taxes we've already paid. Now multiply that by four, the size of the average family and you get $8000. Depending on the income of that family, their taxes just doubled.

Even if they water it down with Social Security trust funds, it's still $1678 dollars for every man, woman and child and $6712 for a family of four.

Don't wait for the bill to come in for people to wake up. Start crunching the numbers and paint a pretty money picture for all those conservative friends, family and coworkers of yours. When they see how they've been hit in the pocketbook by chimp and his chumps, they start thinking differently.

And don't forget the debt which has now reached $7 trillion (twelve zeros). That means everyone of us now owes $25,000 toward the debt. And considering it won't be paid off any time soon, I like to call it a birth tax. What kind of country do pukes think we'll have in 30 years when every child born this year starts their life with $25,000 of debt.

My mathmatically endowed hubby has already won two votes for Kerry on this subject alone.