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Deficit lower, but growing

February 12, 2013

The cheering and applause you didn’t hear from Washington last week was over the Congressional Budget Office’s report that President Barack Obama may be about to pass a milestone — his first year in......

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(18)

judeye

Feb-12-13 8:30 AM

"In 2012, the CBO is forecasting a $1.1 trillion deficit, or 7.2% of GDP. That would be nearly two percentage points below last year's deficit." CNN Money

"Obama inherited a deficit of nearly $1.3 trillion from Bush/Cheney the moment he took the oath of office....the deficit is now much smaller than it was when Obama took office; this is the smallest deficit we've seen in four years;"

Looks like whatever Pres Obama is doing to address the deficit is WORKING.

Now if we could only get the super rich to pay at least the same rate of taxes that most of us in the middle class pay maybe we would really get somewhere.

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Dcronlg

Feb-12-13 8:42 AM

Of course, behaving like church lady gaggle of geese would do, the militantly clueless OBSERVER board cherry picks its data points in an attempt to sound like they know what they're talking about. They don't.

Obama isnt responsible for spending -- Congress is -- only they have power of the purse. So, all this deficit is the sole responsibility of Congress, both parties & both houses, over all the years. The deficit carries over year over year -- it had to start some place. By the CBO, in 2000, Dubya & Congress inherited a budget surplus. When Dubya left, the GOP congress added $6 trillion in debt (tax cuts, 2 unpaid wars, etc) -- with GOP congresses.

By the CBO, with Obama in office, Congress added ONLY $3 trillion NOT $5T (read data correctly, will you guys?).

The key deficit drivers: not the poor, not welfare, not Obamacare -- but SS & medicare: "...next 10 years the number of people eligible for SS retirement benefits will jump by 40%..." (cont.)

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Steiner

Feb-12-13 8:57 AM

The libs are at it again. obama stuff is working they say . Cognitive disorders abound in the democratic party. And judeye says its bush's fault. is it due to global warming too ? the rich must pay more too. just like i said in christophers column, the libs have 3 answers, Bush's fault, pay more in taxes and global warming. judeye just proved it. Judeye, you never disappoint.Will you decide who is super rich too ? for the children! Cronig uses his same gaggle of church ladies. No facts just descriptions. Nice going libs !

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Marcia

Feb-12-13 9:00 AM

OF course the deficit was higher during Obama's first few years, we were in the middle of the Great Recession. We needed government spending to get us out of it, which our country has always done,and less people were working, so revenues were down. If they had allowed him to do more jobs programs, we would probably be further ahead by now.

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Dcronlg

Feb-12-13 9:01 AM

(cont)..."... Most of those people will be eligible for Medicare benefits as well...).

Retirees receiving more $s and benefit $s than they ever paid into the system -- not welfare folks, or food stamps folks, not Obamacare folks.

Additionally, over 1/2 -- one half -- of ALL discretionary spending is military spending.

So, its not Obama who refused to cut spending -- he couldn't do it if he tried -- its Congress who has refused.

So no, categorically, it wasn't Obama that "created" all this debt -- it was Congress. And no, it didn't all happened on his watch -- he inherited most of it including the largest economic crisis since the Great Depression.

And no, cutting welfare, food stamps, PBS, etc will not manage the debt -- SS reduction, Medicare reductions, military spending reduction and higher taxes will.

So, in place of these real hard choices, the OBSERVER board and their ilk, offer nothing 1950s ideology and 1980s economics.

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killers

Feb-12-13 9:06 AM

Lets see, no budget by Senate Democrats in four years, Obama's budgets go no where and the Republican have passed a budget every year. Lets see who is the more fiscally responsible in trying to address this problem. As being fiscally responsible, take a look at the CBO's projections for the deficit and you go into sticker shock.

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MikeDavis

Feb-12-13 11:07 AM

Spin it any way you want Dc, blame it on anyone you want too. The bottom line is America needs to stop spending so much. The tax increases are here, let's see what good they do. I have a question. Why does it cost so much for a war? Seriously. We pay the military the same amount of money whether they are sitting in a barracks or on the ground. We have the weapons paid for already. The food costs the same to feed the military. So the costs are munitions and transportation, along with replacing destroyed equipment. Where the blue blazes are a trillion dollars a year going?! We are WEIGHING in POUNDS the 100 dollar notes being given to Afghan war lords to watch sections of road?! Not counting it, weighing it!! And we wonder who are the ones funding the terrorist cells?

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SmallTownSmallMind

Feb-12-13 12:25 PM

We have been funding terrorist cells for years. That's what we do. Remember Bin Laden and the Russians in Afghanistan?

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DarkStar

Feb-12-13 12:57 PM

The deficit in Bush's last year was just under $459 billion.

According to CBS, which is anything but right wing, during Bush's the national debt increased by slightly less then $5 trillion dollars but in the four years Obama has been President is has increased by about $5.5 billion so 10% large increase in half as many years.

Also I'm curious, we've constantly been told by the left, and many people posting here, that the deficit was because of "Bush's unfunded wars" but since we've been out of Iraq since 2011 and 2012 saw greatly reduced troop strength in Afghanistan so why was the 2012 deficit more then double Bush's highest budget deficit?

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MikeDavis

Feb-12-13 3:45 PM

Dark, Solyndra, free cellular phone programs, government car buying programs, small pox vaccine contract, etc.

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Dcronlg

Feb-12-13 9:24 PM

Mikey -- break away from the mirror adoring yourself, turn down the stereo of your voice recordings, be the fourth grader in the room, use your book report research skills and Google "cost of Iraq and Afghan wars".

The links will tell you how accounting, economic and financial adults allocate costs.

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MikeDavis

Feb-13-13 12:42 AM

Nice answer Dc now read my comment again and try a lucid answer. Any attempt at snide by you just seems so forced. You can do better, give it a little more thought next time.

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DarkStar

Feb-13-13 7:38 AM

Mike,

He's attempting to become the leftist Steiner, although no one on the left will ever call him on his behavior the way many on the right constantly call out Steiner for his.

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judeye

Feb-13-13 8:03 AM

MikeDavis...and where is the missing BILLIONS?

Lots of money to be made in wars. And not to the troops who deserve it!

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225522

Feb-13-13 9:41 AM

It's not the programs. It's The hidden costs that kill you. ie. shovel ready...GM will pay back the loan...the falier of head start....passing a thousands of pages of health care legislation without a chance to read it...a Sandy Storm relief bill bill loaded with projects not related to the storm....giving cell phones in a jobs bill to people not in a cell phone reception area!!!! Our law makers load up bills with their pet projects. That is why they were elected in their area, Then, we all pay for it. With all thaat is spent on welfare how come blacks are suffering with higher unemployment and lower average earnings?? The US is way off the track,

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MikeDavis

Feb-13-13 9:55 AM

I know Judeye. The cost of Iraq is criminal, both in money and human suffering. Afghanistan? We should have been out of that place in three years. Now we are being told it will be until the end of next year? Bring the troops home now.

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MikeDavis

Feb-13-13 5:17 PM

Okay, wait a minute. I can see where Dc might have thought I was jumping on them. Not the case Dc. Please take the "Dc" out of the statement. "Spin it any way you want Dc, blame it on anyone you want too. The bottom line is America needs to stop spending so much." and plug in "folks". It was a generic statement that I did ,inadvertently, personalize. I stand by the statement, but apologize for any confusion with my mistake.

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Carlaw

Feb-17-13 6:29 AM

Social Security has been raped and plundered by politicians for years. SSI and Disability, people of "inability or desire to work" Druggies, People who never paid into the system, Illegals and their dependents keep mounting, and now they want to add 11 million more to SS and Medicare. It is an injustice and every cent should be paid back for its original intent to those who have paid into the system for years. Don't call it Social Security if it is Welfare. Call it Welfare and create a designated fund for those milking the system.

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