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#1
08-26-2007, 01:08 PM
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Shrinking Deficit
In july at its mid-session review,President Bush's Office of Management and Budget projected a 2007 budget deficit of $205 billion.
On thursday (8-23-07) the Congressional Budget Office released its own updated estimate for 2007 of $158 billion, a deficit even smaller than the White House's july figure. The CBO also released its latest estimate of the 2007 deficit as a percentage of the Gross Domestic Product. The CBO estimate of 1.2% of GDP was also lower than that of the White House's july estimate of 1.5% of GDP,and well below the 40 year average of 2.4%. In other words,the case is stronger than ever that President Bush's tax cuts, rather than creating a budget deficit,are fueling enonomic growth that is increasing federal revenues and shrinking the deficit. Now I think the real question should be whether the deficit will keep shrinking if the extravagant spending Democrats gain control not only of Congress but also the White House. The last time a Democratic President cut the deficit,he did it by raising taxes,not cutting them. 
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#2
08-26-2007, 01:11 PM
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Re: Shrinking Deficit
[ QUOTE ]
In july at its mid-session review,President Bush's Office of Management and Budget projected a 2007 budget deficit of $205 billion. On thursday (8-23-07) the Congressional Budget Office released its own updated estimate for 2007 of $158 billion, a deficit even smaller than the White House's july figure. The CBO also released its latest estimate of the 2007 deficit as a percentage of the Gross Domestic Product. The CBO estimate of 1.2% of GDP was also lower than that of the White House's july estimate of 1.5% of GDP,and well below the 40 year average of 2.4%. In other words,the case is stronger than ever that President Bush's tax cuts, rather than creating a budget deficit,are fueling enonomic growth that is increasing federal revenues and shrinking the deficit. Now I think the real question should be whether the deficit will keep shrinking if the extravagant spending Democrats gain control not only of Congress but also the White House. The last time a Democratic President cut the deficit,he did it by raising taxes,not cutting them. [/ QUOTE ] What are the off budget expenditures?
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#3
08-26-2007, 02:31 PM
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Re: Shrinking Deficit
Oh I see what you did there. He "cut" the deficit... compared to a figure he "made up".
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#4
08-26-2007, 02:43 PM
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Re: Shrinking Deficit
[ QUOTE ]
In july at its mid-session review,President Bush's Office of Management and Budget projected a 2007 budget deficit of $205 billion. On thursday (8-23-07) the Congressional Budget Office released its own updated estimate for 2007 of $158 billion, a deficit even smaller than the White House's july figure. The CBO also released its latest estimate of the 2007 deficit as a percentage of the Gross Domestic Product. The CBO estimate of 1.2% of GDP was also lower than that of the White House's july estimate of 1.5% of GDP,and well below the 40 year average of 2.4%. In other words,the case is stronger than ever that President Bush's tax cuts, rather than creating a budget deficit,are fueling enonomic growth that is increasing federal revenues and shrinking the deficit. Now I think the real question should be whether the deficit will keep shrinking if the extravagant spending Democrats gain control not only of Congress but also the White House. The last time a Democratic President cut the deficit,he did it by raising taxes,not cutting them. [/ QUOTE ] If you print up lots of new money and inject it into the economy, tax revenues will go up. This is not a good thing.
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#5
08-26-2007, 02:59 PM
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Re: Shrinking Deficit
[ QUOTE ]
fueling enonomic growth [/ QUOTE ] I want to know you can even say our economy is growing. Times seem to be getting worse. Our dollar is worth less, people are losing their homes. What exactly is growing other than our money supply?
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#6
08-26-2007, 03:33 PM
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Re: Shrinking Deficit
[ QUOTE ]
[ QUOTE ] fueling enonomic growth [/ QUOTE ] I want to know you can even say our economy is growing. Times seem to be getting worse. Our dollar is worth less, people are losing their homes. What exactly is growing other than our money supply? [/ QUOTE ] Output?
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#7
08-26-2007, 03:41 PM
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Re: Shrinking Deficit
[ QUOTE ]
What exactly is growing other than our money supply? [/ QUOTE ]Pessimism.
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#8
08-26-2007, 03:45 PM
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Re: Shrinking Deficit
[ QUOTE ]
[ QUOTE ] [ QUOTE ] fueling enonomic growth [/ QUOTE ] I want to know you can even say our economy is growing. Times seem to be getting worse. Our dollar is worth less, people are losing their homes. What exactly is growing other than our money supply? [/ QUOTE ] Output? [/ QUOTE ]of what?
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#9
08-26-2007, 03:47 PM
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Re: Shrinking Deficit
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] fueling enonomic growth [/ QUOTE ] I want to know you can even say our economy is growing. Times seem to be getting worse. Our dollar is worth less, people are losing their homes. What exactly is growing other than our money supply? [/ QUOTE ] Output? [/ QUOTE ]of what? [/ QUOTE ] Goods and services.
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#10
08-26-2007, 03:48 PM
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Re: Shrinking Deficit
Really, manufacturing? Do you have a link? And I don't give a [censored] about our output of hamburgers and customer service jobs.
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Linear Mode
