Budget Deficit Drops to $250 Billion

[Rearden]

"The federal budget deficit estimate for the fiscal year just completed has dropped to $250 billion, congressional estimators said Friday, as the economy continued to fuel impressive tax revenues."

http://www.forbes.com/infoimaging/feeds/ap/2006/10/06/ap3072862.html

[RallyJon]

So let me get this straight: boob-Bush can stumble into a lower deficit just like sublime-statesman-economic-genius-Clinton? How can this be? It's almost like our crazy economy has a mind of its own and isn't controlled by the White House at all. Go figure.

Oh nevermind, the data is from Congressional Estimators.

[HardDrive]

I don't understand how any sane person could view this as good news.

"We thought we were f*cking future generations to the tune of $318 billion dollars, but it turns out its only $250 billion. Of course we are still $2.5 TRILLION in the hole to the communist Chinese......c'est la vie!!!"

[Saab Pilot]

Originally posted by HardDrive

"We thought we were f*cking future generations to the tune of $318 billion dollars, but it turns out its only $250 billion. . . .

Well, I don't understand how any sane person could view all of the US production, innovation, discovery and safegarding against genocidal despots, as " f*cking future generations."

Do you feel your father/grandfathers screwed you by entering into WWII? Did you not get enough stuff?

[Moneyguy1]

Gasoline, not too long ago was averaging just over $1.60 a gallon. Jumped to well over $3.00 a gallon and has dropped back to somewhere about $2.30. How many people think this is a great event or do most realize that $2.30 is still higher than $1.60? The point? A deficit is still a deficit. And it is still growing. Saying that it is growing at a slower rate may be true, but the effect is still cumulative.

[HardDrive]

Originally posted by Saab Pilot
Well, I don't understand how any sane person could view all of the US production, innovation, discovery and safegarding against genocidal despots, as " f*cking future generations."

Do you feel your father/grandfathers screwed you by entering into WWII? Did you not get enough stuff?

What in the world are you blathering on about? This country never ran a deficit until the 1970s, a solid 30 years after WWII.

"safeguarding against genocidal despots" LMFAO!!!!!!!!!!!!

Ummmmmm...are you serious? How many genocidal despots have we put in power?

[turbo6bar]

The deficit is only one piece of the whole story. If you consider SS obligations and other Federal retirement programs, the total deficit or debt grows to just under $600 billion per year. When boomers begin retiring in mass, Social Security receipts will fall below pay-outs, and then we'll really start to see the deficit grow.

I think we can still reel in this problem, but it will take responsible leadership. I'd be happy to simply see a balanced budget. Inflation can fix our current debt total.

[red-beard]

Originally posted by HardDrive
What in the world are you blathering on about? This country never ran a deficit until the 1970s, a solid 30 years after WWII.

Have to disagree, but the last true balanced budget, where it was balanced and we didn't steal the Social Security funds, was in the 1950's under Eisenhower. While the budget was "balanced" in the 1990's for a couple of years, it really still ran a deficit if you include the SS obligations, that weren't being funded.

The Social Security fund raiding started with Johnson in the 1960's.

As far as the national debt is concerned, it is the reason I voted for Big Ears in 1992. He was the only candidate in recent history to present not a "Balanced Budget" plan, but a debt reduction plan.

[Rearden]

Originally posted by Wayne at Pelican Parts
Clinton shut down the Government twice because he didn't want to sign the Republican's bloated budget. I hardly say that was by accident.

Man, people have short memories...

-Wayne

That's not what happened. The Republican congress had a spending bill that would have caused some Medicare recipients to pay higher premiums or copayments than they had. Clinton refused to sign the bill. The government was shut down because the Congress refused to pass temporary spending authorizations.

The Republican budget wasn't bloated, it just cut too much in areas Clinton didn't agree with. Eventually, a compromise was reached.

[fastpat]

Originally posted by RallyJon
So let me get this straight: boob-Bush can stumble into a lower deficit just like sublime-statesman-economic-genius-Clinton? How can this be? It's almost like our crazy economy has a mind of its own and isn't controlled by the White House at all. Go figure.

Oh nevermind, the data is from Congressional Estimators.

Just like Clinton, they're doing it with smoke and mirrors. There was never a balanced budget under Clinton and there's not going to be one under the current spend thrift president either.

Yes, I know it's hard to grasp, but they're lying about it.