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David G
10-15-2014, 12:08 PM
And yet... thanks to the efforts of the lying partisan-uber-alles propagandists on the right... most people still seem to believe that the deficit is getting worse.


Remember when the federal budget deficit was all anyone in Washington could talk about? Some people (including yours truly) thought jobs and wages more important. Well, they still are. According to today’s report from the Treasury, the deficit plunged by roughly a third both in actual dollars and as a share of the economy in fiscal year 2014 (which ended September 30). The deficit is now 2.8% of gross domestic product, down from 4.1% last year. That’s below the 40-year average. What happened? Tax receipts grew 9%, partly because more people now have jobs and pay more taxes, but mainly because people at the top are making vastly more money and their tax bills have increased.


Meanwhile, we’ve cut spending on such things as unemployment insurance benefits, education, and housing, as well as defense. Only 28 percent of jobless Americans now get unemployment benefits, for example. And we still need tens of thousands of people to repair and upgrade our crumbling roads, bridges, and water and sewage systems. So is it finally time to focus on jobs and wages? -- Robert Reich

RonW
10-15-2014, 12:17 PM
What is the Deficit?
Deficit: The amount by which the government’s total budget outlays exceeds its total receipts for a fiscal year. —US Senate Budget Committee
This year, FY 2014, the federal government in its budget estimated that the deficit will be $649 billion.
Recent US Federal Deficit Numbers

Obama Deficits
FY 2015*: $564 bln
FY 2014*: $649 bln
FY 2013: $680 bln
FY 2012: $1,087 bln
FY 2011: $1,300 bln
FY 2010: $1,294 bln Bush Deficits
FY 2009†: $1,413 bln
FY 2008: $458 bln
FY 2007: $161 bln
FY 2006: $248 bln
FY 2005: $318 bln
for more years click here.

http://www.usgovernmentdebt.us/federal_deficit

Just the fact, just the facts.............

RonW
10-15-2014, 12:18 PM
What is the Deficit?
Deficit: The amount by which the government’s total budget outlays exceeds its total receipts for a fiscal year. —US Senate Budget Committee
This year, FY 2014, the federal government in its budget estimated that the deficit will be $649 billion.
Recent US Federal Deficit Numbers

Obama Deficits
FY 2015*: $564 bln
FY 2014*: $649 bln
FY 2013: $680 bln
FY 2012: $1,087 bln
FY 2011: $1,300 bln
FY 2010: $1,294 bln Bush Deficits
FY 2009†: $1,413 bln
FY 2008: $458 bln
FY 2007: $161 bln
FY 2006: $248 bln
FY 2005: $318 bln
for more years click here.

http://www.usgovernmentdebt.us/federal_deficit

Just the fact, just the facts.............

ljb5
10-15-2014, 12:31 PM
http://www.usgovernmentdebt.us/federal_deficit

Just the fact, just the facts.............

I think you may have missed some of the facts.

https://www.google.com/search?q=deficit+news&oq=deficit+news

Your FY 2014 projection is off by $166 Billion.

David G
10-15-2014, 01:05 PM
Did someone mention lying partisan-uber-alles propagandists from the right?

RonW
10-15-2014, 01:07 PM
nope..

TomF
10-15-2014, 01:18 PM
When the meme is that all mainstream news sources, all government news sources, all international news sources are part of a Liberal cabal funded to take away your freedom and disguise corruption ... then all that remains is inside the bubble.

Waddie
10-15-2014, 01:28 PM
We're in an economy whose growth is driven by debt, both government and private. The deficit may be less, but there still is a large annual deficit and the debt total continues to grow, both here and world wide. The enabler for all this debt here is cheap money provided by the Fed. That money enters the system by way of the 1%'ers, and only a small portion trickles down to the masses, through credit cards (with exorbitant rates) and other credit mechanisms, but not through wage growth or real economic productivity gains.

This system is a house of cards. When the vast proportion of jobs created are lower paying jobs (replacing higher paying jobs, which we are still losing), the long term outlook can't be positive. Student loan debt is crushing the ability of the next generation to contribute to the economy. 50% of recent college grads now work in jobs that traditionally do not require a college diploma. They are already in debt and use more debt to meet day to day expenses. Older people want to retire and some do, but many have to keep working, even at lower paying jobs. This demographic double whammy is not a formula for a sustainable economy. Add in widespread automation (computers don't pay taxes nor are they consumers), and real prosperity is hard to come by.

The answer is to re-think the growth model of economics as the cure-all for ailing economies. We already produce enough food to feed everybody. We produce enough consumer goods and housing that everyone can live a decent life. We produce plenty of energy. Producing isn't the issue. Without resorting to government re-distribution, which would be a disaster, how can we do a better job of distributing the abundance we already create? Hint; raising the minimum wage is not the answer.

regards,
Waddie

Norman Bernstein
10-15-2014, 01:36 PM
. Hint; raising the minimum wage is not the answer.


If you don't know the answer, then how do you know that raising the minimum wage isn't it... or part of it?

Even big corporations are recognizing that their biggest sales problems come from low consumer spending, high unemployment, and flat or falling disposable incomes.

I've been saying it for years: the real job creators are consumers, not entrepreneurs or billionaires. Sorry for the outrageous font size, but sometimes it takes a bit of 'shouting' to get a critical point across.



It's not just middle-class America that is feeling the crunch of dismal wages and stubborn unemployment levels. Even the corporations that sign the paychecks say workers aren't making enough money.

Sixty-eight percent of the top 100 retail companies in the U.S. -- a group that includes, Walmart, Apple, McDonald's and J.C. Penney -- say the country's stagnant wages pose a major threat to their bottom lines, according to a new report by the Center For American Progress (http://cdn.americanprogress.org/wp-content/uploads/2014/10/CorporateMiddleOut_report3.pdf), a left-leaning think tank.

Researchers analyzed the most recent SEC 10-K filings of the largest 100 retailers in the country and found that more than two-thirds of these corporations issued warnings to investors that profits could be hampered by flat wages, high unemployment and low consumer spending. The trend is hammering companies that target high-income customers, like Whole Foods and Dillard's, and those that market to low-income shoppers, like Dollar General and T.J. Maxx, according to the report.

The researchers pointed out that only half as many top 100 retailers identified flat wages as a business risk in 2006, the year before the Great Recession.

"Both corporate America and our relentlessly squeezed middle class are stuck in a vicious cycle of low wages and low demand, an economic crisis that trickle-down solutions can never fix," wrote Brendan V. Duke and Ike Lee, authors of the CAP report.

http://i.huffpost.com/gen/2166546/thumbs/o-RETAILERS-CONCERNED-570.jpg?6

Too Little Time
10-15-2014, 01:41 PM
Many people may well confuse the terms debt and deficit. Most people don't use those words in describing their personal lives.


For most people any personal deficit is bad. And looking out at a decade of deficits is rally bad for an individual.


Perhaps you could discuss if deficits far into the future are good or bad. I will stake my claim: Personal financial wealth is growing faster than the national debt. That means if we delay paying off the debt, we can pay it with a smaller percentage of personal wealth. More debt is good.

hanleyclifford
10-15-2014, 01:57 PM
Many people may well confuse the terms debt and deficit. Most people don't use those words in describing their personal lives.


For most people any personal deficit is bad. And looking out at a decade of deficits is rally bad for an individual.


Perhaps you could discuss if deficits far into the future are good or bad. I will stake my claim: Personal financial wealth is growing faster than the national debt. That means if we delay paying off the debt, we can pay it with a smaller percentage of personal wealth. More debt is good. So is Kool - Aid.

hanleyclifford
10-15-2014, 02:00 PM
And yet... thanks to the efforts of the lying partisan-uber-alles propagandists on the right... most people still seem to believe that the deficit is getting worse.


Really, David - "partisan uber alles"? ;)

Keith Wilson
10-15-2014, 02:11 PM
Could we please ditch the silly analogies between an individual (a very small part of a very large economy) and a government (the single largest part of the economy). The thinking that applies to the former does not necessarily apply to the latter. When considering large chunks of the economy, feedback effects predominate - one's debt is another's income, one's employee is another's customer, one's tax bill is another's social security check, or defense contract, or paycheck. The deficit right now is lower than it was during the entire Reagan administration as a percentage of GDP, which is the only rational measure.


http://dattaman.com/wp-content/uploads/2014/05/Federal-Government-Deficit-Percent-GDP.jpg


http://3.bp.blogspot.com/-ccxOaz-W_p0/UsgZkuJp-jI/AAAAAAAAARM/UTNEklb75JA/s1600/USfederalspend.png

Gerarddm
10-15-2014, 02:17 PM
RonW's #2/3 reminds me of the old Disraeli comment about 'lies, damned lies, and then there are statistics'.

Too Little Time
10-15-2014, 05:18 PM
[QUOTE=Keith Wilson;4324417]Could we please ditch the silly analogies between an individual (a very small part of a very large economy) and a government (the single largest part of the economy). The thinking that applies to the former does not necessarily apply to the latter. When considering large chunks of the economy, feedback effects predominate - one's debt is another's income, one's employee is another's customer, one's tax bill is another's social security check, or defense contract, or paycheck. The deficit right now is lower than it was during the entire Reagan administration as a percentage of GDP, which is the only rational measure.[quoTE]

I explained why individuals might confuse the terms deficit and debt. You seem to object to a rational explanation. Why would you object to having a non-political answer? Perhaps because it is non-political.

Your comments in bold have nothing to do with either the debt or deficit. But it is a nice diversion.

But then you come up with these foolish percentage of GDP graphs. Making a claim it is rational tends to invalidate that claim.

The Wall Street Journal has a graph I like. (Top of the Page.) (I tied to link just the graphic, but ...)

2014 has the 6th worse deficit since 2000. Only the years 2009-2013 were worse.

http://online.wsj.com/articles/u-s-budget-deficit-in-2014-narrows-to-lowest-level-in-six-years-1413385493