2012 fiscal year is in the books. Deficit fell by $200 billion from 2011.

http://www.cbo.gov/publication/43656

The federal government’s fiscal year 2012 has come to a close, and CBO estimates that the federal budget deficit for the year was about $1.1 trillion, approximately $200 billion lower than the shortfall recorded in 2011. The 2012 deficit was equal to 7.0 percent of gross domestic product, CBO estimates, down from 8.7 percent in 2011, 9.0 percent in 2010, and 10.1 percent in 2009, but greater than in any other year since 1947. CBO’s deficit estimate is based on data from the Daily Treasury Statements; the Treasury Department will report the actual deficit for fiscal year 2012 later this month.

boards of FL wrote:http://www.cbo.gov/publication/43656

The federal government’s fiscal year 2012 has come to a close, and CBO estimates that the federal budget deficit for the year was about $1.1 trillion, approximately $200 billion lower than the shortfall recorded in 2011. The 2012 deficit was equal to 7.0 percent of gross domestic product, CBO estimates, down from 8.7 percent in 2011, 9.0 percent in 2010, and 10.1 percent in 2009, but greater than in any other year since 1947. CBO’s deficit estimate is based on data from the Daily Treasury Statements; the Treasury Department will report the actual deficit for fiscal year 2012 later this month.

"but greater than in any other year since 1947"

Yes, our wonderful politicians are doing so well.

nochain wrote:"but greater than in any other year since 1947"

Yes, our wonderful politicians are doing so well.

That sentence is telling you that the budget deficit in terms of % of GDP has decreased each year since 2009.

I think it's only because he's had a Congress that wouldn't approve of his budget for the last couple of years.

boards of FL wrote:

nochain wrote:"but greater than in any other year since 1947"

Yes, our wonderful politicians are doing so well.

That sentence is telling you that the budget deficit in terms of % of GDP has decreased each year since 2009.

You somehow reason that with GDP growth moving up like frozen molasses things are just great? I see.

does that include what the fed prints?

nochain wrote:

boards of FL wrote:

nochain wrote:"but greater than in any other year since 1947"

Yes, our wonderful politicians are doing so well.

That sentence is telling you that the budget deficit in terms of % of GDP has decreased each year since 2009.

You somehow reason that with GDP growth moving up like frozen molasses things are just great? I see.

If GDP growth is expanding like frozen molasses, and the annual budget deficit stated as a % of GDP is falling...

boards of FL wrote:http://www.cbo.gov/publication/43656

The federal government’s fiscal year 2012 has come to a close, and CBO estimates that the federal budget deficit for the year was about $1.1 trillion, approximately $200 billion lower than the shortfall recorded in 2011. The 2012 deficit was equal to 7.0 percent of gross domestic product, CBO estimates, down from 8.7 percent in 2011, 9.0 percent in 2010, and 10.1 percent in 2009, but greater than in any other year since 1947. CBO’s deficit estimate is based on data from the Daily Treasury Statements; the Treasury Department will report the actual deficit for fiscal year 2012 later this month.

chinese money is still chinese money...so we should be glad? Idiotic.

PACEDOG#1 wrote:chinese money is still chinese money...so we should be glad? Idiotic.

You should use this information in the polling booth when you cast your vote for president. The deficit that Obama inherited has been reduced in terms of % of GDP each year, and was cut by $200 billion in 2012.

boards of FL wrote:

PACEDOG#1 wrote:chinese money is still chinese money...so we should be glad? Idiotic.

You should use this information in the polling booth when you cast your vote for president. The deficit that Obama inherited has been reduced in terms of % of GDP each year, and was cut by $200 billion in 2012.

Yes, let's just continue to borrow money...NOT

PACEDOG#1 wrote:

boards of FL wrote:

PACEDOG#1 wrote:chinese money is still chinese money...so we should be glad? Idiotic.

You should use this information in the polling booth when you cast your vote for president. The deficit that Obama inherited has been reduced in terms of % of GDP each year, and was cut by $200 billion in 2012.

Yes, let's just continue to borrow money...NOT

Yes. Better is the policy to cut taxes across the board by 20%, effectively adding $500 billion to the deficit each year.

boards of FL wrote:

PACEDOG#1 wrote:

boards of FL wrote:

PACEDOG#1 wrote:chinese money is still chinese money...so we should be glad? Idiotic.

You should use this information in the polling booth when you cast your vote for president. The deficit that Obama inherited has been reduced in terms of % of GDP each year, and was cut by $200 billion in 2012.

Yes, let's just continue to borrow money...NOT

Yes. Better is the policy to cut taxes across the board by 20%, effectively adding $500 billion to the deficit each year.

Selective listening on your behalf.

PACEDOG#1 wrote:

boards of FL wrote:

PACEDOG#1 wrote:

boards of FL wrote:

PACEDOG#1 wrote:chinese money is still chinese money...so we should be glad? Idiotic.

You should use this information in the polling booth when you cast your vote for president. The deficit that Obama inherited has been reduced in terms of % of GDP each year, and was cut by $200 billion in 2012.

Yes, let's just continue to borrow money...NOT

Yes. Better is the policy to cut taxes across the board by 20%, effectively adding $500 billion to the deficit each year.

Selective listening on your behalf.

We're all still waiting on the other half of the equation here. I think everyone gets the cut part. How that will be offset is still anyone's guess. So until idea is specifically articulated...coughBScough

PACEDOG#1 wrote:

boards of FL wrote:http://www.cbo.gov/publication/43656

The federal government’s fiscal year 2012 has come to a close, and CBO estimates that the federal budget deficit for the year was about $1.1 trillion, approximately $200 billion lower than the shortfall recorded in 2011. The 2012 deficit was equal to 7.0 percent of gross domestic product, CBO estimates, down from 8.7 percent in 2011, 9.0 percent in 2010, and 10.1 percent in 2009, but greater than in any other year since 1947. CBO’s deficit estimate is based on data from the Daily Treasury Statements; the Treasury Department will report the actual deficit for fiscal year 2012 later this month.

Chinese money is still Chinese money...so we should be glad? Idiotic.

Actually China is buying less and less of our debt. Our own treasury is now buying their own debt. Don't forget they are also buying $40 BILLION of mortgages from Fannie and Freddie EACH MONTH until the economy comes back. With the current administration, that could take us decades down the road.

boards of FL wrote:

PACEDOG#1 wrote:

boards of FL wrote:

PACEDOG#1 wrote:chinese money is still chinese money...so we should be glad? Idiotic.

You should use this information in the polling booth when you cast your vote for president. The deficit that Obama inherited has been reduced in terms of % of GDP each year, and was cut by $200 billion in 2012.

Yes, let's just continue to borrow money...NOT

Yes. Better is the policy to cut taxes across the board by 20%, effectively adding $500 billion to the deficit each year.

How is it that cutting taxes in the past has led to lower unemployment and much higher revenues?

President Barack Hussein Obama has not cut any taxes, he mailed out checks to everyone who turned in a return whether they paid taxes or not and called it a tax cut. How dumb does President Obama think we are...? Oh that's right, he's thinking of his base.

boards, I cant beleive you are trying to spin this monster deficit as good. shame shame.
------------------------

A new estimate puts the deficit for the just-completed 2012 budget year at $1.1 trillion, the fourth straight year of trillion dollar deficits on President Barack Obama’s watch

The President’s reckless spending habits have burdened the American people with another $5.4 trillion in debt while failing to bring a real recovery for the 23 million Americans struggling for work or the 15 percent of Americans living in poverty

-----------------


President Obama: The Biggest Government Spender In World History

After just one year of the Obama spending binge, federal spending had already rocketed to 25.2% of GDP, the highest in American history except for World War II. That compares to 20.8% in 2008, and an average of 19.6% during Bush’s two terms. The average during President Clinton’s two terms was 19.8%, and during the 60-plus years from World War II until 2008 — 19.7%. Obama’s own fiscal 2013 budget released in February projects the average during the entire 4 years of the Obama Administration to come in at 24.4% in just a few months. That budget shows federal spending increasing from $2.983 trillion in 2008 to an all time record $3.796 trillion in 2012, an increase of 27.3%.



http://www.forbes.com/sites/peterferrara/2012/06/14/president-obama-the-biggest-government-spender-in-world-history/2/

spin it. History will reveil the truth.

I wonder how much spending occured that was not passed through congress?

again... do any of your numbers include what the fed has printed during this term?

i wonder if our debt will cripple us before hyperinflation hits? the good news is that they prolly won't be far apart. china and russia appear less and less interested in what we are peddling as currency.

PkrBum wrote:again... do any of your numbers include what the fed has printed during this term?

i wonder if our debt will cripple us before hyperinflation hits? the good news is that they prolly won't be far apart. china and russia appear less and less interested in what we are peddling as currency.

here's what i found on that pkr. I dont think it adds to the deficit, i think it makes our money worth less and causes inflation, but they risk that in order to spend money that isnt borrowed and going into the deficit because the deficit has a higher interest rate. thats my pee brain conclusion
--------------------------------------

The Federal Reserve, the United States central bank, has “printed” more than $2 trillion since the global economic crisis began in 2008. This has more than tripled the size of its balance sheet. Before this spree of paper money creation began, the Fed held $950 billion in assets; now it holds nearly $3 trillion

First, it allowed the US government to finance $4 trillion of budget deficits (over three years) at extremely low interest rates. How did that work? The Fed created $2 trillion from thin air and used it to buy government bonds and other debt instruments (mostly mortgage-backed securities) from the market. The people from whom they bought the bonds then had $2 trillion in cash

http://www.richdad.com/Resources/Rich-Dad-Financial-Education-Blog/April-2012/When-The-Fed-Prints-Money,-What-Impact-Does-It-Hav.aspx

this is a good link too for info
http://www.federalbudget.com/

this info doesnt include QE3 where they are printing $40 NILLION a month to buy up more morgages and bank stuff?

thank you (but i knew the answer). the big picture trees/forrest isn't even of interest to an economic student.

we don't stand a chance.

PkrBum wrote:thank you (but i knew the answer). the big picture trees/forrest isn't even of interest to an economic student.

we don't stand a chance.

I see what you mean now that I have looked.

so couple all this air money which is almost as much as the last 4 years deficit, thats a lot of dame money

and it said that before all this the fed was only holding 850billion assets

so weve not only spent/borrowed a huge amount of money and run up the deficit, we have this federal reserve amount to deal with to.

who pays the federal reserve back? US by inflation right? help me out on this, im just a infant.

there's talk that the fed reserve may have sent even more to europe... our tether to that system may be the next big hit.

but it's not all... our monetary policy and govt are creating bubbles left and right. we'll know it's a full crumble when states require bailouts to sustain city bailouts and down. the greeks are rioting over austerity measures at this point because they think austerity has caused the economic downturn. it's a total disconnect from the reality and resent history of spending more than their means. someone smart once said something like:"if you live beyond your means... sooner or later you must live beneath your means".

PkrBum wrote:there's talk that the fed reserve may have sent even more to europe... our tether to that system may be the next big hit.

but it's not all... our monetary policy and govt are creating bubbles left and right. we'll know it's a full crumble when states require bailouts to sustain city bailouts and down. the greeks are rioting over austerity measures at this point because they think austerity has caused the economic downturn. it's a total disconnect from the reality and resent history of spending more than their means. someone smart once said something like:"if you live beyond your means... sooner or later you must live beneath your means".

I agree, its worrisome. we must prepare for a fallout. need plan B

and it is already starting to look like some austerity measures are being takin here, they are cutting pensions in a few states. and they need to, the damn fed pensions cost more than everything else.

boards of FL wrote:

PACEDOG#1 wrote:

boards of FL wrote:

PACEDOG#1 wrote:

boards of FL wrote:

PACEDOG#1 wrote:chinese money is still chinese money...so we should be glad? Idiotic.

You should use this information in the polling booth when you cast your vote for president. The deficit that Obama inherited has been reduced in terms of % of GDP each year, and was cut by $200 billion in 2012.

Yes, let's just continue to borrow money...NOT

Yes. Better is the policy to cut taxes across the board by 20%, effectively adding $500 billion to the deficit each year.

Selective listening on your behalf.

We're all still waiting on the other half of the equation here. I think everyone gets the cut part. How that will be offset is still anyone's guess. So until idea is specifically articulated...coughBScough

ANYONE BUT OBAMA. From a line of Pelosi-"We have to pass the bill (Obamacare) to see what's in it." Well, "we have to elect this person to see what he can do." He damn sure can't do WORSE than the 21st century Jimmy Carter.

PkrBum wrote:again... do any of your numbers include what the fed has printed during this term?

The numbers include that which was received from tax revenue and that which was spent.

Markle wrote:How is it that cutting taxes in the past has led to lower unemployment and much higher revenues?

In recent times they haven't. Tax revenues fell off a cliff after the Bush tax cuts. This helped turn our surplus into the ballooning deficit that it is today. Further, there was no net job creation over the 8 year Bush presidency.

That I have to tell you this seemingly once per week is beyond bizarre.

Now, Markle, go open your word document that stores your canned talking points, search for "tax cuts", and then copy and paste your already refuted line that talks about "RECORD REVENUES".