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Author: Subject: Deficit News - Hello Greece

Zen Peach





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  posted on 5/12/2010 at 08:44 PM
quote:
http://www.reuters.com/article/idUSTRE64B53W20100512


The United States posted an $82.69 billion deficit in April, nearly four times the $20.91 billion shortfall registered in April 2009 and the largest on record for that month, the Treasury Department said on Wednesday.


It was more than twice the $40-billion deficit that Wall Street economists surveyed by Reuters had forecast and was striking since April marks the filing deadline for individual income taxes that are the main source of government revenue.

Department officials said that in prior years, there was a surplus during April in 43 out of the past 56 years.

The government has now posted 19 consecutive monthly budget deficits, the longest string of shortfalls on record.

For the first seven months of fiscal 2010, which ends September 30, the cumulative budget deficit totals $799.68 billion, down slightly from $802.3 billion in the comparable period of fiscal 2009.

Outlays during April rose to $327.96 billion from $218.75 billion in March and were up from $287.11 billion in April 2009. It was a record level of outlays for an April.

Department officials noted there were five Fridays in April this year, which helped account for higher outlays since most tax refunds are issued on that day.

But for the first seven months of the fiscal year, outlays fell to $1.99 trillion from $2.06 trillion in the comparable period of fiscal 2009, partly because of repayments by banks of bailout funds they received during the financial crisis.

Receipts in April -- mostly from income taxes -- were $245.27 billion, up from $153.36 billion in March but lower than the $266.21 billion taken in during April 2009.

Receipts from individuals, who faced an April 15 filing deadline for paying 2009 taxes, fell to $107.31 billion from $137.67 billion in April 2009.

The U.S. full-year deficit this year is projected at $1.5 trillion on top of a $1.4 trillion shortfall last year.

White House budget director Peter Orszag told Reuters Insider in an interview on Wednesday that the United States must tackle its deficits quickly to avoid the kind of debt crisis that hit Greece.


 

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Zen Peach



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  posted on 5/12/2010 at 09:18 PM
Bush's fault.

 

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Zen Peach



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  posted on 5/12/2010 at 09:35 PM
quote:
Bush's fault.


Thank you.

 

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Extreme Peach



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  posted on 5/12/2010 at 09:46 PM
quote:
quote:
--------------------------------------------------------------------------- -----
Bush's fault.
--------------------------------------------------------------------------- -----
Really? Take a road trip:

http://www.youtube.com/watch?v=P5yxFtTwDcc



 

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Zen Peach



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  posted on 5/12/2010 at 11:43 PM
Greece is the unfortunate example of overblown liberalism and reliance on government. And remember, these exploding deficits don't include the CBO saying that Obama's programs will add $9.7 TRILLION to the deficit on their own, which doesn't count the big bucks we'll apparently be sending to Greece. Still no sign of the presidential veto.

 

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Zen Peach



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  posted on 5/13/2010 at 12:19 AM
Nothing is like you think it is, TDs. But good to see you boys still following me around and fighting for that back beltloop. I guess I should consider it as compliment. And heck, we might even get an entertaining meltdown out of the deal. Roll on with it.

Meanwhile, according to todays NBC/Wall Street Journal poll, the plan is working just fine;

http://blogs.wsj.com/washwire/2010/05/12/wsjnbc-poll-does-the-two-party-sys tem-work/

 

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Zen Peach



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  posted on 5/13/2010 at 05:04 AM
In true WP tradition the topic of the thread is ignored (because it can't be defended) and the poster is attacked.

 

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World Class Peach



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  posted on 5/13/2010 at 07:45 AM
These are not the rantings of a lunatic. We are spending money at an unprecedented pace - the future is no more promising for the US than Western Europe as both age and entitlements grow. The NY Times (a liberal paper if there ever was one) had an article on this this week.

Trickle down (the concept that allowing the wealthy to accumulate everything hoping it will enrich the poor) was a disaster. The idea that spending more will ultimately save money is a concept that my 14 year old daughter tries to pawn off on me. This will also be a disaster. Unless pensions (public sector) are brought into line with reality we will be down the tubes.

When Bill Bradley had a short lived run for the presidency (?12 years ago) he said things like you have to spend within your means. He lasted about 12 days on the campaign trail - no one wants to hear the truth.

The truth now is that in order to get our house in order taxes must rise while entiltlements must be reigned in. Businesses must pay a living wage (not like Walmart and McDonalds) to people. If this puts us at a global disadvantage we have to suck it up and make it difficult for people who make tainted goods put together by 12 year olds in sweatshops to sell them here.

 

Zen Peach



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  posted on 5/13/2010 at 08:32 AM
quote:
In true WP tradition the topic of the thread is ignored (because it can't be defended) and the poster is attacked.




In true WP tradition, one of the resident conservatives couldn't care less about the issue of the topic as long as it bags on liberals.

 

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Maximum Peach



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  posted on 5/13/2010 at 08:35 AM
quote:
.......no one wants to hear the truth.......


I know I don't, all the time that is....

 

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  posted on 5/13/2010 at 08:45 AM
quote:
quote:
.......no one wants to hear the truth.......


I know I don't, all the time that is....


Toquote Jack Nicholson
"You can't handle the truth"

 

Maximum Peach



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  posted on 5/13/2010 at 09:04 AM
The lessons of Greece are ones we're almost certain to follow. We're just a bit further back on the road currently, but we're traveling the same path. Changing that direction means accepting measures of austerity now that I'm sure most Americans would not be comfortable with.

Since we have no leadership honest enough with the people to clearly spell out just how massive the problem is (excepting Chris Christie in NJ), we have a long climb to reach a point where our citizens are properly informed. And at this point, given the stern measures that would be necessary to avoid failure, I can't really blame most politicians for not wanting to lead this charge. Few have faced such challenges, since most alive now have never known such a grave set of conditions. No wonder so many are choosing retirement.

A few things that must be dealt with...

- Change foreign policy and reverse our interventionist activities. We can't afford the trillion dollar wars, the billion dollar embassies, the 800+ military bases on foreign shores, or questionable foreign aid.

- Change our military from an offensive posture to a defensive one in support of the foreign policy changes. This might not save as much as some think, since we'd have to beef up missile defenses, port security, and rapid-response capability. The threat of a strong and swift response must still be maintained for our security to be meaningful.

- Reverse our Federal tax system from one that punishes savings and investment to one that rewards it. Tax spending, not income, via the Fair Tax proposal. Shut down the IRS, stop taxing business and investment, repeal the 16th amendment, and make the true cost of the Federal govt transparent to all.

- Confront public-sector unions at all levels of govt and cut back now on pension and retirement health benefits that are currently not fully funded. These are a tidal wave of future fiscal commitments that we can not afford. Deal with them now, or watch them crumble like they are in Greece - with no doubt similar outcomes. The retirement benefits of the public-sector worker are so vastly out of proportion when compared against that of the private-sector worker who is paying for it all, it can no longer be rationalized.

- In a similar vein, the salaries of public sector workers must be reviewed for cuts and shrinkage of the overall workforce.

- Review the financing of the Pension Benefit Guaranty Corporation and insure that no Federal tax revenue is used to support this effort. If it can fund itself from fees on those who have defined retirement benefits, fine. But the small percentage of workers with such programs (many of them unionized) should not expect the taxpayer to foot the bill for their retirement benefits.

- Since the ObamaCare effort did nothing to help reduce the underlying cost structure of health care, a new effort must be undertaken to do just that. We can not continue to afford to have 17% of our GDP swallowed up by health care costs while most other developed nations are spending 8-12%.

- Devolve power from Washington to the states on programs that are not Constitutionally mandated. If "too big to fail" was so harmful to us from the Wall St. perspective, why do we think the outcome will be any different when govt builds similar structures? Things like Social Security and Medicare should be run from a state level, should the citizens there chose to do so. This move would afford us the opportunity to revamp these programs, try new ideas, and have multiple experiments running concurrently to seek the best answers.

 

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Zen Peach



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  posted on 5/13/2010 at 09:09 AM
quote:
Since we have no leadership honest enough with the people to clearly spell out just how massive the problem is (excepting Chris Christie in NJ), we have a long climb to reach a point where our citizens are properly informed. And at this point, given the stern measures that would be necessary to avoid failure, I can't really blame most politicians for not wanting to lead this charge. Few have faced such challenges, since most alive now have never known such a grave set of conditions. No wonder so many are choosing retirement.


If the President came out and said how serious the problem is, you'd second guess him and call bull$hit on his motives and then lament that there isn't a politician on Earth than can do anything about it anyway.

Our citizens aren't properly informed? Really? I am. You are. Plenty of people are.

quote:
Devolve power from Washington to the states on programs that are not Constitutionally mandated. If "too big to fail" was so harmful to us from the Wall St. perspective, why do we think the outcome will be any different when govt builds similar structures?


So "too big to fail" was legit after all?

 

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Maximum Peach



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  posted on 5/13/2010 at 09:09 AM
Oh boy, I see NONE of the above happening any time soon, so ... what other options you got?

 

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  posted on 5/13/2010 at 09:09 AM
Orszag is worried about debt?. More recently he had to be told by Gregg regarding using TARP as a slush fund, for lack of a better term, once reciepts were taken in from TARP. Gregg had to remind him about the law, which Gregg wrote, that says that receipts from TARP had to go into paying off the debt. Now he is worried about the debt.

It’s almost like everyone in DC (not just this administration) thinks this country has some force field around it, and that something like the situation in Greece could never happen here. If we continue to go down the path we are on, we will find ourselves in a similar position. The spending needs to stop.

 

Zen Peach



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  posted on 5/13/2010 at 09:14 AM
quote:
Oh boy, I see NONE of the above happening any time soon, so ... what other options you got?


We could have another Fiscal Responsibility Summit.

 

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Zen Peach



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  posted on 5/13/2010 at 09:16 AM
quote:
Oh boy, I see NONE of the above happening any time soon, so ... what other options you got?


Elect Republicans to every office in DC on a permanent basis. That will fix everything, forever.

 

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Maximum Peach



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  posted on 5/13/2010 at 09:33 AM
quote:
That will fix everything, forever.


You mean even the Islanders would get a new arena? I'm all for it!!

 

Maximum Peach



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  posted on 5/13/2010 at 09:34 AM
And building upon that, if it means my damn IRA goes back to its former self, I am all for it too.

 

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Zen Peach



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  posted on 5/13/2010 at 09:35 AM
quote:
quote:
That will fix everything, forever.


You mean even the Islanders would get a new arena? I'm all for it!!


Everything. Every wish everyone has ever had.

 

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Zen Peach



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  posted on 5/13/2010 at 09:36 AM
quote:
And building upon that, if it means my damn IRA goes back to its former self, I am all for it too.


I thought entities that control such things should have been allowed to fail anyway?

 

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Zen Peach



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  posted on 5/13/2010 at 10:27 AM
quote:
It’s almost like everyone in DC (not just this administration) thinks this country has some force field around it, and that something like the situation in Greece could never happen here. If we continue to go down the path we are on, we will find ourselves in a similar position. The spending needs to stop.



Absolutely true. Once again, even the EU has pushed for Greece to privatize more of their health care system. And those problems are hitting the U.K. and Spain right now as well.

 

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Maximum Peach



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  posted on 5/13/2010 at 10:31 AM
quote:
If the President came out and said how serious the problem is, you'd second guess him and call bull$hit on his motives and then lament that there isn't a politician on Earth than can do anything about it anyway.
Another baseless charge you'd love to believe in order to stay comfy in a politically polarized environment.

I'd give him credit when due on economic matters. I have no stake in either party, so why should I care who it is that finally acts responsibly. I continue to hope that some time in his Presidency that will happen. So far there's little evidence to buttress that hope, but who knows?

How about if he just acted in accordance with so much of what he said about spending control, fiscal discipline, and concern over deficits when he was candidate Obama?

As to most citizens knowing how bad our country's fiscal conditions really are, you and I (as political junkies) are a long way from representing the average. I'll stick by my assessment.

http://www.youtube.com/watch?v=19v5Kjmc8FI

 

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so the original uninsured can be insured for free.

 

Zen Peach



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  posted on 5/13/2010 at 10:42 AM
quote:
Another baseless charge you'd love to believe in order to stay comfy in a politically polarized environment.


Baseless?

You've second guessed everything. Every single thing. You don't believe in anything he's ever done or said and you remind us all several times a day, every day, that government is inept and useless. Some days I think you're at heart an anarchist.

Fine by me if you want to think that. Makes no difference to me, it's just funny how you then reject all of that when someone concludes that's where you are coming from every day.

It's not baseless. I've just been listening to you over the years.

As far as being comfy in a politically polarized environment, comfy is not the word I'd use. I'd use the world realistic.

 

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Maximum Peach



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  posted on 5/13/2010 at 10:50 AM
quote:
Hey Jim, Fred Wilpon, who owns the Mets, is talking to the Islanders about building an arena by Citi Field.


I heard that, and as a Mets fan as well (could I possibly pick worse teams?), I nearly threw myself out of the window. I have been secretly (not anymore I guess) cheering for the Mets to lose so the Wilpons lose so much money they will have to sell the team. Where have I seen that, oh Slapshot and Major League!! The Wilpons are awful. Sorry, back to the thread…………….

 
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