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#881474 Mar 28, 2013
Economic Downturn and Legacy of Bush Policies Continue to Drive Large Deficits
Economic Recovery Measures, Financial Rescues Have Only Temporary Impact
Federal deficits and debt have been sharply higher under President Obama, but the evidence continues to show that the Great Recession, President Bushs tax cuts, and the wars in Afghanistan and Iraq explain most of the deficits that have occurred on Obamas watch based on the latest Congressional Budget Office projections as well as legislation enacted since we last issued this analysis of what lies behind current deficits and debt.
Though some lawmakers and pundits continue to blame record deficits on the Presidents policies in general and his actions to boost the economy and stabilize the financial system in particular these policies increase budget deficits only briefly; they will have no significant impact on the long-term problem of large deficits and rising debt.
The deficit for fiscal year 2009 which began almost four months before President Obama took office was $1.4 trillion and, at 10 percent of Gross Domestic Product (GDP), marked the largest deficit relative to the economy since the end of World War II. Annual deficits in 2010 through 2012, while slightly lower, each topped $1 trillion. If current policies remain in place, deficits are expected to range between $600 billion and $900 billion for the rest of this decade, reaching a low around 2015 before climbing again.
Although longer-term pressures on spending stem chiefly from an aging population and rising health-care costs, those pressures are not new. Policymakers knew about them when they enacted the Bush-era tax cuts and assented to fighting two wars on borrowed money.(These pressures also were taken into account in the Congressional Budget Office projections issued at the start of 2001, which showed budget surpluses for the next several decades.)
The goal of reining in long-term deficits and debt would be much easier to achieve if it were not for the policies set in motion during the Bush years. That eras tax cuts most of which policymakers extended in this years American Taxpayer Relief Act, with President Obamas support and the wars in Iraq and Afghanistan will account for almost half of the debt that we will owe, under current policies, by 2019. By contrast, the economic recovery measures and financial rescues will account for just over 10 percent of the debt at that time.
just the facts. that someone will try to explain away with nothing more an opinion gleaned from god knows where.
go ahead...i dare ya...cite 'god knows where'. or maybe 'everybody knows'. i've been waiting on that citation since 2009, and have yet to see it.
#881475 Mar 28, 2013
Oh geez I hope not lol
#881477 Mar 28, 2013
I think I know how Hamlet felt hanging around with the less than perfect memory of the long dead and the prescience to realize he would soon be among them. Your time is o'er, future prospects well drawn. The world will not long remember your innovative thinking and selfless dedication to... well, yourself, really.. tis clearly nobler to suffer the scorn of your fellows for the warmth which comes from climbing up the pyramid of broken bodkins towards the summit. That place where you alone are heralded for all you've accomplished by your own sweat and toil and sacrifice, and where the very corpses you've tread upwards on turn up their eyes to you and yell as one, "We who have succumbed that you might rise to the top of the heap, salute you." O' great industrialist, maker of pizzas and importer of cheap chinee crap, show us the light!
#881478 Mar 28, 2013
IF SCOTUS allows you to marry your boyfriend without restrictions, what will you bitch about next?
#881479 Mar 28, 2013
Tax Cuts, War Costs Do Lasting Harm to Budget Outlook
Some commentators blame major legislation adopted since 2008 the stimulus bill and other recovery measures and the financial rescues for todays record deficits. Yet those costs pale next to other policies enacted since 2001 that have swollen the deficit and that have lasting effects.
Just two policies dating from the Bush Administration tax cuts and the wars in Iraq and Afghanistan accounted for over $500 billion of the deficit in 2009 and will account for nearly $6 trillion in deficits in 2009 through 2019 (including associated debt-service costs of $1.4 trillion). By 2019, we estimate that these two policies will account for almost half over $8 trillion of the $17 trillion in debt that will be owed under current policies. These impacts easily dwarf the stimulus and financial rescues, which will account for less than $2 trillion (just over 10 percent) of the debt at that time. Furthermore, unlike those temporary costs, these inherited policies do not fade away as the economy recovers.
Without the economic downturn and the fiscal policies of the previous Administration, the budget would be roughly in balance in this decade. Even if we regard the economic downturn as unavoidable, we would have entered it with a much smaller debt allowing us to absorb the recessions damage to the budget and the cost of economic recovery measures, while keeping debt comfortably below 50 percent of GDP, as Figure 2 suggests. That would have put the nation on a much sounder footing to address the demographic challenges and the cost pressures in health care that darken the long-run fiscal outlook.
#881480 Mar 28, 2013
I would know this,
Why when two men or women meet,
Must there always be a THIRD man hanging around
Waiting to chime in about what a nice car he's got, or,
how cool it is to be him
when everybody can see
he's posting anonymously to complete strangers in
an internet chatroom?
What is it about men who wouldst
meet thou in thine own privvy
simply to reveal that about himself
that he perceives to be
in some measure
Greater than what he perceives his neighbor
#881481 Mar 28, 2013
#881482 Mar 28, 2013
Bet You Cant Tell The Difference Between These Actual Anti-Interracial And Anti-Gay Marriage Quotes
#881484 Mar 28, 2013
I think it's time to drag out the big guns, don't you?
#881485 Mar 28, 2013
You neglect the Obamacare tax increases, which are larger than the income tax increases.
#881486 Mar 28, 2013
To be, or not to be, that is the question:
Whether 'tis Nobler in the mind to suffer
The Slings and Arrows of outrageous Fortune,
Or to take Arms against a Sea of troubles,
And by opposing end them: to die, to sleep
No more; and by a sleep, to say we end
The Heart-ache, and the thousand Natural shocks
That Flesh is heir to?'Tis a consummation
Devoutly to be wished. To die to sleep,
To sleep, perchance to Dream; Aye, there's the rub,
For in that sleep of death, what dreams may come,
When we have shuffled off this mortal coil,
Must give us pause. There's the respect
That makes Calamity of so long life:
For who would bear the Whips and Scorns of time,
The Oppressor's wrong, the proud man's Contumely,
The pangs of despised Love, the Laws delay,
The insolence of Office, and the Spurns
That patient merit of the unworthy takes,
When he himself might his Quietus make
With a bare Bodkin? Who would Fardels bear,
To grunt and sweat under a weary life,
But that the dread of something after death,
The undiscovered Country, from whose bourn
No Traveller returns, Puzzles the will,
And makes us rather bear those ills we have,
Than fly to others that we know not of.
Thus Conscience does make Cowards of us all,
And thus the Native hue of Resolution
Is sicklied o'er, with the pale cast of Thought,
And enterprises of great pitch and moment,
With this regard their Currents turn awry,
And lose the name of Action. Soft you now,
The fair Ophelia? Nymph, in thy Orisons
Be all my sins remembered.
Oh, they will be. You can bank on that...
#881487 Mar 28, 2013
Plural marriage is far more logical than homosexual marriage. The next step beyond homosexual marriage is legalization of pedophilia, the real objective of homosexual activists.
#881488 Mar 28, 2013
The only reason that people in Cyprus lost money is because their government stole the money.
#881489 Mar 28, 2013
To sleep, carol, perchance to dream... dreaming not yet again of a big cliff to fall over, but of... an easy death. Death will be hard for the guy with the new car I suspect... all that wonderful, buttery-soft Corinthian leather... shit!
#881490 Mar 28, 2013
It is kind of funny that nobody cared what you had to say when you were alive but now that you're leaving you're supposed to come up with something profound as a closer.
#881491 Mar 28, 2013
i'm all in with Billo.
bible thumpers. need to fix that. damn special interest groups with their tax breaks. do you have any idea how much revenue we could be getting from political hacks who pose as leaders of the Bible Thumpers cult? it's crime that they get away with not paying taxes. damn 47%ers.
#881492 Mar 28, 2013
So, um, Albee, how far back did you have go to find something idiotic about gay marriage or benghazi to reply to?
#881493 Mar 28, 2013
Why do you hate homosexuals?
Is it because of the homosexual tendency towards pedophilia, or just for the hell of it?
#881494 Mar 28, 2013
hey Rush. what's up?
do any of you 'people' ever have an original thought?
though 'thought' is probably an overstatement.
#881495 Mar 28, 2013
You gotta learn to type in complete sentences. To wit: The only reason that people in Cyprus lost money is because their government stole the money that they had already stolen.
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