BULLETIN >> U.S. FEDERAL DEFICIT SHRINKS TO $53 BLN IN JULY

Dow Jones Big Charts.MarketWatch.com ^ | 8/10/05 | Rex Nutting, MarketWatch

[SierraWasp]

BULLETIN >> U.S. FEDERAL DEFICIT SHRINKS TO $53 BLN IN JULY

[Huck]

The one that REALLY disgusts me is Schwarzenegger!!! To me, he's enough to gag a maggot!!! He's benefiting from a recovering CA economy while having done much to thwart said recovery!!! But that's all another subject...

So negative! :-P I did what I thought was right and voted for GWB in 04. I don't regret it, but I didn't enjoy it much either. There really was no choice. The John Roberts nomination doesn't please me either. At best, he's a definite maybe. We deserved better. He is talented and accomplished, but that doesn't make him conservative. The best thing you can say about a GOP admin is that they aren't a Dem admin. In my opinion, we don't have a two party system, we have two one-party systems.

[TheForceOfOne]

I tried it. My results...

You have increased the deficit by $12.61 billion.
Your new deficit is $413.61 billion.

[Huck]

Like I said, Clinton surpluses are explained away; Bush deficit blips are instantly celebrated. Back when Reagan was running up deficits, the GOP used to blame the Congress. Can't do that anymore.

[Huck]

I cut the deficit by 391 billion, but I quit halfway thru from loss of interest.

[BOBTHENAILER]

And what were the end results of Reagan's defecits?

I rest my case, and oh by the way, facts surrounding Clinton surpluses are different than explaining away.

[TheForceOfOne]

What did you do, cut everything 100%? LOL!

[tanknetter]

Clinton never fought the war he should have (Iraq), never prosecuted the, MCI's, Global Crossing's, Enron's, etc., never had the 9/11 hit he could have prevented (est. $1.8 trillion economic hit), never faced sustained $6-8.00 natural gas prices, sustained $40-$60 crude prices, never faced up to his buddies dot-com bubble bursting, never did shit but claim credit for the spillover Reagonomics that fell in his SCUM stained lap.

I agree wholeheartedly. People tend to forget the somewhat-stunned reaction when the growing 1990's economy threw the budget into surplus. Very few were expecting it ... iirc Clinton went from promising to eliminate the deficit in 10 years to promising to eliminate the entire debt in 10 years.

I think that there's some solid analysis out there that Clinton and Bush41's tax increases acted as brakes on the economy ... but that even with the brakes the economy still wildly outperformed expectations based on the unanticipated tech bubble.

I wouldn't attribute the 1990s surplus to Clinton by any means ... it was a product of the tech boom. Likewise the 00's deficits are a result of that boom crashing, plus wartime spending, plus the spending deals that have to be cut on Capital Hill to get the wartime spending (something that President Reagan had to deal with, btw, to get the military buildup that helped end Soviet Communism).

[Huck]

I did some massive draconian cutting. Dept of Energy? GONE!

[TheForceOfOne]

I cut benefits for the poor but I gave it to the veterans.

[Ernest_at_the_Beach]

The rest of it ....from link at post #120.

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3:21pm 08/10/05

Crude logs record intraday high and close By Myra P. Saefong
SAN FRANCISCO (MarketWatch) -- Crude futures climbed to an intraday record of $65 a barrel, lifted by ongoing concerns over conflicts in the oil-rich Middle East as U.S. data showed imports reached their second-highest weekly average ever. September crude climbed $1.83, or 2.9%, to close at $64.90 a barrel. September unleaded gas also ended at a record $1.8963 a gallon, up 4.1% and September natural gas closed up 4.9% at $9.071 per million British thermal units -- its highest since November of last year.

[Huck]

And what were the end results of Reagan's defecits?

The national debt tripled.

[Ernest_at_the_Beach]

So how do you two feel about the war....or is it Bush's War?

[Huck]

I wanted to help the vets, so I held even.

[bnelson44]

You realize that the 53 billion shortfall is for one month, right? So far this year, we're over 300 BILLION in the red. Go ahead and celebrate. Woopdidoo.

Where were we last year?

[Huck]

I am not confident in the civilian leadership, but given the choices in the 04 election, I voted for GWB. Time will tell about whether the war in Iraq was "worth it." Right now we need to train 100,000 Iraqis so we can get out.

[Huck]

We were 400+ billion over last year. We're over 300+ billion over so far this year. That's over 700+ billion in two years. break out the bubbly.

[inquest]

You posted a chart from "Centrist.org" that includes the non-existant "surplus" from the Clinton years

"Non-existent"? Please explain. Does the Bush administration consider it to have been non-existent?

[BOBTHENAILER]

(something that President Reagan had to deal with, btw, to get the military buildup that helped end Soviet Communism).

Couldn't agree more. We all will be forever in his debt for that move.