Posted on 08/10/2005 11:15:11 AM PDT by SierraWasp
BULLETIN >> U.S. FEDERAL DEFICIT SHRINKS TO $53 BLN IN JULY
Its all that creative Rovian accounting! /sarcasm
Tell me again about how the debt is going down, as you claimed in post 146:
The Debt To the Penny
Current Amount
08/09/2005 $7,883,572,311,422.86
Current
Month
08/08/2005 $7,882,577,243,511.10
08/05/2005 $7,880,012,385,205.52
08/04/2005 $7,878,734,742,338.35
08/03/2005 $7,869,304,285,712.51
08/02/2005 $7,877,501,670,822.86
08/01/2005 $7,869,521,621,947.05
Prior
Months
07/29/2005 $7,887,617,581,195.58
06/30/2005 $7,836,495,788,085.86
05/31/2005 $7,777,880,152,594.89
04/29/2005 $7,764,537,337,364.14
03/31/2005 $7,776,939,047,670.14
02/28/2005 $7,713,137,673,664.71
01/31/2005 $7,627,742,597,775.41
12/31/2004 $7,596,165,867,424.14
11/30/2004 $7,525,209,508,979.45
10/29/2004 $7,429,677,448,545.04
Prior Fiscal
Years
09/30/2004 $7,379,052,696,330.32
09/30/2003 $6,783,231,062,743.62
09/30/2002 $6,228,235,965,597.16
09/28/2001 $5,807,463,412,200.06
09/29/2000 $5,674,178,209,886.86
09/30/1999 $5,656,270,901,615.43
09/30/1998 $5,526,193,008,897.62
09/30/1997 $5,413,146,011,397.34
09/30/1996 $5,224,810,939,135.73
09/29/1995 $4,973,982,900,709.39
09/30/1994 $4,692,749,910,013.32
09/30/1993 $4,411,488,883,139.38
09/30/1992 $4,064,620,655,521.66
09/30/1991 $3,665,303,351,697.03
09/28/1990 $3,233,313,451,777.25
09/29/1989 $2,857,430,960,187.32
09/30/1988 $2,602,337,712,041.16
09/30/1987 $2,350,276,890,953.00
Reading your other posts, I guess you were asking a rhetorical question when you mentioned that the deficit had been reduced "in spite" of Bush's tax cuts (and without any spending cuts). So feel free to correct any points that I may have mistated in my "primer on supply-side economics."
I hope my explanation wasn't wasted, though, and that it helps FReepers who have been misled by the media to believe that tax cuts necessarily imply reduced tax revenue for the government.
If you read the thread, the ppl applauding this are the ones also arguing that deficit spending is good policy. The ones not applauding are the ones who think deficit spending is bad policy. You're right, the reduction is welcome. It's just that what's left still sucks.
But it's going in the right direction now. And, for what it's worth---and I'm an economic historian---there is absolutely no study, none, that shows a correlation between high deficits and high inflation, high interest rates, or almost any other undesirable sign. I don't like deficits---wish we didn't have them at all, but I can't honestly say I've found one long-term instance where deficits have been associated with an unsound economy. The national debt (I know, not deficits) in the 1920s was monstrous by late 1800s comparisons, yet the nation went into the biggest boom ever. On the other hand, the nation languished economically in the low-deficit 60s.
?????
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Just F***K Amazing!!!
The White House's own budget shows the tax cuts as a liabilty.
Really? What has the budget got to do with the Jamie Gorelick memo?
Well, overall, it's gone in the wrong direction under GW, but the change is welcome.
Moreover, the national debt has been quite high (although paid down) in the roaring 20s, when economic growth was phenomenal. And when deficits were low in the 1960s, the economy was quite sluggish, save for the 2 years associated with the JFK tax cut.
Yeah, it has gone in the wrong direction, although, again, as I say, historically, you are hard pressed to identify any actual harms of large deficits or a large national debt. I wish it were otherwise. It would make my teaching job a lot easier.
You need help!!!
Oh oh, now you've done it. You've sent the Bush-haters into the depression stage of their bi-polar condition. They'll have to find an anti-immigrant thread upon which to call him a traitor.
"Through the first 10 months of the government's fiscal year, the federal deficit totals $302.6 billion, $93.7 billion less than at this time in 2004. Read the full report.
For all of 2005, the CBO expects a deficit of less than $350 billion, with the agency scheduled to make public an updated forecast Monday. The White House forecast a deficit of $333 billion. The deficit totaled a record $412.8 billion in 2004"
Your chart is a projection..obviously the deficit is lower than projected?
The insufferable Jamie Gore-lick.
The truth is, starting with Reagan, the fed gov took deficits to a whole new level.
You're really not supposed to post stuff that is off topic.
yep, it's lower than projected.
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