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Posted on 05/11/2013 10:02:35 AM PDT by SeekAndFind
The annual deficit has fallen 32% over the first seven months of this fiscal year compared with same period last year, according to Congressional Budget Office figures released Tuesday.
A major reason: A big jump in tax revenue.
Tax collections rose by $220 billion -- or 16% -- between the start of the fiscal year on Oct. 1 through April 30. Individual and payroll taxes accounted for $184 billion of that increase.
The tax haul rose sharply primarily because wages and salaries were higher, the payroll tax cut of the past two years expired on Jan. 1 and the fiscal cliff deal brokered over New Year's raised tax rates on high earners.
Spending, meanwhile, fell 1.9% year over year, the CBO estimated.
The biggest percentage drop occurred in the payment of unemployment benefits, which were down nearly 25%, or $15 billion. Defense spending fell 5.3%, or $20 billion, and "other activities" -- primarily spending on nondefense programs -- fell 8.6%, or $58 billion.
(Excerpt) Read more at money.cnn.com ...
Doesn’t work that way, sorry. We can have a trade deficit, and our government can still spend money it doesn’t have.
RE: Sounds like the GOP’s “obstruction” to cut back on Obama’s spending is starting to have a effect.
The liberal explanation is Obama’s tax hikes on the wealthy has started to take effect.
Ding, ding, ding! We have a winner!
In FY 2007, the budget deficit was $160 billion, while the trade deficit in 2007 was $696 billion
The FY 2012 budget deficit was $1086 billion while the 2012 trade deficit was $540 billion.
Is that the relationship you felt they should have?
What’s a few hundred billion when it’s been running in the trillions for years.
Still allergic to facts, I see.
Maybe you can buy some cheap imported ones?
Our budget is in constant deficit.
Companies source more and more, from Chinese workers. Whose work benefits one government:
China.
Bring back American jobs now.
Because government spends way too much. How is doubling the cost of oil, and crushing our economy, going to fix that?
Companies source more and more, from Chinese workers.
I wonder if cutting our highest in the world corporate tax rates as well as some of our idiotic regulations (Obamacare anyone?) would make domestic sources more viable?
You do not get it.
China is soaking up money and trade. Chinese trade laws are extremely one-sided, requiring local content and more importantly, ensuring a one-way flow of ever more money into the country by requiring goods be made in China with a majority ownership also, Chinese.
The cost difference was so great, that a huge number of American firms sold out, and now a majority of our “goods” are cheap imports.
More all the time.
It is time to push back.
Bring American goods home, and stop importing so much.
Now.
I do get it. You want to give the government more power and more control, I want the opposite.
and now a majority of our “goods” are cheap imports.
More than 50%? You need to buy some math, your math is lacking.
Bring American goods home, and stop importing so much.
By reducing government interference, not by doubling the cost of oil.
End your economic idiocy.
Now.
Either way one might choose to paint the picture...the US is being stripped of it’s resources by other nations and leaderships in these trade deals....be it people, companies, and talent being shipped out to other nations....and if they can’t or won’t leave leave then those nations come here, buy them up, and put them under their roof.
Buy American.
Buy an American education in economics. You can start cheaply by reading Sowell and Williams.
I am not talking about oil, though that is a valid criticism.
I am talking about bringing back American manufacturing.
More. And more, “American” companies make all their things in China. In effect becoming Chinese companies.
We need our own businesses again.
We need taxation on imports, we need to perhaps even do something to require local content.
We have been on the wrong side of “free trade”.
It is time for us to look out for America, and American businesses.
Not slum for American companies, which make money by sending jobs overseas.
American jobs.
Glad you realized the idiocy of your original tariff idea.
More. And more, “American” companies make all their things in China. In effect becoming Chinese companies.
You said more than 50% of our stuff is imported.
You don't help your cause when you make ridiculously inaccurate claims.
It is time for us to look out for America, and American businesses.
I agree. But your fix of ever bigger, more intrusive government is wrong. Wrong, wrong, wrong.
Well we just flat-out disagree.
I do not accept any of your premises. You do not accept mine.
So. We disagree. Emphatically.
You disagree with my prescription of smaller, less powerful government.
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