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(NPR)   The Federal deficit is actually shrinking. Thanks Obama   (npr.org) divider line 175
    More: Cool, federal deficits, Jared Bernstein, deficit reduction, subprime mortgage crisis  
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2731 clicks; posted to Politics » on 02 May 2013 at 2:48 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-05-01 07:55:40 PM
So the rate of the increase of our debt is slowing but the debt is still growing.

/FTFM
 
2013-05-01 07:58:04 PM
Are we sure this is a good thing?  Shrinkage is good?  I can think of a few instances where it isn't.  There's the Costanza incident, and of course what happened to Jupiter.

ts4.mm.bing.net
 
2013-05-01 08:03:48 PM
Surprise, Obama isn't a big spender.
 
2013-05-01 08:16:00 PM
Hooray for gridlock!
 
2013-05-01 08:23:23 PM

OtherBrotherDarryl: So the rate of the increase of our debt is slowing but the debt is still growing.


First thing I thought of.  It's a start.  If we can get a surplus for FY 2013 (much like in the late 90s), that'll be even better.
 
2013-05-01 08:23:44 PM
Damn you Spendbama! Wait, I thought he was the most reckless spender ever and that our children would have to be sold as slaves to China because of the huge deficits?

AdolfOliverPanties: Are we sure this is a good thing?  Shrinkage is good?  I can think of a few instances where it isn't.  There's the Costanza incident, and of course what happened to Jupiter.


No, it's not, one of the reasons unemployment is as high as it is t is that Public Sector workers have been laid off left, right, and center due to massive budget cuts over the past four years.
 
2013-05-01 08:30:30 PM

xanadian: OtherBrotherDarryl: So the rate of the increase of our debt is slowing but the debt is still growing.

First thing I thought of.  It's a start.  If we can get a surplus for FY 2013 (much like in the late 90s), that'll be even better.


Keep the Sequester going and it's likely.
 
2013-05-01 08:32:47 PM
But, I thought Friedmanomics would save us all?! NOOOOOOOOOOOOOO!
 
2013-05-01 08:33:41 PM
Due to the Republicans refusing to buckle, leading to the sequester.
 
2013-05-01 08:34:44 PM

Lsherm: Keep the Sequester going and it's likely.


Multiply the sequester by about 12 and then it's likely (not assuming negative feedback).  The sequester is sliver of the deficit for this year.
 
2013-05-01 08:38:20 PM
I  can haz pay raise again?
 
2013-05-01 08:38:57 PM

OtherBrotherDarryl: So the rate of the increase of our debt is slowing but the debt is still growing.

==


FTFA: The federal deficit is shrinking rather quickly - both in absolute dollars and as a share of the overall economy. The Congressional Budget Office projects the deficit will drop below 4 percent of GDP next year and below 2.5 percent in 2015.

That doesn't seem to be TFA's position.
 
2013-05-01 08:39:13 PM

Lsherm: xanadian: OtherBrotherDarryl: So the rate of the increase of our debt is slowing but the debt is still growing.

First thing I thought of.  It's a start.  If we can get a surplus for FY 2013 (much like in the late 90s), that'll be even better.

Keep the Sequester going and it's likely.


As long as it doesn't effect you, right?
 
2013-05-01 08:39:19 PM

Popcorn Johnny: Due to the Republicans refusing to buckle, leading to the sequester.


You know what is so f*cking beautiful? The economy is growing (slowly) DESPITE Congressional Republicans, Suck it b*tches!
 
2013-05-01 08:39:55 PM

Popcorn Johnny: Due to the Republicans refusing to buckle, leading to the sequester.


mostly just due to us crawling out of the last recession.  Just in time to get hit by the entitlement bus.
 
2013-05-01 08:41:26 PM

Somacandra: he federal deficit is shrinking rather quickly - both in absolute dollars and as a share of the overall economy. The Congressional Budget Office projects the deficit will drop below 4 percent of GDP next year and below 2.5 percent in 2015.

That doesn't seem to be TFA's position.


As long as the deficit is positive, the debt is still growing.  You seem to be confused on how deficits and debt are related.
 
2013-05-01 08:41:59 PM

HeadLever: Popcorn Johnny: Due to the Republicans refusing to buckle, leading to the sequester.

mostly just due to us crawling out of the last recession.  Just in time to get hit by the entitlement bus.


Thank you, Sean Hannity. Collect your free cookie over there in the booth.
 
2013-05-01 08:45:01 PM

HeadLever: As long as the deficit is positive, the debt is still growing. You seem to be confused on how deficits and debt are related.


We are the Reserve Currency and owe our debts in our own currency, which we can just print more of, like we have been doing. It seems like it's you who doesn't understand how debt and deficits work.

If you own the Reserve Currency, your bullsh*t arguments of the Deutche Mark after WWI and Zimbabwe have no f*cking relevance to the conversation.

In short... Cite how QE has been a failure, and how we aren't improving the federal ledger.
 
2013-05-01 08:45:19 PM

NewportBarGuy: Thank you, Sean Hannity.


I was going for more of the Erskine Bowles bent, but hey; a cookie is a cookie.
 
2013-05-01 08:45:31 PM

Lionel Mandrake: As long as it doesn't effect  affect you, right?


Hmmm, it's clearly had an impact on your education.

I wait in line at the airport like everyone else.
 
2013-05-01 08:47:55 PM

Popcorn Johnny: Due to the Republicans refusing to buckle, leading to the sequester.


Wait...so, the sequester is a good thing, and Republicans get the praise?

Not long ago it was bad, and Obama got the blame.

I'm assuming that as time goes by and more people are effected and start to get pissed, it will be Obama's idea gain

Also, 6 weeks of sequester likely has very little or nothing to do with this shrinking deficit
 
2013-05-01 08:48:57 PM

NewportBarGuy: We are the Reserve Currency and owe our debts in our own currency, which we can just print more of, like we have been doing. It seems like it's you who doesn't understand how debt and deficits work.


The money supply has nothing to do with the inter-related nature of deficits and debt.  Specifically, the amount of money we spend vs what we receive in tax revenue equals the deficit and is added to the existing debt.  Printing more money pretty much does nothing to this equation (at least in a nominal sense).
 
2013-05-01 08:51:08 PM
It is almost as if no one economic philosophy is entirely correct and there are tons of economic experts who really don't know what the fark they are talking about.

Can you imagine?
 
2013-05-01 08:52:41 PM

NewportBarGuy: In short... Cite how QE has been a failure, and how we aren't improving the federal ledger.


QE has little to do with the nominal amount of the federal ledger.  It just impacts the rates and mechanisms at which these debt instruments are bought and sold.  Overall, QE is doing a good job at keeping rates low.
 
2013-05-01 08:53:04 PM

Lsherm: Lionel Mandrake: As long as it doesn't effect  affect you, right?

Hmmm, it's clearly had an impact on your education.

I wait in line at the airport like everyone else.


Yeah, I always get those confused.  I guess that makes me stupid, unlike you, who undoubtedly is error-free at all times.

You don't wait in line as much, because politicians and people with money fly, and Congress was all over that shiat.

Old people aren't getting meals, cancer patients aren't getting treatment, kids are missing out on Head Start.

But that's OK with you, as long as those lines don't get any longer.

I sometimes confuse similar words, but you appear to be devoid of morality.  Not that that comes as a surprise to anyone.
 
2013-05-01 08:53:34 PM

HeadLever: As long as the deficit is positive, the debt is still growing.


That is an incredibly oversimplistic idea of how "debt" and "deficit" are related. But I suspect you knew that already.
 
2013-05-01 08:58:05 PM

AdolfOliverPanties: It is almost as if no one economic philosophy is entirely correct and there are tons of economic experts who really don't know what the fark they are talking about.

Can you imagine?


I often wonder if economists factor in porn. Apparently, it is a jizzillion dollar industry.

And, how about drugs?  How many fraternity pledge captains are paying their tuition and rent selling coke and weed?

Unknowns with unknowns...
 
2013-05-01 08:58:06 PM

NewportBarGuy: But, I thought Friedmanomics would save us all?! NOOOOOOOOOOOOOO!


Scene:  House on fire.

Roommate 1:  I'll put it out!  We need water!  Let me go get my fire truck!!

Roommate 2: No, I can put it out faster with turpentine!  [Calls all his buddies and asks them to pour sugar in the gas tanks of all the fire trucks in town.]

Roommate 1: WTF YOU farkIN ROOMMATE GUY

Roommate 2: But, I thought your precious water would save us all!  Haha!  Joke's on you!  Don't you wish you had my turpentine now.  You look so silly.
 
2013-05-01 08:59:47 PM

Lionel Mandrake: Lsherm: Lionel Mandrake: As long as it doesn't effect  affect you, right?

Hmmm, it's clearly had an impact on your education.

I wait in line at the airport like everyone else.

Yeah, I always get those confused.  I guess that makes me stupid, unlike you, who undoubtedly is error-free at all times.

You don't wait in line as much, because politicians and people with money fly, and Congress was all over that shiat.

Old people aren't getting meals, cancer patients aren't getting treatment, kids are missing out on Head Start.

But that's OK with you, as long as those lines don't get any longer.

I sometimes confuse similar words, but you appear to be devoid of morality.  Not that that comes as a surprise to anyone.


No, the sequester is a stupid way to cut government spending.  I agree with cutting spending, but I don't agree with flat cuts across the board.  It's stupid.

But since Republicans and Democrats alike can't bring themselves to cut anything, that's what we have.  They had to back themselves into a corner to do it.
 
2013-05-01 09:00:39 PM

Somacandra: hat is an incredibly oversimplistic idea of how "debt" and "deficit" are related.


True, but it is technically correct in a general sense.  What is not correct is the insinuation that if deficits are decreasing (but still positive), so must the debt.

Right now, our deficit for FY 2013 is estimated to be about $950 Billion, which is down substantially from the  $1T plus deficits of the past 4 or so years.  This is still very high, but trending in the right direction.
 
2013-05-01 09:01:44 PM

NewportBarGuy: We are the Reserve Currency and owe our debts in our own currency, which we can just print more of, like we have been doing. It seems like it's you who doesn't understand how debt and deficits work.


To be fair, if the rest of the world loses faith in USD, then we may find ourselves no longer the reserve currency and thus unable to simply print money without consequences.

/not like any of the alternatives are much better though.
 
2013-05-01 09:02:27 PM
The war in Afghanistan is costing the U.S. $300,000,000 a day.  EVERY GODDAMN DAY.

If the U.S. would knock of their pissing contests and just put that money into keeping themselves out of hock, that might be a jolly idea, no?  Just a thought.
 
2013-05-01 09:03:16 PM

themindiswatching: To be fair, if the rest of the world loses faith in USD, then we may find ourselves no longer the reserve currency and thus unable to simply print money without consequences.


And we are starting to see some cracks in this regard.
 
2013-05-01 09:08:08 PM

HeadLever: themindiswatching: To be fair, if the rest of the world loses faith in USD, then we may find ourselves no longer the reserve currency and thus unable to simply print money without consequences.

And we are starting to see some cracks in this regard.


[citation needed]
 
2013-05-01 09:12:00 PM

Benevolent Misanthrope: The war in Afghanistan is costing the U.S. $300,000,000 a day.  EVERY GODDAMN DAY.


This is about 3% of our federal spending (about 11.5% of our current deficit), just for some perspective.
 
2013-05-01 09:12:45 PM

Somacandra: OtherBrotherDarryl: So the rate of the increase of our debt is slowing but the debt is still growing.

==

FTFA: The federal deficit is shrinking rather quickly - both in absolute dollars and as a share of the overall economy. The Congressional Budget Office projects the deficit will drop below 4 percent of GDP next year and below 2.5 percent in 2015.

That doesn't seem to be TFA's position.


He's talking debt, not deficit.
 
2013-05-01 09:15:58 PM
The deficit was dropping at 3% before the sequester hit.  That's the fastest rate since the end of WWII.

i1282.photobucket.com
 
2013-05-01 09:17:02 PM

Lionel Mandrake: Not long ago it was bad, and Obama got the blame.


The only people who ever said the sequester was bad were the Obama supporters.
 
2013-05-01 09:18:26 PM

themindiswatching: HeadLever: themindiswatching: To be fair, if the rest of the world loses faith in USD, then we may find ourselves no longer the reserve currency and thus unable to simply print money without consequences.

And we are starting to see some cracks in this regard.

[citation needed]


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2
3
 
2013-05-01 09:18:43 PM
Also, be happy, conservatives: the sequester is most likely never going away because no one wants it to. The posturing in Congress is just so they look good to their constituents.
 
2013-05-01 09:20:07 PM

Mentat: he deficit was dropping at 3% before the sequester hit.  That's the fastest rate since the end of WWII.


True.  The problem is that it is not expected to last very long as the high costs of entitlements will start to outpace our ability to keep this up.
 
2013-05-01 09:20:17 PM

Popcorn Johnny: Lionel Mandrake: Not long ago it was bad, and Obama got the blame.

The only people who ever said the sequester was bad were the Obama supporters.


That's not true. First class Congressional flight attendents probably didn't like it.
 
2013-05-01 09:20:53 PM

HeadLever: Mentat: he deficit was dropping at 3% before the sequester hit.  That's the fastest rate since the end of WWII.

True.  The problem is that it is not expected to last very long as the high costs of entitlements will start to outpace our ability to keep this up.


Is it 1992 all over again?
 
2013-05-01 09:21:02 PM

HeadLever: themindiswatching: HeadLever: themindiswatching: To be fair, if the rest of the world loses faith in USD, then we may find ourselves no longer the reserve currency and thus unable to simply print money without consequences.

And we are starting to see some cracks in this regard.

[citation needed]

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#3 was because the Tea Party was going to let us default instead of paying for stuff we already agreed to. The rest seem to be "we're going to deal directly in yuan because China is a bigger economy and it's easier".
 
2013-05-01 09:21:24 PM

themindiswatching: Also, be happy, conservatives: the sequester is most likely never going away because no one wants it to. The posturing in Congress is just so they look good to their constituents.


I wouldn't mind the cuts are here to stay.  I just hope that they can find a way to do it intelligently.  A tall order - I know.
 
2013-05-01 09:23:08 PM

DamnYankees: Is it 1992 all over again?


pretty sure the baby boom bubble is a little different from the issues we had in 1992.
 
2013-05-01 09:26:06 PM

Popcorn Johnny: Lionel Mandrake: Not long ago it was bad, and Obama got the blame.

The only people who ever said the sequester was bad were the Obama supporters.


So all that time Boehner and his cronies were calling it "the Obama sequester" they were actually praising him?

That's so sweet!
 
2013-05-01 09:27:33 PM

themindiswatching: #3 was because the Tea Party was going to let us default instead of paying for stuff we already agreed to


That was a big part of it, but not the only reason.  There is still the threats out there that this is a continuing an issue, independent of the of the debt ceiling issue.

1
2
 
2013-05-01 09:28:22 PM

HeadLever: DamnYankees: Is it 1992 all over again?

pretty sure the baby boom bubble is a little different from the issues we had in 1992.


Pretty sure it's not, since they were making the exact same arguments then.
 
2013-05-01 09:29:23 PM
That's great and all, but it's like prematurely paying down your credit card debt at the expense of letting your car insurance lapse, your kids go without proper school materials, and switching from homecooked, fresh meals every night to $1 Big Macs.
 
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