Jump to content
Sign in to follow this  
I AM NOT THAT GUY

Budget deficit triples to $1.4 trillion, setting new record.

69 posts in this topic

Recommended Posts

Filed: Timeline

US budget deficit touches $1.4 trn: represents 9.9% of GDP

The US federal budget deficit has ballooned to a staggering $1.4 trillion, the highest since World War II, for the fiscal year 2009 as massive government spending and lower revenues widened the gap.

Moreover, the deficit represents 9.9 per cent of the national GDP.

According to the Congressional Budget Office (CBO), the budget deficit was about $1.4 trillion for the fiscal year ended September 30, which is $950 billion greater than the shortfall recorded in 2008.

"The 2009 deficit was equal to 9.9 per cent of gross domestic product (GDP), up from 3.2 per cent in 2008, and was the highest shortfall — relative to the size of the economy — since 1945," the CBO said in a statement yesterday.

Earlier, the deficit was projected to hit $1.6 trillion in the fiscal year 2009.

The staggering shortfall between government revenues and expenditure was primarily on account of the huge Troubled Asset Relief Program (TARP) and the efforts to shore up the fortunes of beleaguered mortgage lenders Fannie Mae and Freddie Mac.

As part of initiatives to bolster the ailing financial system, the US pumped in billions of dollars into banking entities through TARP. In addition, the government shelled out nearly $200 billion to rescue Fannie Mae and Freddie Mac.

In September alone, the federal government recorded a deficit of $31 billion, where it was a surplus of $42 billion in the same period last year.

http://www.business-standard.com/india/new...-99gdp/75468/on

Share this post


Link to post
Share on other sites
Filed: Timeline

Interesting calculation here - the budget deficit triples to 1.4 trillion. Hence, we're saying that the deficit was 1/3 of said 1.4 trillion last FY, yes? That would be roughly 466 billion.

Now, the federal debt outstanding on 9/30/07 was 9 trillion dollars. On 9/30/08 - one year later after having run a 466 billion deficit - the outstanding debt should be 9.47 trillion dollars, right? Oddly, the outstanding debt on the latter date was 10 trillion dollars suggesting that that feds had a trillion dollars worth of red ink during the previous FY. Just saying...

http://www.treasurydirect.gov/govt/reports...debt_histo5.htm

Share this post


Link to post
Share on other sites
Filed: K-1 Visa Country: Philippines
Timeline
Interesting calculation here - the budget deficit triples to 1.4 trillion. Hence, we're saying that the deficit was 1/3 of said 1.4 trillion last FY, yes? That would be roughly 466 billion.

Now, the federal debt outstanding on 9/30/07 was 9 trillion dollars. On 9/30/08 - one year later after having run a 466 billion deficit - the outstanding debt should be 9.47 trillion dollars, right? Oddly, the outstanding debt on the latter date was 10 trillion dollars suggesting that that feds had a trillion dollars worth of red ink during the previous FY. Just saying...

http://www.treasurydirect.gov/govt/reports...debt_histo5.htm

I don't know that raising the debt ceiling equates that the number is actual (yet).


K-1 Visa

Service Center : California Service Center

Consulate : Manila, Philippines

I-129F Sent : 2009-08-14

I-129F NOA1 : 2009-08-18

I-129F NOA2 : 2009-10-23

NVC Received : 2009-10-27

NVC Left : 2009-11-06

Consulate Received : 2009-11-12

Packet 3 Received : 2009-11-27

Interview Date : 2009-12-16

Interview Result : APPROVED

Second Interview

(If Required):

Second Interview Result:

Visa Received :

US Entry :

Marriage :

Comments :

Processing

Estimates/Stats : Your I-129f was approved in 66 days from your NOA1 date.

Your interview took 120 days from your I-129F NOA1 date.

Share this post


Link to post
Share on other sites
Filed: Country: United Kingdom
Timeline
Interesting calculation here - the budget deficit triples to 1.4 trillion. Hence, we're saying that the deficit was 1/3 of said 1.4 trillion last FY, yes? That would be roughly 466 billion.

Now, the federal debt outstanding on 9/30/07 was 9 trillion dollars. On 9/30/08 - one year later after having run a 466 billion deficit - the outstanding debt should be 9.47 trillion dollars, right? Oddly, the outstanding debt on the latter date was 10 trillion dollars suggesting that that feds had a trillion dollars worth of red ink during the previous FY. Just saying...

http://www.treasurydirect.gov/govt/reports...debt_histo5.htm

The previous administration spent a lot of money off-budget, but two wrongs don't make a right.


biden_pinhead.jpgspace.gifrolling-stones-american-flag-tongue.jpgspace.gifinside-geico.jpg

Share this post


Link to post
Share on other sites
Filed: Timeline
Interesting calculation here - the budget deficit triples to 1.4 trillion. Hence, we're saying that the deficit was 1/3 of said 1.4 trillion last FY, yes? That would be roughly 466 billion.

Now, the federal debt outstanding on 9/30/07 was 9 trillion dollars. On 9/30/08 - one year later after having run a 466 billion deficit - the outstanding debt should be 9.47 trillion dollars, right? Oddly, the outstanding debt on the latter date was 10 trillion dollars suggesting that that feds had a trillion dollars worth of red ink during the previous FY. Just saying...

http://www.treasurydirect.gov/govt/reports...debt_histo5.htm

The previous administration spent a lot of money off-budget, but two wrongs don't make a right.

I know and I agree. Just don't like folks getting confused with them numbers or taking headlines too seriously. The claim that the defict tripled just doesn't hold water.

Share this post


Link to post
Share on other sites
Filed: Country: Philippines
Timeline
Interesting calculation here - the budget deficit triples to 1.4 trillion. Hence, we're saying that the deficit was 1/3 of said 1.4 trillion last FY, yes? That would be roughly 466 billion.

Now, the federal debt outstanding on 9/30/07 was 9 trillion dollars. On 9/30/08 - one year later after having run a 466 billion deficit - the outstanding debt should be 9.47 trillion dollars, right? Oddly, the outstanding debt on the latter date was 10 trillion dollars suggesting that that feds had a trillion dollars worth of red ink during the previous FY. Just saying...

http://www.treasurydirect.gov/govt/reports...debt_histo5.htm

The previous administration spent a lot of money off-budget, but two wrongs don't make a right.

Some refuse to acknowledge or even understand how the stimulus has worked.

Share this post


Link to post
Share on other sites
Filed: Country: United Kingdom
Timeline
Some refuse to acknowledge or even understand how the stimulus has worked.

It has worked mostly *psychologically* up to this point (shoring up confidence), as only about 15%

of the stimulus money has been spent so far.

I think we have yet to see the results. We will definitely see *something* - when you throw

trillions of dollars at a problem, some of it will stick.


biden_pinhead.jpgspace.gifrolling-stones-american-flag-tongue.jpgspace.gifinside-geico.jpg

Share this post


Link to post
Share on other sites
Filed: K-1 Visa Country: Philippines
Timeline
Interesting calculation here - the budget deficit triples to 1.4 trillion. Hence, we're saying that the deficit was 1/3 of said 1.4 trillion last FY, yes? That would be roughly 466 billion.

Now, the federal debt outstanding on 9/30/07 was 9 trillion dollars. On 9/30/08 - one year later after having run a 466 billion deficit - the outstanding debt should be 9.47 trillion dollars, right? Oddly, the outstanding debt on the latter date was 10 trillion dollars suggesting that that feds had a trillion dollars worth of red ink during the previous FY. Just saying...

http://www.treasurydirect.gov/govt/reports...debt_histo5.htm

The previous administration spent a lot of money off-budget, but two wrongs don't make a right.

Some refuse to acknowledge or even understand how the stimulus has worked.

And some like you continue to use it as an unsubstantiated argument that "things would be worse" which is a talking point right from the DNC.

Fact is, "stimulus" (20% of it) has gone out, and things are monumentally worse than they were last year. You fail to provide any facts or numbers that show this 20% of 800 billion dollars has created actual jobs (not government jobs). You won't, and you can't - because it has done JACK SQUAT.


K-1 Visa

Service Center : California Service Center

Consulate : Manila, Philippines

I-129F Sent : 2009-08-14

I-129F NOA1 : 2009-08-18

I-129F NOA2 : 2009-10-23

NVC Received : 2009-10-27

NVC Left : 2009-11-06

Consulate Received : 2009-11-12

Packet 3 Received : 2009-11-27

Interview Date : 2009-12-16

Interview Result : APPROVED

Second Interview

(If Required):

Second Interview Result:

Visa Received :

US Entry :

Marriage :

Comments :

Processing

Estimates/Stats : Your I-129f was approved in 66 days from your NOA1 date.

Your interview took 120 days from your I-129F NOA1 date.

Share this post


Link to post
Share on other sites
Filed: Country: Philippines
Timeline
Interesting calculation here - the budget deficit triples to 1.4 trillion. Hence, we're saying that the deficit was 1/3 of said 1.4 trillion last FY, yes? That would be roughly 466 billion.

Now, the federal debt outstanding on 9/30/07 was 9 trillion dollars. On 9/30/08 - one year later after having run a 466 billion deficit - the outstanding debt should be 9.47 trillion dollars, right? Oddly, the outstanding debt on the latter date was 10 trillion dollars suggesting that that feds had a trillion dollars worth of red ink during the previous FY. Just saying...

http://www.treasurydirect.gov/govt/reports...debt_histo5.htm

The previous administration spent a lot of money off-budget, but two wrongs don't make a right.

Some refuse to acknowledge or even understand how the stimulus has worked.

And some like you continue to use it as an unsubstantiated argument that "things would be worse" which is a talking point right from the DNC.

Fact is, "stimulus" (20% of it) has gone out, and things are monumentally worse than they were last year. You fail to provide any facts or numbers that show this 20% of 800 billion dollars has created actual jobs (not government jobs). You won't, and you can't - because it has done JACK SQUAT.

I'll place my bet on Keynesian Economics over Trickle Down Economics any time or day of the week. The historical facts speak for themselves, regardless of what history revisionists try to spin them as.

Share this post


Link to post
Share on other sites
Filed: Country: United Kingdom
Timeline
I'll place my bet on Keynesian Economics over Trickle Down Economics any time or day of the week. The historical facts speak for themselves, regardless of what history revisionists try to spin them as.

Steven,

Government spending can stimulate the economy to a certain extent, but it

can't keep it going forever.

Consumption was the main engine of economic expansion from 1998 to 2007.

Banks and private households have inflated their balance sheets, creating

imbalances which have been mostly corrected by this recession. As a result,

banks are not lending as much as they used to, and consumers are saving more

and spending less.

It's clear that consumption will no longer be able to fuel economic growth and

fill the gap left by the government when the current bout of fiscal expansion

stops. The economy will have to shift from being demand-driven towards

supply-oriented, which means JOBS, JOBS, JOBS. Private sector jobs. You know,

the kind that actually CREATE wealth that can be taxed by the government.


biden_pinhead.jpgspace.gifrolling-stones-american-flag-tongue.jpgspace.gifinside-geico.jpg

Share this post


Link to post
Share on other sites
Filed: Country: England
Timeline
Interesting calculation here - the budget deficit triples to 1.4 trillion. Hence, we're saying that the deficit was 1/3 of said 1.4 trillion last FY, yes? That would be roughly 466 billion.

Now, the federal debt outstanding on 9/30/07 was 9 trillion dollars. On 9/30/08 - one year later after having run a 466 billion deficit - the outstanding debt should be 9.47 trillion dollars, right? Oddly, the outstanding debt on the latter date was 10 trillion dollars suggesting that that feds had a trillion dollars worth of red ink during the previous FY. Just saying...

http://www.treasurydirect.gov/govt/reports...debt_histo5.htm

The previous administration spent a lot of money off-budget, but two wrongs don't make a right.

Some refuse to acknowledge or even understand how the stimulus has worked.

And some like you continue to use it as an unsubstantiated argument that "things would be worse" which is a talking point right from the DNC.

Fact is, "stimulus" (20% of it) has gone out, and things are monumentally worse than they were last year. You fail to provide any facts or numbers that show this 20% of 800 billion dollars has created actual jobs (not government jobs). You won't, and you can't - because it has done JACK SQUAT.

I'll place my bet on Keynesian Economics over Trickle Down Economics any time or day of the week. The historical facts speak for themselves, regardless of what history revisionists try to spin them as.

I would rather trust an economic policy that truly reflected a global and interdependent set of economies, rather than one over half a century old that was very insular in its outlook. Times have moved on since Keynes, but economic theory isn't a glamour subject, so no-one has taken up the reins and brought it into the 21st Century.


Don't interrupt me when I'm talking to myself

2011-11-15.garfield.png

Share this post


Link to post
Share on other sites
Filed: Country: Philippines
Timeline
I'll place my bet on Keynesian Economics over Trickle Down Economics any time or day of the week. The historical facts speak for themselves, regardless of what history revisionists try to spin them as.

Steven,

Government spending can stimulate the economy to a certain extent, but it

can't keep it going forever.

Consumption was the main engine of economic expansion from 1998 to 2007.

Banks and private households have inflated their balance sheets, creating

imbalances which have been mostly corrected by this recession. As a result,

banks are not lending as much as they used to, and consumers are saving more

and spending less.

It's clear that consumption will no longer be able to fuel economic growth and

fill the gap left by the government when the current bout of fiscal expansion

stops. The economy will have to shift from being demand-driven towards

supply-oriented, which means JOBS, JOBS, JOBS. Private sector jobs. You know,

the kind that actually CREATE wealth that can be taxed by the government.

I understand that. We need to find a new catalyst to drive our economy and I'm convinced alternative energy could be that catalyst. The housing market really put us into a spin because people were spending on artificial credit created from a bubble that nobody wanted to see burst.

However, I don't see how we can avoid consumption being a large factor in our economy. We just need to be smarter about it.

Edited by Col. 'Bat' Guano

Share this post


Link to post
Share on other sites
 

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  
- Back to Top -


Important Disclaimer: Please read carefully the Visajourney.com Terms of Service. If you do not agree to the Terms of Service you should not access or view any page (including this page) on VisaJourney.com. Answers and comments provided on Visajourney.com Forums are general information, and are not intended to substitute for informed professional medical, psychiatric, psychological, tax, legal, investment, accounting, or other professional advice. Visajourney.com does not endorse, and expressly disclaims liability for any product, manufacturer, distributor, service or service provider mentioned or any opinion expressed in answers or comments. VisaJourney.com does not condone immigration fraud in any way, shape or manner. VisaJourney.com recommends that if any member or user knows directly of someone involved in fraudulent or illegal activity, that they report such activity directly to the Department of Homeland Security, Immigration and Customs Enforcement. You can contact ICE via email at Immigration.Reply@dhs.gov or you can telephone ICE at 1-866-347-2423. All reported threads/posts containing reference to immigration fraud or illegal activities will be removed from this board. If you feel that you have found inappropriate content, please let us know by contacting us here with a url link to that content. Thank you.
×
×
  • Create New...