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InvisiblePsiloKitten
Ganja Goddess

Registered: 02/13/99
Posts: 1,617
U.S. Budget Deficit Mounts Toward All-Time High
    #1926944 - 09/18/03 12:20 AM (13 years, 6 months ago)

Article

With only one month left in the fiscal year, the U.S. budget deficit moved further into record territory, passing the $400 billion mark for the first time, the Treasury Department said Wednesday.

A shortfall of $76.48 billion dollars last month, while a bit less than expected in financial markets, pushed the fiscal 2003 year-to-date budget gap up to $400.46 billion, a report from the Treasury said.

With the fiscal year drawing to a close at the end of this month, the August figure suggested the 2003 budget gap would handily outstrip the previous record of $290 billion set in 1992.

...


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OfflineTheShroomHermit
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Re: U.S. Budget Deficit Mounts Toward All-Time High [Re: PsiloKitten]
    #1926955 - 09/18/03 12:22 AM (13 years, 6 months ago)

How many billions will it take to "fix" this iraq "problem"


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Offlineshakta
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Registered: 06/03/03
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Re: U.S. Budget Deficit Mounts Toward All-Time High [Re: PsiloKitten]
    #1926963 - 09/18/03 12:24 AM (13 years, 6 months ago)

Wars cost money. Massive terrorists attacks cost money to, as well as recessions. Unfortunately the current administration has not figured out how to keep from blowing money like it is free either. I swear being a President and a legislature must just make people nuts. It seems as though each administration tries to outspend the one before it.


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Offlineshakta
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Re: U.S. Budget Deficit Mounts Toward All-Time High [Re: TheShroomHermit]
    #1926973 - 09/18/03 12:26 AM (13 years, 6 months ago)

Quote:

TheShroomHermit said:
How many billions will it take to "fix" this iraq "problem"




Probably a couple hundred billion once it is all said and done, or about half of what we spend each year on defense already. Hopefully Iraqi oil will be able to offset much of the cost.


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InvisiblePsiloKitten
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Registered: 02/13/99
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Re: U.S. Budget Deficit Mounts Toward All-Time High [Re: shakta]
    #1927068 - 09/18/03 12:55 AM (13 years, 6 months ago)

Heh.

Good try. This deficit is structural, not temporary. See economic theorist Krugman if that is too heady for you.

Article

WASHINGTON, Sept 17 (Reuters) - The head of Congress' non-partisan watchdog agency, the General Accounting Office, on Wednesday warned the government about the deteriorating budget situation, saying it should face up to reality.

"The current and projected deficits far exceed the costs associated with Iraq, the global war against terrorism and any incremental homeland security costs," U.S. Comptroller General David Walker said in prepared remarks to the National Press Club.

"It is time to admit we are in a fiscal hole and to 'stop digging,'" he said.



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Edited by PsiloKitten (09/18/03 12:56 AM)


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Offlineshakta
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Re: U.S. Budget Deficit Mounts Toward All-Time High [Re: PsiloKitten]
    #1927077 - 09/18/03 12:57 AM (13 years, 6 months ago)

Nice try? I said that wasn't the only cost. Saying they aren't a signifigant part of it though is just untrue.


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Invisibleund3rw0rld

Registered: 09/02/03
Posts: 50
Re: U.S. Budget Deficit Mounts Toward All-Time High [Re: shakta]
    #1927095 - 09/18/03 01:01 AM (13 years, 6 months ago)

iraq costs tax payers 1 billion dollars a WEEK....and we are supposed to be there for 5 years


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Invisibleund3rw0rld

Registered: 09/02/03
Posts: 50
Re: U.S. Budget Deficit Mounts Toward All-Time High [Re: und3rw0rld]
    #1927100 - 09/18/03 01:02 AM (13 years, 6 months ago)

but it might take more like 10


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Offlineshakta
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Re: U.S. Budget Deficit Mounts Toward All-Time High [Re: und3rw0rld]
    #1927121 - 09/18/03 01:10 AM (13 years, 6 months ago)

There is no way we will be there in full force for 10 years.


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OfflinePhred
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Re: U.S. Budget Deficit Mounts Toward All-Time High [Re: PsiloKitten]
    #1927357 - 09/18/03 02:07 AM (13 years, 6 months ago)

What they don't tell you is that the GDP is at an all time high as well. The ratio of deficit to GDP has been higher on other occasions -- over 6% of GDP at one point in the Eighties (I think it was 6.3%, but wouldn't swear to it) while this year it will be around 4.5% (or maybe even 4.7% -- too late at night to go searching for a link).

The raw dollar number is meaningless. All that matters is the percentage.

Any deficit is unacceptable. Government spending is out of control and has been for decades, but no politician, Republican or Democrat, has the guts to cut spending.

pinky


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OfflinePhred
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Re: U.S. Budget Deficit Mounts Toward All-Time High [Re: PsiloKitten]
    #1927376 - 09/18/03 02:14 AM (13 years, 6 months ago)

Paul Krugman is an idiot. There are at least a half-dozen blogs out there detailing his delusions in exquisite detail, with multiple links to tons of sources showing he is either mistaken, self-contradictory, exaggerating, miscalculating, and even outright fabricating just about everything he prints.

Too late at night to search for them right now. Find them on your own if you have the interest, or wait for me to dig them up tomorrow. My problem is that my main computer got fried by a power spike in a thunderstorm earlier this week, and until I get a new motherboard I can't access the hard drive with all my bookmarks, so I'll have to do a bit of Google searching to find them again.

pinky


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InvisiblePsiloKitten
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Registered: 02/13/99
Posts: 1,617
Re: U.S. Budget Deficit Mounts Toward All-Time High [Re: Phred]
    #1927455 - 09/18/03 02:42 AM (13 years, 6 months ago)

Quote:

pinksharkmark said:
Paul Krugman is an idiot. There are at least a half-dozen blogs out there detailing his delusions in exquisite detail, with multiple links to tons of sources showing he is either mistaken, self-contradictory, exaggerating, miscalculating, and even outright fabricating just about everything he prints.

Too late at night to search for them right now. Find them on your own if you have the interest, or wait for me to dig them up tomorrow. My problem is that my main computer got fried by a power spike in a thunderstorm earlier this week, and until I get a new motherboard I can't access the hard drive with all my bookmarks, so I'll have to do a bit of Google searching to find them again.

pinky




How many other economists would you like me to come up with that verify that this is a structural problem? I have no problem doing so.



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OfflinePhred
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Re: U.S. Budget Deficit Mounts Toward All-Time High [Re: PsiloKitten]
    #1928525 - 09/18/03 11:30 AM (13 years, 6 months ago)

What does "structural" mean as opposed to "temporary" in the context of annual deficits? That is meaningless jargon. The fact that one has a high deficit one year does not mean that some pernicious "structure" prevents one from having a lower deficit (or even a surplus) the next.

The reason for the deficit is that the government spends more than it receives, pure and simple. If it pleases someone to call the tendency of governments to spend more money than they have on hand a "structural" problem, so be it.

All I pointed out is that in percentage of GDP, this year's deficit sets no new "all-time high", structural or otherwise.

pinky


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InvisiblePsiloKitten
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Posts: 1,617
Re: U.S. Budget Deficit Mounts Toward All-Time High [Re: Phred]
    #1929209 - 09/18/03 03:50 PM (13 years, 6 months ago)

I see.

Kudos on your opinions.


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