Clinton ran $250 billion surpluses, so they have $500+ billion to go...
Bill Clinton was the best Republican president we ever had.
Posted by roamer at July 13, 2005 07:51 AMI also thought the Iraq and Afghanistan War costs were not included in the budget at all. They were keeping these costs off the books. Is that number included in those figures? If not, Factor in those costs for the past 2 years and you've got yourself a new ballgame with the deficit number. Either way it's all a shellgame with this crew ruining I mean running the country.
Posted by emal at July 13, 2005 08:00 AMIt was news heard round the world. The projections are in, and they are much better new projections than the old projections. Ahhhh! But projections are like smelling good food when you're hungry. Too bad you can't eat the smell!
A large chunk of this is coming from the Homeland Investment Act. Remember that piece of work? Corporations and individuals that would owe 35% in taxes on foreign income are allowed to bring it home at 5.25%. Think what would have happened if the had to pay their actual tax debt! Oh yeah, the homeland investment act ends after 12 months.
But these are maginificent numbers!
"The biggest jump came not from taxes withheld from wages and salaries but from quarterly payments on investment profits and business earnings"
No growth in taxes from wages and salaries? That means the little folk got shit. The wealthy did great! Just look at the real income differential. For every $1 dollar income increase for the middle class, the weathy got $18,600. I'm happy for them. Now, back to figuring out how to cover triple tuition increases and a real inlation rate approaching 10%...with no increase in my income.
But it's really good that the national debt has only increased $5 trillion dollars under the idiot son. That's pocket change with these new projections. Idiots, the whole lot.
Posted by phidipides at July 13, 2005 08:06 AMHow long before Bush notices the gains in tax intake and pushes for a cut in those taxes? Or a method to offset them, some accounting gizmo similar to that Homeland Investment Act?
It's only a matter of time. And you and I get zilch, nada, nozzink! (Except the bill -- we do get that, as do our children, and their children, and our children's children's children).
Ed
roamer..............bill clinton had a surplus because of a stock market boom, a technoligical revolution, the demise of the evil empire and the attendant peace dividend ,and the demographics of baby boomers hitting their peak earning years......bill clinton ,a glib fellow,presided over a perfect storm.
Posted by jjj at July 13, 2005 09:51 AMClinton's surplus was a myth. The last year of his administration, he had a slight surplus but ONLY IF you ignore the $80 billion in SS "trust funds" that he spent.
BTW, since you don't know, SS trust fund money is "off budget", meaning it is spent, but it is not counted as a liability, since it is replaced by bonds (to be redeemed later.
Clinton ran deficits.
Posted by Bones at July 13, 2005 10:10 AMSo Bones what is your comment about the deficits that Bush is running, and his spending of the Social Security surplus?
Posted by Steve Soto at July 13, 2005 10:27 AMYou can try to spin it anyway you want, but the fact of the matter is that we were paying down the national debt and got rid of the 30-year bond under Clinton. The Clinton surplus was no myth. If you want to see an example of sound fiscal policy, look north to Canada. Modest surpluses, paying down their national debt and investment in education just got them a $900 million Toyota assembly plant. Toyota turned down American states offering tax abatements. LOL
Posted by roamer at July 13, 2005 10:39 AMPlus we should add in the Vietraq supplementals that are not included in the deficit figures. Therefore, this years DimSon deficit it what $450 to $500 billion?
Posted by roamer at July 13, 2005 10:47 AMIn its irreversible, implacable decline as the overwhelming world power of the 16th century, the leaders of the Spanish Empire often convinced themselves that they had solved their structurally unsolvable economic problems. And they did not have access to the kind of data concerning their economy that 21st century nations (like us, I guess) have. So they were still mostly operating in good faith and with substantial intellectual honesty.
There is no possibility whatever that the structural damage George Bush has inflicted on the federal budget can be rapaired by anything he or the vile Congressional Republicans are willing to do. They have intentionally set the course for the enormous iceberg, while denying it is directly in our path. It is likely that the course cannot now be corrected even if the inmates could be forced from the ship's wheelhouse.
In some ways, I will derive some satisfaction in watching the insanity of making the BushRepublican tax cuts permanent, as it is very interesting to watch how regular the cycles of history operate. Spain 1650, the United States, 2010. Hubris destroyeth all.
Posted by euzoius at July 13, 2005 11:12 AMClinton's surplus was a myth.
Oh myth, thy name is surplus.
BTW, since you don't know,
We had discussions about this a while back. Thanks for coming to the table late. Real late. We hope you make in time for the next one.
Posted by phidipides at July 13, 2005 11:46 AMIf anyone ever wants a real HOOT, watch C-SPAN for or get a tape of the 1976 Rethuglican convention. Jerry Ford advocates a balanced budget by 1978. He sounds just like a DLC Democrat, even when he speaks on issues other than deficits. No wonder my parents say the Rethuglican party has left THEM.
Posted by roamer at July 13, 2005 12:10 PMto whom it may concern........i agree that we have a structural deficit problem and there are many interesting as well as bleak parallels in history for the financial bind in which we find ourselves.........i think that we are witnessing the slow erosion of american power and hegemony which has dominated the planet for most of the last 90yrs .as we speak ,the baton is being passed to china and india. today is the equivalent of 1914 and the arrival of america on the world stage. we became dominant in 1945 and have remained so since..i do not know what it is that will place china on top but surely it will happen in the next quarter to half century......i started with the structural deficit and digressed. but i see the problem severely as ultimately americans of all classes will be forced to accept a lower standard of living. that will be forced upon us by sharply higher interest rates which induce a severe and painful economic contraction or they will be reduced when taxes rise to pay for the excesses of the last 50 yrs........i didnt intend a jeremiad but there you have it......jjj
Posted by jjj at July 13, 2005 12:18 PMThe switch will probably happen when China makes a move on Taiwan. China will retake Taiwan, and to stop American interference, will threaten to dump all of the US Treasury paper they possess onto the market at once. This is why deficits are bad.
Posted by roamer at July 13, 2005 01:02 PMYeah, it was a good number. That's what generally happens a few years into an economic expansion. And the wonderful thing is, that we're in the sweet spot of moderate economic growth.
For the last 6 months, the average monthly new jobs number is 181,000.
Any number between 150,000 - 200,000 is pretty much what the doctor ordered at this stage of the economic cycle.
Enjoy it while you can. Things will get a lot worse once this up cycle is over. Get rid of debt, build up the personal savings acount, and have multiple sets of job skills. Remember the story of the grasshopper and the ant.
The ant is a hard-working conservative, who keeps his skills up to date, and saves and invests diligently.
The grasshopper is a democrat and union employee, and believes he is entitled to a paycheck and benefits, and doesn't worry about saving or investing in his future.
The ant will survive the secular bear market that started in 2000. The grasshopper will believe the ant owes him a monthly check.
Posted by muckdog at July 13, 2005 05:15 PMOnly the tax hating republicans can love it when tax receipts increase!
Wait, how can that be good? Cut the taxes!
Oy, that means the deficit figures that we did create are going to be worse.
Crap, Oh, I know, let's write off our debts, that'll fix things!
Oh shit, the Chinese won't ship any goods to us, and the Saudi's won't float us the loans so well anymore.
I need to invade Venezuela, that fixes a few problems all at once.
What's that, the military is fully engaged in Iraq?
Draft, people, let's draft 'em, that gives the people jobs too!
What's that, we haveta pay 'em? With what?
Look, over there, a natural disaster of gargantuan proportions!!!!
Blonde Girls Gone Wild is in the middle of a hurricane!
Posted by Duckman GR at July 13, 2005 10:03 PMBuy from China/Walmart and the deficit goes up. Read those little labels. Please recycle, and promote stable global temperature.
Posted by Professional Progressive at July 17, 2005 09:37 PM