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Former repub, still repenting
04:28 AM on 04/26/2012
"The Obama Administration also made four significant accounting changes to more accurately report the total spending by the federal government. The four changes were:

1.accounting for the wars in Iraq and Afghanistan (”overseas military contingencies”) in the budget rather than through the use of supplemental appropriations;
2.assuming the Alternative Minimum Tax will be indexed for inflation;
3.accounting for the full costs of Medicare reimbursements; and
4.anticipating the inevitable expenditures for natural disaster relief.
According to administration officials, these changes will make the debt over ten years look $2.7 trillion larger than it would otherwise appear.[42]"

Former repub, still repenting
04:27 AM on 04/26/2012
"2008 vs. 2009

In October 2009, the Congressional Budget Office (CBO) gave the reasons for the higher budget deficit in 2009 ($1,410 billion, i.e. $1.41 trillion) over that of 2008 ($460 billion). The major changes included: declines in tax receipt of $320 billion due to the effects of the recession and another $100 billion due to tax cuts in the stimulus bill (the American Recovery and Reinvestment Act or ARRA); $245 billion for the Troubled Asset Relief Program (TARP) and other bailout efforts; $100 billion in additional spending for ARRA; and another $185 billion due to increases in primary budget categories such as Medicare, Medicaid, unemployment insurance, Social Security, and Defense – including the war effort in Afghanistan and Iraq. This was the highest budget deficit relative to GDP (9.9%) since 1945.[40] The national debt increased by $1.9 trillion during FY2009, versus the $1.0 trillion increase during 2008.[41]"

Former repub, still repenting
04:25 AM on 04/26/2012
"The Pew Center reported in April 2011 the cause of a $12.7 trillion shift in the debt situation, from a 2001 CBO forecast of a cumulative $2.3 trillion surplus by 2011 versus the estimated $10.4 trillion public debt we actually face in 2011. The major drivers were:

Revenue declines due to the recession, separate from the Bush tax cuts of 2001 and 2003: 28%
Defense spending increases: 15%
Bush tax cuts of 2001 and 2003: 13%
Increases in net interest: 11%
Other non-defense spending: 10%
Other tax cuts: 8%
Obama Stimulus: 6%
Medicare Part D: 2%
Other reasons: 7%[39]

Former repub, still repenting
04:24 AM on 04/26/2012
"Peter Orszag, the OMB Director under President Obama, stated in a November 2009 that of the $9 trillion in deficits forecast for the 2010–2019 period, $5 trillion are due to programs from the prior administration, including tax cuts from 2001 and 2003 and the unfunded Medicare Part D. Another $3.5 trillion are due to the financial crisis, including reductions in future tax revenues and additional spending for the social safety net such as unemployment benefits. The remainder are stimulus and bailout programs related to the crisis"

Former repub, still repenting
04:23 AM on 04/26/2012
2001 vs. 2012The U.S. budget situation has deteriorated significantly since 2001, when the CBO forecast average annual surpluses of approximately $850 billion from 2009–2012. The average deficit forecast in each of those years as of June 2009 was approximately $1,215 billion. The New York Times analyzed this roughly $2 trillion "swing," separating the causes into four major categories along with their share:

Recessions or the business cycle (37%);
Policies enacted by President Bush (33%);
Policies enacted by President Bush and supported or extended by President Obama (20%); and
New policies from President Obama (10%).

Former repub, still repenting
04:23 AM on 04/26/2012
2001 vs. 2009
Causes of change in Federal spending as % GDP 2001–2009 from CBO Data
Causes for Changes in CBO Forecasts.According to the CBO, the U.S. last had a surplus during fiscal year (FY) 2001. From FY2001 to FY2009, at the height of the Global Financial Crisis, spending increased by 6.5% of GDP (from 18.2% of GDP to 24.7%) while taxes declined by 4.7% of GDP (from 19.5% of GDP to 14.8%). Spending increases (expressed as % of GDP) were in the following areas: Medicare & Medicaid (1.7%), defense (1.6%), income security such as unemployment benefits and food stamps (1.4%), social security (0.6%) and all other categories (1.2%). Revenue reductions were individual income taxes (−3.3%), payroll taxes (−0.5%), corporate income taxes (−0.5%) and other (−0.4%).

The 2009 spending level is the highest relative to GDP in 40 years, while the tax receipts are the lowest relative to GDP in 40 years. The next highest spending year was 1985 (22.8%) while the next lowest tax year was 2004 (16.1%).[35]

Former repub, still repenting
04:22 AM on 04/26/2012
OBAMA, Keeping us out so far of another Repub great depression given a worse situation than in 1929 when we had not outsourced 80% of our private industry, had trade surpluses, funded our own debt, still fed and clothed ourselves, stopping the 800K job losses per month, doubling the stock market, saving the Auto industry, half of what little we had left of our private industry, in the face of repubs opposition with 450 filibusters, more than in the last 100 years...,

Its a miracle. It took 7 years to fix the Reagan mess, 15 years to fix the Hoover mess and this will take at least as long since 30 years of trickle down supply side race to the bottom has killed us. We went from first in wages to 14th, from trade surpluses to massive trade deficits and from the world's largest creditor nation to the world’s largest debtor nation and that was just Under Reagan.

Unemployemnt under Bush from 4% to almost 8%. Under Obama from almost 8% to now 8.2% No the stimulus didn’t keep unemployment below 8%. It was 8.2% by the time it was passed! The rate of job losses was 50% greater as was the drop in GDP in actuality. Stimulus was too small and 40% was tax cuts and quite frankly how long does it take to re-open 60,000 factories closed under Bush?
12:30 PM on 04/26/2012
Obama is not superman. Most of the plans that supposedly saved us were initiated before he took office. You and I both could have stepped in as President and stopped the 800k job losses per month. That was never going to keep happening. We spent hundreds of billions to stop the slide. Republicans and Democrats both got us here. The Presidency is not a dictatorship. We actually have a congress that is always mixed and together both parties get together and screw everything up. Rarely is any individual president a great hero or villain. It is a collective effort at failure.
Former repub, still repenting
04:21 AM on 04/26/2012
No government in the world has undone this Repub caused mess(and our situation is worse since we have healthcare, education, infrastructure, deindustrialization in addition to just banking problems as in much of the other developed nations .

And as bad as things are, we have the fastest growing developed nation economy right now, in spite of a year of Repubs trying to kill it and cause a Hoover Great Depression, with Hoover’s failed solutions(do nothing, it will fix itself, lol )...

The EU went the Hoover 1929 solution and austerity, GDP dropped even more offsetting the cost cuts, and increasing deficits.

Note Canada did not deregulate its banks and had no Bank failures and no housing disaster. Repubs against reforming Wall Street. Their cheaper national healthcare not in cost of goods made , results in U.S. MFG moving there with same unions, higher wages.

Did I mention we got the first major healthcare reform after Health insurance increased 300% under Bush and the existing system was dying/dead per experts and 70% of physicians.

The Joler
nil sine labore
04:14 AM on 04/26/2012
It was reported several weeks ago that Apple was sitting on around $100 billion that it couldn't figure out what to do with. The top 100 companies collectively are probably sitting on a couple of trillion dollars in cash at the moment.

What exactly will more government stimulous money do other than add to these already obscene piles of non working money. What is needed is to get these unproductive trillions invested back into the country which in turn will drive plenty of stimulous consumption. Borrowing another couple of trillion dollars that is just distributed to buy goods manufactured overseas or which is horded as cash by big American companies is not going to do a lot for the US economy. It si time to get the big companies investing in real income producing assets again.
Former repub, still repenting
04:13 AM on 04/26/2012
2011 numbers... And remember our problem is that teachers make too much ( but yet half as much as in countries beating us in education), or Union workers making too much, when wages in the U.S. rank 14th. And of course Min wages now about half the inflation adjusted min wage of 1965, is the problem…

Country - Ratio of Pay CEO : Average worker
Japan - 11:1
Germany - 12:1
France - 15:1
Italy - 20:1
Canada - 20:1
South Africa - 21:1
Britain - 22:1
Mexico - 47:1
Venezuela - 50:1

and now... (drum roll please)


In 1980 USA execs made less than 30 times. A 15 fold plus increase
Former repub, still repenting
04:12 AM on 04/26/2012
National Debt Increased by 75% under Bush:

2001 - $5.871 trillion
2008 - $10.640 trillion

National Debt Increased 25% Under Obama:

Jan 31st 2009 = $10.569-tr­illion
Jan 31st 2011 = $14.131-tr­illion

But of the $3.56-trillion increase, 98% was carry over from Bush programs:

Bush: $910-billion = Interest on Debt 2009/2011
Bush: $360-billion = Iraq War Spending 2009/2011
Bush: $319-billion = TARP/Bailo­ut Balance from 2008 (as of May 2010)
Bush: $419-billion = Bush Recession Caused Drop in taxes
Bush: $190-billion = Bush Medicare Drug Program 2009/2011
Bush: $211-billion = Bush Meicare Part-D 2009/2011
Bush: $771-billion = Bush Tax Cuts 2009/2011

Bush's contribution:

2001 to 2008: $4.769-tri­llion
2009 to 2010: $3.181-tri­llion

Total: $7.950-trillion

Increase Since 2001 = $14.131 - $5.871 = $8.26-tril­lion

Bush's contributi­on: $7.950-tri­llion / $8.26-tril­lion = 96%

Increase caused By Bush's Programs: 96%
Increase caused by Obama’s Programs: 4%

12:36 PM on 04/26/2012
And then the next president will lay the blame on the last one. Rinse and repeat.
Former repub, still repenting
04:11 AM on 04/26/2012
TOTAL , FED, State, Local US Taxes compared to other countries.

Percent of GDP coming from Tax Revenue, by nation:

1) Denmark - 48.3% - with a GDP per capita of $62,100 (#8 in the world)

2) Sweden - 47.1% - with a GDP per capita of $51,950 (#14 in the world)

3) Belgium - 44.3% - with a GDP per capita of $47,090 (#19 in the world)

4) Austria - 42.9% - with a GDP per capita of $49,600 (#17 in the world)

5) Finland - 42.8% - with a GDP per capita of $51,320, (#15 in the world)

6) Norway - 42.1% - with a GDP per capita of $94,760 (#2 in the world)

7) Luxembourg - 38.3% - with a GDP per capita of $109,900 (#1 in the world)

8) The Netherland­­­­­s - 37.5% - with a GDP per capita of $52,960 (#11 in the world)

9) Australia - 30.8% - with a GDP per capita of $47,330 (#18 in the world)

10) Switzerland - 29.4% - with a GDP per capita of $64,330 (#6 in the world)


31) United States - 27.1% - with a GDP per capita of $46,350 (#20 in the world) and we are 14th in wages, a drop since Reagan from number one.

Source: The Economist Intelligence Unit 2011 World Book In Figures


There are ten nations outthere with a HIGHER tax burden than the US (some cases MUCH higher) AND HIGHER GDP per capita (some cases MUCH higher). The
Former repub, still repenting
04:10 AM on 04/26/2012
For the 400 U.S. taxpayers with the highest adjusted gross income, the effective federal income tax rate -- what they actually pay -- fell from almost 30 percent in 1995 to just under 17 percent in 2007, according to the IRS. And for the approximately 1.4 million people who make up the top 1 percent of taxpayers, the effective federal income tax rate dropped from 29 percent to 23 percent in 2008. It may seem too fantastic to be true, but the top 400 end up paying a lower rate than the next 1,399,600 or so.
AVG Corp effective Tax rates: 12%... Multinational just 5%.
Former repub, still repenting
04:10 AM on 04/26/2012
A REMINDER WHERE WE WERE IN 2001, before Repubs had total control..

AP) President Bush(another silver spoon Harvard MBA) said Saturday that the most important number in the budget he sends to Congress next week is the $5.6 trillion surplus it projects over the next 10 years.

That huge projected surplus provides the underpinning of all the administration's tax-cut and spending plans, Mr. Bush said in his recorded weekly radio address.

"A surplus in tax revenue, after all, means that taxpayers have been overcharged," the president said. "And usually when you've been overcharged, you expect to get something back." The surplus figure "counts more than any other" in the budget, he said.

Democrats cautioned that surpluses projected over so long a period can turn into elusive fool's gold. And they continued to insist that as it stands the Bush tax-cut plan unfairly favors the wealthy over those of more modest means."

Yes, we were on schedule to be debt free by 2011, paying off the Reagan debt! Instead repubs used up the 5.6 trillion surplus, they acknowledged( and now try to deny), and turned that into 6 trillion in new debt(11.6 trillion swing) and then on top of that handed Obama 1.7 trillion deficit and ten trillion in new projected debt over the next decade along with losing 800K jobs per month, 60,000 closed factories, no private sector jobs created in a decade.
Former repub, still repenting
03:58 AM on 04/26/2012
"Economist Mike Kimel notes that the five former Democratic Presidents (Bill Clinton, Jimmy Carter, Lyndon B. Johnson, John F. Kennedy, and Harry S. Truman) all reduced public debt as a share of GDP, while the last four Republican Presidents (George W. Bush, George H. W. Bush, Ronald Reagan, and Gerald Ford) all oversaw an increase in the country’s indebtedness.["