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Re: Trillion Dollar Deficits As Far As The Eye Can See (CBO) [Kay Serrar] [ In reply to ]
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Kay Serrar wrote:
blueraider_mike wrote:
klehner wrote:
Jim @ LOTO, MO wrote:
If you bother to look at the details of the CBO's report, you'll see that huge increases in Social Security and Medicare expenditures (attributable to the baby boomers) over the next decade are the cause of the continuing high deficits. Those two items increase by $1.6 trillion--per year--in ten years.

Despite the tax cuts, tax revenues are projected to increase throughout the forecast period, but they simply can't keep up with the overwhelming growth of Social Security and Medicare.


What is the increase in defense spending in this budget?


Defense spending is below 5% of GDP for as long as the eye can see...this is way below our post WW2 average. Its not defense spending. The top item is healthcare spending and other entitlements, period.


The OECD average for defense spending was 2.18% of GDP)

I am not disagreeing that we spend more than others - we can spend less, but then we have to pull way back on what we do and then the rest of the world will have to spend more to pick up the slack, its an option...but you have to look at trends and historical spending. Historically we have spent about 6% of GDP on military spending in the last 40 years, the fact that we are "only" spending 3.3% on military spend shows we are spending less in "real" terms; whereas, in entitlement spending we are spending more and more each year.

Now, a lot of this is a demographic problem that we saw a mile away and NO politician has been willing to address it and so here we are.

Actually, I would argue that are real problem on the budget is based on slowing demographics and its even a worse problem for others in the Western world, specifically in Europe, Russia and Japan. If we has more kids, growth in population we would have more workers, thus more tax revenue to cover others.
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Re: Trillion Dollar Deficits As Far As The Eye Can See (CBO) [blueraider_mike] [ In reply to ]
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Defense spending is below 5% of GDP for as long as the eye can see...this is way below our post WW2 average. Its not defense spending. The top item is healthcare spending and other entitlements, period. //


Does that include paying for the wars? I believe I read somewhere that there is a whole lot of dark type money that doesn't get counted, yet it is absolutely in the defense spending category, or maybe offense spending..
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Re: Trillion Dollar Deficits As Far As The Eye Can See (CBO) [monty] [ In reply to ]
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Also, the cold war was something else too.
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Re: Trillion Dollar Deficits As Far As The Eye Can See (CBO) [Brownie28] [ In reply to ]
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Brownie28 wrote:
Kay Serrar wrote:
There are plenty of things Obama did that I disagree with but he still trimmed the deficits from over a trillion to less than 500m per year.

And much of the increase in the debt was to pay for our military adventures overseas. Who started those?
That isn't remotely true. 2009 the budget was passed with the Stimulus Act and the deficit went from $459B in 2008 to $1,413B in 2009. But the deficit remained above $1T for 2010, and 2011, and 2012. Sequestration and the government shutdown forced Congress's hand into cutting in 2013, but it wasn't the doing of Obama, in fact all his budget proposals had bigger deficits than were eventually passed.

I won't pretend this mess is Obama's, it's largely due to Congress not giving a shit about the debt and everyone looking out for their own lobbyists and pet projects, but you can't just say Obama somehow helped trim the deficit during his years in office.

What he said. ^^^

I miss YaHey
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Re: Trillion Dollar Deficits As Far As The Eye Can See (CBO) [Brownie28] [ In reply to ]
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Sequestration and the government shutdown forced Congress's hand into cutting in 2013, but it wasn't the doing of Obama,


Read this article:

https://en.wikipedia.org/wiki/Budget_Control_Act_of_2011#Legislative_history

If you hate Wikipedia, read the source articles, and then please support your assertion that Obama and the White House weren't vitally involved in the sequestration deal.
Last edited by: oldandslow: Apr 10, 18 20:29
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Re: Trillion Dollar Deficits As Far As The Eye Can See (CBO) [Brownie28] [ In reply to ]
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Brownie28 wrote:
Kay Serrar wrote:

There are plenty of things Obama did that I disagree with but he still trimmed the deficits from over a trillion to less than 500m per year.

And much of the increase in the debt was to pay for our military adventures overseas. Who started those?

That isn't remotely true. 2009 the budget was passed with the Stimulus Act and the deficit went from $459B in 2008 to $1,413B in 2009. But the deficit remained above $1T for 2010, and 2011, and 2012. Sequestration and the government shutdown forced Congress's hand into cutting in 2013, but it wasn't the doing of Obama, in fact all his budget proposals had bigger deficits than were eventually passed.

I won't pretend this mess is Obama's, it's largely due to Congress not giving a shit about the debt and everyone looking out for their own lobbyists and pet projects, but you can't just say Obama somehow helped trim the deficit during his years in office.

The deficit is a liar's number. Only Congress and other swindlers could conjure up such a false number. For instance, in the mid 60's they changed the laws so that the annual social security surplus would be counted both as a debt (what it is) and revenue for deficit purposes. They tend not to count the funding of wars in the deficit. There are so many 'off the books' fundings that the annual deficit calc ignores.

Instead, look at the overall debt. That tells you what they really did.

I would wager that the first year social security runs a deficit, they will change the rules to no longer count it in the annual budget as revenue. If a company did any of these things accounting wise, they would be featured on American Greed and incarcerated.
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Re: Trillion Dollar Deficits As Far As The Eye Can See (CBO) [oldandslow] [ In reply to ]
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oldandslow wrote:
Quote:

Sequestration and the government shutdown forced Congress's hand into cutting in 2013, but it wasn't the doing of Obama,


Read this article:

https://en.wikipedia.org/wiki/Budget_Control_Act_of_2011#Legislative_history

If you hate Wikipedia, read the source articles, and then please support your assertion that Obama and the White House weren't vitally involved in the sequestration deal.
I remember it well, though I did read the Wiki. I also read the Wiki article on the debt-ceiling crisis of 2011, which led to the passing of BCA/sequestration. This was a direct result of the Tea Party movement and the massive deficits that had been run up the preceding three years. The RESULT of the debt ceiling fight and Republicans threatening default was sequestration, which kinda bit everyone in the ass because they couldn't come to agreement on a deal, but the driving force was Tea Party Republicans and Obama and the Democrats were forced to do something.
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Re: Trillion Dollar Deficits As Far As The Eye Can See (CBO) [Harbinger] [ In reply to ]
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Harbinger wrote:
Brownie28 wrote:
Kay Serrar wrote:

There are plenty of things Obama did that I disagree with but he still trimmed the deficits from over a trillion to less than 500m per year.

And much of the increase in the debt was to pay for our military adventures overseas. Who started those?

That isn't remotely true. 2009 the budget was passed with the Stimulus Act and the deficit went from $459B in 2008 to $1,413B in 2009. But the deficit remained above $1T for 2010, and 2011, and 2012. Sequestration and the government shutdown forced Congress's hand into cutting in 2013, but it wasn't the doing of Obama, in fact all his budget proposals had bigger deficits than were eventually passed.

I won't pretend this mess is Obama's, it's largely due to Congress not giving a shit about the debt and everyone looking out for their own lobbyists and pet projects, but you can't just say Obama somehow helped trim the deficit during his years in office.


The deficit is a liar's number. Only Congress and other swindlers could conjure up such a false number. For instance, in the mid 60's they changed the laws so that the annual social security surplus would be counted both as a debt (what it is) and revenue for deficit purposes. They tend not to count the funding of wars in the deficit. There are so many 'off the books' fundings that the annual deficit calc ignores.

Instead, look at the overall debt. That tells you what they really did.

I would wager that the first year social security runs a deficit, they will change the rules to no longer count it in the annual budget as revenue. If a company did any of these things accounting wise, they would be featured on American Greed and incarcerated.

To be fair, governmental accounting is a bit different than traditional financial accounting seen in US business (the kind required by FASB, for example). The government hews to GASB (Governmental Accounting Standards Board) mandates. But there are sometimes reasons for that, as pointed out in this GASB white paper on why governmental accounting necessarily must differ from more traditional financial accounting standards.

I found all that out when I did a tour as a fiscal and supply department head at a small Navy hospital back in the day. Kind of opened my eyes a little about government spending, believe me. ;-)

"Politics is just show business for ugly people."
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Re: Trillion Dollar Deficits As Far As The Eye Can See (CBO) [Harbinger] [ In reply to ]
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Harbinger wrote:
velox canis wrote:
len wrote:
Yes that is the elephant in the room that all Western gov'ts should be preparing for. But they are not. Baby boomers not getting services they feel highly entitled to. That will play out well.


It's not just that they feel entitled, they are entitled as they have been "loaning" the government that $$ for quite sometime. Not their fault (or maybe it is) we elect a bunch of cretins who blow through cash like they do


This! They took our taxes for decades. Don't complain when we ask for the benefits promised. We paid for them.





RayGovett
Hughson CA
Be Prepared-- Strike Swiftly -- Who Dares Wins- Without warning-"it will be hard. I can do it"
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