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MSNBC (The Maddow Blog): U.S. budget deficit shrinks by over $200 billion, reaches 4-year low


Larry

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Link.

Yes, the article is, shall I say, just a teensy bit slanted. (And it you think the article is full of talking points, check out the comments.)

But I assume that the one, lone, fact, mentioned in the headline, is at least true. (Although, granted, considering the source, that may be being generous..)

As the job market improves and unemployment falls, one of the central attacks from Romney/Ryan against President Obama has to do with the deficit. The attack overlooks Paul Ryan's role in creating the massive deficit, the inconvenient fact that Romney hasn't presented a deficit-reduction plan, and the problem that the Romney/Ryan agenda would appear to make the deficit significantly worse, but that's their story and they're sticking to it.

It's worth noting, then, that as of today, the U.S. federal budget deficit has shrunk -- a lot.

More at the link. (But I'll understand it you don't want to click on it.)

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That was pretty frustrating trying to find an article by the Washington Post or CNN on the topic. Still, individual income as a whole is going up and unemployment benefits are dropping. The wars and even the stimulus are starting to wind down, which is definitely helping. I wouldn't be shocked to see us under $1 trillion sometime next year.

http://www.cbo.gov/publication/43656

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Well, the primary cause of these huge deficits, is that the economy sucks. That's been the cause since they started. And the economy is getting better.

Slowly. Grudgingly. Grumbling about it. But it is happening.

No no no Larry. The economy sucks, spending is out of control, Iran is about to go nuclear, and regulations are choking business.

We need Sir Mitt to sweep in on his white horse and wave his wand... Instant tax cut for millionaires, severe cuts for domestic social services and education, and another war in the middle east.

United States, saved. It's simple

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Is that the group of people who wear funny hats, demand higher defense spending, lower taxes AND a balanced budget? Are they a branch of the Church of Scientology? :pfft:

This is the group that sent out memos in 2010 to members encouraging them to NOT hire anyone so they could win in 2012.

Thanks Tea Party. Thanks for reminding us how fascism begins.

~Bang

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Wow.

Who could have predicted that a thread about the federal deficit declining for the third straight year would immediately decline into a barrage of political partisanship and spin?

Not me, but I am a little surprised that twa has now chosen to align himself with the tea party. Didn't think that was his brand of Republicanism or Conservatism.

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Wow.

Who could have predicted that a thread about the federal deficit declining for the third straight year would immediately decline into a barrage of political partisanship and spin?

What'd you expect out of twa?

Anyway, Larry, you're right. We're grumbling our way through it, but the economy IS getting better. And yes, Scientology might play a part...they're definitely from another planet.:silly:

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A step closer to a balanced budget, no matter how small, is always good news

I still don't trust any of our elected officials in Washington any more than I can throw 'em; but apparently they're doing something right.

I don't think they are doing anything right. A market economy like ours improving is inevitable.

Which is why Mitt saying he will add 12 million jobs over the next 4 years is like me saying the sun will rise in the east tomorrow. It will happen with or without Mitt's interference.

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A step closer to a balanced budget, no matter how small, is always good news

I still don't trust any of our elected officials in Washington any more than I can throw 'em; but apparently they're doing something right.

Or are capable of fortunate accidents. Sometimes you score a touchdown... other times, the fumbled ball bounces right to ya when you weren't looking.

At least this is evidence the government is in the game.

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This is slightly OT , but I think it is close enough. Companies are trying to grow.

http://www.cepr.net/index.php/op-eds-&-columns/op-eds-&-columns/economic-policy-makers-do-not-know-which-way-is-up

"The same is frequently claimed about investment. The story is that businesses are still so uncertain about the future that they are unwilling to take a risk by investing more money. Yet, if we look at the data from the Commerce Department, investment in equipment and software is almost back to its pre-recession level measured as a share of GDP (Table 1.1.5, Lines 1 and 11). It was 7.9 percent of GDP in 200; it was 7.4 in the second quarter of 2012, the most recent quarter for which data are available.

Given the huge amounts of excess capacity in many sectors, this is actually an impressive level of investment. This is certainly not consistent with the story of firms who are hoarding cash and scared to go out on a limb."

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Saying our deficit is at a four year low is like saying someone's weight is at a four year low even though they weigh 500 pounds.

Sort of. If they used to weigh 650 pounds but now weigh 500, then there is still a lot of work ahead, but they've come a long way.

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Yeah, but you gotta start somewhere. I'm not doing back flips, but I'll take any sign of improvement I can find.

People keep moving the goalpost on what "improvement" means.

Every little bit counts. The claims that "this isn't what a true recovery looks like" tend to take away from the fact that we are still improving. We are improving slowly, but generally improvement is looked at as a good thing.

We're probably not going to see a huge drop in the defecit, we're probably not going to see a huge drop in the unemployyment rating, where all at once everything is better. Four percent unemployment is a LOOOONNNNNG ways away.

But we're slowly but surely moving in the right direction.

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