http://online.wsj.com/article/SB20001424052748704…
Dow Jones is up, Corporations post solid profits and stable growth. Real Estate is finally stable. What the fuck is going on in the White House? They cannot blame 1.6 trillion deficit in 2012 on the financial crisis that happened in 2008.
Obama is sure as hell making it rain. Your thoughts young wanna-be-monkeys and already employed masters of the Excel and PowerPoint?
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2011*
*2007
"2012 budget proposal projects this year's deficit will reach $1.6 trillion, the largest on record"
It's all Bush's fault.
(joking)
To address Obama's comment above, the government fiscal year begins Oct. 1, and is termed by the year in which it ends, so the budget being proposed is for Oct.1 2011 - Sept. 30 2012, or FY2012, which is when the $1.6 trillion deficit will occur.
I realize that, but from what I read the COB estimated that the CURRENT FY(2011) will end up being 1.6b not the 2012FY budget.
Here is what is in the WSJ article
The White House projected Monday that the federal deficit would spike to $1.65 trillion in the current fiscal year, the largest dollar amount ever, adding pressure on Democrats and Republicans to tackle growing levels of debt.
The projected deficit for 2011 is fueled in part by a tax-cut extension that President Barack Obama and Republican lawmakers brokered in December, two senior administration officials said. It would equal 10.9% of gross domestic product, the largest deficit as a share of the economy since World War II.
I mean this isn't a recent problem, we've had budget balancing problems for the last decade. It's just now its easy to put it all on the current President. Our budget problems stretch back to Jimmy Carter and Ronald Reagan, our country just has a bad habit of not planning ahead and its catching up to us.
As for pinning it all on Obama- it's not ALL his fault, but I think of it this way: He inherited record spending, and decided that still wasn't enough- so he spent even more. I'd give blame to a number of presidents, but there's only one who can do anything about it right now, and he's not doing a great job of that.
This guy is a joker, why is this newsworthy? Did we think he was going to offer CHANGE?
I love inflation. Crises are the best things that can happen for us young smart guys. That's when huge chunks of wealth get reallocated.
So, those of us with levered investments on real assets will essentially be receiving huge wealth transfers from those on fixed income.
Well said. +1
That's until we turn 50 and get fucked by the smart guys of 2040... But good point :)
Clinton ran deficits too, just not on the ballance sheet. As for the wealth transfer comment yes that could happen but i dont think it will with the growing population that will be on fixed income and SSI the speculative real estate boom wont happen again for at least 15 years if not longer. Value is not just based on supply and demand, there has to be money coming from some where to fuel a value increase and its sure not gonna come from those on a fixed income.
We all know how to rectify this issue, but no one has the integrity or leadership to say it (except when they are out of office, or otherwise politically impotent).
Benefit/Service Cuts & Tax Increases!
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