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Fairfax Underground
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
"the wisdom of the wise will perish, the intelligence of the intelligent will vanish."
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
One Point Four Trillion Dollar Deficit
Posted by:
Paul Volker
()
Date: October 08, 2009 07:58AM
From http://news.yahoo.com/s/ap/20091007/ap_on_go_co/us_budget_deficit:
“WASHINGTON – The federal budget deficit tripled to a record $1.4 trillion for the 2009 fiscal year that ended last week, congressional analysts said Wednesday.
“The Congressional Budget Office estimate, while expected, is bad news for the White House and its allies in Congress as they press ahead with health care overhaul legislation that could cost $900 billion over the next decade.
“The unprecedented flood of red ink flows from several factors, including a big drop in tax revenues due to the recession, $245 billion in emergency spending on the Wall Street bailout and the takeover of mortgage giants Fannie Mae and Freddie Mac. Then there is almost $200 billion in costs from President Barack Obama's economic stimulus bill, as well as increases in programs such as unemployment benefits and food stamps.
“The previous record deficit was $459 billion and was set just last yea and has been increasing steadily since Obama took office.
“Registered Voter of the Fairfax Underground, when reached for comment, placed blame on Obama’s and the Democrat-controlled Congress’s spending, which he characterized as being like that of a ‘drunken sailor.”
"Alias, another member of FFXU, suggested, 'Hey, I have an idea. We should have higher taxes to reduce the deficit. You know, take money away from people, particularly businesses, which might otherwise be used for capital investments and to increase job growth. But those things would take care of themselves once we got the deficit under control.'
"Calls left for Vince(1), the sage of FFXU, were not returned."
“WASHINGTON – The federal budget deficit tripled to a record $1.4 trillion for the 2009 fiscal year that ended last week, congressional analysts said Wednesday.
“The Congressional Budget Office estimate, while expected, is bad news for the White House and its allies in Congress as they press ahead with health care overhaul legislation that could cost $900 billion over the next decade.
“The unprecedented flood of red ink flows from several factors, including a big drop in tax revenues due to the recession, $245 billion in emergency spending on the Wall Street bailout and the takeover of mortgage giants Fannie Mae and Freddie Mac. Then there is almost $200 billion in costs from President Barack Obama's economic stimulus bill, as well as increases in programs such as unemployment benefits and food stamps.
“The previous record deficit was $459 billion and was set just last yea and has been increasing steadily since Obama took office.
“Registered Voter of the Fairfax Underground, when reached for comment, placed blame on Obama’s and the Democrat-controlled Congress’s spending, which he characterized as being like that of a ‘drunken sailor.”
"Alias, another member of FFXU, suggested, 'Hey, I have an idea. We should have higher taxes to reduce the deficit. You know, take money away from people, particularly businesses, which might otherwise be used for capital investments and to increase job growth. But those things would take care of themselves once we got the deficit under control.'
"Calls left for Vince(1), the sage of FFXU, were not returned."
Re: One Point Four Trillion Dollar Deficit
Posted by:
Gotchya
()
Date: October 08, 2009 07:59AM
LOL
Re: One Point Four Trillion Dollar Deficit
Posted by:
Gravis
()
Date: October 08, 2009 08:10AM
"the wisdom of the wise will perish, the intelligence of the intelligent will vanish."
Re: One Point Four Trillion Dollar Deficit
Posted by:
WashingTone-Locian
()
Date: October 08, 2009 09:25AM
The recession has resulted in lower tax revenues and more outlays in services. Even without Obama's spending, the deficit would have been at a record level this year.
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http://bible.cc/1_corinthians/13-11.htm
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http://bible.cc/1_corinthians/13-11.htm
Re: One Point Four Trillion Dollar Deficit
Posted by:
fairfaxdude
()
Date: October 08, 2009 09:51AM
I hate it when the leftist MSM takes quotes out of context.
The full text of Reggie's quote: "These Marxist bastards in Congress are spending like drunken sailors! NOT the drunken sailors who pleasure me anally on Saturday night in Norfolk (*waves to camera and blows a kiss to his sailor pal Sam*)---- but those other drunken sailors--the ones who's mommy never breast fed them, so they whore around in cathouses on shore leave--THOSE DRUNKEN SAILORS!. I'm just disgusted by it all!"
Context is everything.
______________________________________________
I have had to change the addresses to my retaliatory blogs over half a dozen times.
The full text of Reggie's quote: "These Marxist bastards in Congress are spending like drunken sailors! NOT the drunken sailors who pleasure me anally on Saturday night in Norfolk (*waves to camera and blows a kiss to his sailor pal Sam*)---- but those other drunken sailors--the ones who's mommy never breast fed them, so they whore around in cathouses on shore leave--THOSE DRUNKEN SAILORS!. I'm just disgusted by it all!"
Context is everything.
______________________________________________
I have had to change the addresses to my retaliatory blogs over half a dozen times.
Re: One Point Four Trillion Dollar Deficit
Posted by:
Registered Voter
()
Date: October 08, 2009 10:10AM
Thanks for clearing that up - I hate it when folks take things out of context.
Seriously creepy though with this man love ff - not interested
.
If you can’t model the past, where you know the answer pretty well, how can you model the future? - William Happer Cyrus Fogg Brackett Professor of Physics Princeton University
Attachments:
Seriously creepy though with this man love ff - not interested
.
If you can’t model the past, where you know the answer pretty well, how can you model the future? - William Happer Cyrus Fogg Brackett Professor of Physics Princeton University
Attachments:
Re: One Point Four Trillion Dollar Deficit
Posted by:
Gotchya
()
Date: October 08, 2009 10:26AM
WashingTone-Locian Wrote:
-------------------------------------------------------
> The recession has resulted in lower tax revenues
> and more outlays in services. Even without Obama's
> spending, the deficit would have been at a record
> level this year.
LOL
-------------------------------------------------------
> The recession has resulted in lower tax revenues
> and more outlays in services. Even without Obama's
> spending, the deficit would have been at a record
> level this year.
LOL
Re: One Point Four Trillion Dollar Deficit
Posted by:
Les
()
Date: October 08, 2009 10:31AM
Obama's stimulus includes 176 billion dollars in tax cuts. That's contributed to the tax revenue shortfall as much as the Bush's tax cuts demonized by the Democrats.
Re: One Point Four Trillion Dollar Deficit
Posted by:
WashingTone-Locian
()
Date: October 08, 2009 10:41AM
Les Wrote:
-------------------------------------------------------
> Obama's stimulus includes 176 billion dollars in
> tax cuts. That's contributed to the tax revenue
> shortfall as much as the Bush's tax cuts demonized
> by the Democrats.
When people spend less, businesses make less money. When businesses make less money, they pay less in taxes. Also, when businesses make less money, they lay off people who then not only pay less taxes, but rely on services such as unemployment benefits. I realize this is a difficult concept for people who listen to Glenn Beck to understand, but that is part of what is happening with the deficit.
---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm
-------------------------------------------------------
> Obama's stimulus includes 176 billion dollars in
> tax cuts. That's contributed to the tax revenue
> shortfall as much as the Bush's tax cuts demonized
> by the Democrats.
When people spend less, businesses make less money. When businesses make less money, they pay less in taxes. Also, when businesses make less money, they lay off people who then not only pay less taxes, but rely on services such as unemployment benefits. I realize this is a difficult concept for people who listen to Glenn Beck to understand, but that is part of what is happening with the deficit.
---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm
Re: One Point Four Trillion Dollar Deficit
Posted by:
Floater
()
Date: October 08, 2009 11:08AM
Les Wrote:
-------------------------------------------------------
> Obama's stimulus includes 176 billion dollars in
> tax cuts.
Huh? If true (cite?), it's beside the point when the net effect of spending and reductions is massive net spending. Obama+Pelosi+Reid are merely pushing money around. The federal government is funded by those whose money it confiscates from those under its control. Think of what would be available for job creation, innovation, etc. if - rather than having the federal government spend $2T/year, that money was not taken for one year. Say you've got an income of $100,000 and have a federal tax liability of $20,000. If you had that money to spend, you'd be benefiting companies who you'd frequent (they could hire more and/or expand), or you'd save it and it could be part of investment capital for banks to loan to create new businesses and jobs.
Politicians are fond of promising to "get things done" (in Washington, in Richmond, in Fairfax County, etc.). How about an experiment where they do nothing for a spell?
-------------------------------------------------------
> Obama's stimulus includes 176 billion dollars in
> tax cuts.
Huh? If true (cite?), it's beside the point when the net effect of spending and reductions is massive net spending. Obama+Pelosi+Reid are merely pushing money around. The federal government is funded by those whose money it confiscates from those under its control. Think of what would be available for job creation, innovation, etc. if - rather than having the federal government spend $2T/year, that money was not taken for one year. Say you've got an income of $100,000 and have a federal tax liability of $20,000. If you had that money to spend, you'd be benefiting companies who you'd frequent (they could hire more and/or expand), or you'd save it and it could be part of investment capital for banks to loan to create new businesses and jobs.
Politicians are fond of promising to "get things done" (in Washington, in Richmond, in Fairfax County, etc.). How about an experiment where they do nothing for a spell?
Re: One Point Four Trillion Dollar Deficit
Posted by:
Vince(1)
()
Date: October 08, 2009 11:22AM
There's plenty of money to pay off the deficit...it's all a matter of priorities. We can decide to rule the world with our military or to invest in our future. When the time comes the decison will be made.
Registered Voter...a Big talking coward..big man on FFXU...little man in life.
Registered Voter...a Big talking coward..big man on FFXU...little man in life.
Re: One Point Four Trillion Dollar Deficit
Posted by:
WashingTone-Locian
()
Date: October 08, 2009 11:26AM
Vince(1) Wrote:
-------------------------------------------------------
> There's plenty of money to pay off the
> deficit...it's all a matter of priorities. We can
> decide to rule the world with our military or to
> invest in our future. When the time comes the
> decison will be made.
That's not the case. The only way to significantly cut into the deficit is to abolish Medicare and possibly massively reduce Social Security. I am not a conservative, but the numbers simply don't add up otherwise.
---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm
-------------------------------------------------------
> There's plenty of money to pay off the
> deficit...it's all a matter of priorities. We can
> decide to rule the world with our military or to
> invest in our future. When the time comes the
> decison will be made.
That's not the case. The only way to significantly cut into the deficit is to abolish Medicare and possibly massively reduce Social Security. I am not a conservative, but the numbers simply don't add up otherwise.
---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm
Re: One Point Four Trillion Dollar Deficit
Posted by:
Les
()
Date: October 08, 2009 11:39AM
You might want to google ARRA (American Recovery and Reinvestment Act) for the latest figures on tax cuts. The numbers have changed from the original figures of 170-180 billion.
You're both thinking short-term and not about the long-term problems. None of the Bush was ever retracted, and we had a much worse recession after the last one because the imbalances and debts became much greater. In the current case, we also have the potential risk to the solvency of the government and the Fed because the deficits have gotten so large (40% of the budget) and the trillions of dollars bad debts have been transferred from the banks to the taxpayers.
You're both thinking short-term and not about the long-term problems. None of the Bush was ever retracted, and we had a much worse recession after the last one because the imbalances and debts became much greater. In the current case, we also have the potential risk to the solvency of the government and the Fed because the deficits have gotten so large (40% of the budget) and the trillions of dollars bad debts have been transferred from the banks to the taxpayers.
Re: One Point Four Trillion Dollar Deficit
Posted by:
Floater
()
Date: October 08, 2009 11:53AM
Taking money away from people to spend it "wisely" is foolish. Bush's tax cuts are bad? Huh? Whose money are we talking about here? What gives anyone other than the person who owns something a claim on it? Much of tax policy is driven by foolish envy. A certain base level of government spending is necessary, of course, but in times of a recession, confiscating more of a person's earnings/savings to "jump-start" (love that stupid metaphor) the economy is silly. Why did FDR's recession last so long?
And I'm no conservative either, btw. The Bushes were disasters. I support and vote for quixotic candidates over and over.
WTL's comment on the ponzi schemes of Medicare and SS is right on.
And I'm no conservative either, btw. The Bushes were disasters. I support and vote for quixotic candidates over and over.
WTL's comment on the ponzi schemes of Medicare and SS is right on.
Re: One Point Four Trillion Dollar Deficit
Posted by:
WashingTone-Locian
()
Date: October 08, 2009 11:54AM
Les Wrote:
-------------------------------------------------------
> You might want to google ARRA (American Recovery
> and Reinvestment Act) for the latest figures on
> tax cuts. The numbers have changed from the
> original figures of 170-180 billion.
>
> You're both thinking short-term and not about the
> long-term problems. None of the Bush was ever
> retracted, and we had a much worse recession after
> the last one because the imbalances and debts
> became much greater. In the current case, we also
> have the potential risk to the solvency of the
> government and the Fed because the deficits have
> gotten so large (40% of the budget) and the
> trillions of dollars bad debts have been
> transferred from the banks to the taxpayers.
I'm not saying that the budget isn't a cluster fuck. I'm just pointing out that the recession is a major contributor to the increase. Odds are pretty good that if the TARP funds hadn't been made available that the deficit could have been just as bad (or worse) if Citi or Wachovia or Goldman Sachs or AIG had done a Lehman and I am fairly confident if that had happened the economy wouldn't be showing signs of recovery now.
---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm
-------------------------------------------------------
> You might want to google ARRA (American Recovery
> and Reinvestment Act) for the latest figures on
> tax cuts. The numbers have changed from the
> original figures of 170-180 billion.
>
> You're both thinking short-term and not about the
> long-term problems. None of the Bush was ever
> retracted, and we had a much worse recession after
> the last one because the imbalances and debts
> became much greater. In the current case, we also
> have the potential risk to the solvency of the
> government and the Fed because the deficits have
> gotten so large (40% of the budget) and the
> trillions of dollars bad debts have been
> transferred from the banks to the taxpayers.
I'm not saying that the budget isn't a cluster fuck. I'm just pointing out that the recession is a major contributor to the increase. Odds are pretty good that if the TARP funds hadn't been made available that the deficit could have been just as bad (or worse) if Citi or Wachovia or Goldman Sachs or AIG had done a Lehman and I am fairly confident if that had happened the economy wouldn't be showing signs of recovery now.
---------------------------------------------------------------------------------
http://bible.cc/1_corinthians/13-11.htm