Budget deficit

Big ****ing deal. We have 10% unemployment right now, and that's what is terrible. Then again, the whole idea of a service economy is terrible. An R&D economy would work, but the population is just too damn stupid to actually comprehend anything beyond their 4th grade reading level.

 

According to all the posts I've read by certain conservatives on here, all we have to do if we want to make up that deficit is cut "wasteful spending." Oh, and lower taxes, which will magically send tax revenues soaring.

 

That magazine needs new editors. Everyone knows you send your ******* son to Stanford.

 

Oh, that's rich.

 

Problem solved! (Well kind of)

The Congressional Budget Office projects that the budget deficit will total $1.342 trillion in fiscal 2010 (which is a pretty firm projection since the year ends on September 30th). That is $71 billion less than fiscal 2009, and $27 billion lower than what it projected last time it did the numbers in March.

For 2011 and beyond, the CBO is required by law to assume that current law remains in place, which means that all of the tax cuts of 2001 and 2003 expire on schedule. That is unlikely to happen, as the current political fight is if we should extend all of the tax cuts, or just the tax cuts that impact 97% of all people. If all the tax cuts were to expire, we would see a dramatic decline in the budget deficits over the next few years. The on-budget deficit would drop from $1,550 billion in fiscal 2009, and $1.419 billion in 2010 to “just $766 billion in fiscal 2012.

http://finance.yahoo.com/news/CBO-Deficits-on-Budget-zacks-2543366156.html?x=0

So here's the scenario...

Teabagger: "Obama is destroying us with debt look at the size of the deficit!"

Obama: "I will allow the Bush tax cuts to expire as intended and even as Greenspan and Volcker agreed needs to happen. That according to the CBO will cut the deficit down considerably."

Teabagger: "That socialist is killing us with taxes!"

Obama: "The Bush tax cuts will stay in place for those making less than $250k"

Teabagger: "That communist is raising taxes on small businesses by doing that!"

Obama: "F**k it, you can't be pleased, I'm going to Marthas Vineyard."

Teabagger: "That lazy Muslim is always on vacation and never does anything about the economy!"

 

This is an old topic on this board. The recession is responsible for a big chunk of our deficit. Less money in= bigger debt.

 

I would actually like to hear yours and other people's thoughts on this.