U.S. budget deficit "out of control"

[St Leo]

Vote Green, the only party which will reform the system.

[Case]

Originally posted by Shi Huangdi
It's usually typical for countries at war to run large deficits.

Ditto for countries going through slow economic periods.

However, what's got the analysts freaking out is that their models are showing the deficits continuing even when good economic times and an end to the war are factored in. (see The Economist for the week of November 8-14 - their estimates show the deficit likely to steadily increase over the next decade)

The fact that the various American governmental bodies in charge of monitoring projected budget outcomes have been ordered to use dubious methodology to downplay the situation is also causing a lot of concern - when the government won't even face up to the problem, there's not a lot of hope that the problem is going to be fixed.

[Dinner]

Everyone knows the Republicans are horrible economic managers but the truth is Democrates are no better. In fact Clinton only balanced the budget because conservatives in Congress made him do it plus he didn't get any of his major spending programs (Anyone remember universal health care?) through Congress.

[Alexander's Horse]

Originally posted by Oerdin
(Anyone remember universal health care)

You think it's a good thing you don't have universal health care?

The Western world laughs at you over that cos we all got it.

[KrazyHorse]

Originally posted by DanS
That's because your debt was insanely high and you needed to reduce it.

Our debt as a percentage of GDP was never above 60%, IIRC. And right now it's about 5% lower than yours...

[KrazyHorse]

BTW, the person that presided over the running up of our national debt was a conservative.

[MRT144]

i dont care about higher taxes if the quality of life is improved because of that. and universal health care is one of those things that would cause the quality to go up for a large amount of people.

republicans just dont care about quality of life for the average american because they arent willing to put the money there.

and whats with the hypocrisy of the republicans where, while in congress they force a balanced budget, but when in presidency they just dont give a flying rat's ass.

americans just dont care though.

[DanS]

Our debt as a percentage of GDP was never above 60%, IIRC. And right now it's about 5% lower than yours...

You remember incorrectly.

Canada's net debt was about 85% in 1997. That's a lot of money, and among the G-7 was only smaller than Italy's net debt (how's that for a dubious distinction ). That's why it has been smart to run surpluses. Now it's at about 52%, a little higher than the US'. Manageable.

BTW, the person that presided over the running up of our national debt was a conservative.

It was run up over a period of 20 years from about 1975 to 1995. So only partially presided over by a conservative, right?

[Dinner]

Horse: I believe we were talking about balancing the budget vs. major spending programs.

[Alexander's Horse]

The FED was found lying in a gutter behind the Whitehouse after a viscious mugging last week. Police have no firm leads.

[KrazyHorse]

I was wrong about the 5% difference (it's about 2.7% your way), but:



AFAIK, as I said, we were never above 60%

[KrazyHorse]

Originally posted by DanS
It was run up over a period of 20 years from about 1975 to 1995. So only partially presided over by a conservative, right?

It tripled between 1984 and 1993 (absolute figures), a period in which our GDP most certainly did not...

[DanS]

That's just the federal government. Net debt includes state and local governments and is the metric to compare across countries.

[Zkribbler]

Re: U.S. budget deficit "out of control"

Originally posted by Alexander's Horse
Didn't George Bush 1 lose control of the budget too?

No, that's not really fair. GHWB was able to balance taxes and spending--except for the payment on the interest on the debt run up by Reagan. So GHWB's budgets still ran a deficit, but it wasn't really his fault.

Of course, ol' tax and spend Bill Clinton was able to balance the budget while making the interest payments. Plus, he gave us the longest expansion of the economy in U.S. history. No wonder the Republicans claim his economic policies were so bad for the country.

[Alexander's Horse]

Re: Re: U.S. budget deficit "out of control"

Originally posted by Zkribbler


Of course, ol' tax and spend Bill Clinton was able to balance the budget while making the interest payments. Plus, he gave us the longest expansion of the economy in U.S. history. No wonder the Republicans claim his economic policies were so bad for the country.

Yep - he was a great President.

If he was still around I'm sure you wouldn't be in the pickle you are today, including on foreign policy.