Sign In | Create an Account | Welcome, . My Account | Logout | Subscribe | Submit News | Contact Us | Routes Available | All Access E-Edition | Home RSS
 
 
 

A real spending crisis

February 9, 2013

The cheering and applause you didn’t hear from Washington on Tuesday was over the Congressional Budget Office’s report that President Barack Obama may be about to pass a milestone — his first year......

« Back to Article

 
 
sort: oldest | newest

Comments

(33)

locomotive

Feb-16-13 1:12 PM

Yeah, bg, we get that you want the term "welfare queens" to be pejorative. BTW, there isn't a state in the union that isn't getting fed money. Most of it is a result of federal mandates, to be aided with fed money and encumbered by fed strings.

But really, you should be a little more sensitive to people outside of ND, where the economy is not as robust. Your term might be offensive to some who are really struggling. Are you that unenlightened?

0 Agrees | 1 Disagrees | Report Abuse »

WorriedAmerican

Feb-13-13 10:27 AM

Federal gov't needs tax reform, and close the corporate loop holes to stop all jobs from going overseas. ND needs to sever the federal gov't teat!

2 Agrees | 2 Disagrees | Report Abuse »

locomotive

Feb-12-13 12:24 PM

Well, I see what you mean, Worried.

2 Agrees | 0 Disagrees | Report Abuse »

WorriedAmerican

Feb-12-13 10:53 AM

loco Neither is running around screaming the "sky is falling the sky is falling!"

0 Agrees | 2 Disagrees | Report Abuse »

locomotive

Feb-12-13 10:31 AM

Worried, that's one analyst's take on a big problem. One guy saying "the sky isn't falling" isn't enough to convince me that we don't have a spending problem.

Our government spends way more than it takes in. Fact. Yessir. Big Time.

So, your analyst implies don't worry, be happy? Not today, not for me...

1 Agrees | 1 Disagrees | Report Abuse »

WorriedAmerican

Feb-12-13 10:01 AM

It is silly to obsess about near-term nominal budget deficits. What matters is the deficit as a share of GDP minus interest spending, which economists call the primary deficit. On that basis, we are much closer to fiscal sustainability than even most economists realize. Relatively small adjustments to the growth path of federal revenues and Medicare would be sufficient to eliminate the primary deficit. Taking a meat ax to every federal program, as Republicans demand, is neither necessary nor desirable. My point is that economists have long differentiated between non-interest spending and that for interest, which, as I said, is a pure transfer that has essentially benign economic effects. For this reason, they are mainly concerned about what is called the “primary deficit,” which is non-interest spending as compared to revenues. The primary deficit going forward is actually quite small – just 1.7 percent of GDP in the long run.

Read more at ***********thefiscaltimes****/Columns/2013

0 Agrees | 2 Disagrees | Report Abuse »

WorriedAmerican

Feb-12-13 9:55 AM

Of course, we no longer owe the debt all to ourselves; about half of the publicly-held national debt is owned by foreigners, but most of that is held by central banks that will hold it pretty much forever. Nevertheless, there is still a fundamental economic difference between a debt arising from higher government spending on goods and services and one arising from higher interest expense.

0 Agrees | 2 Disagrees | Report Abuse »

WorriedAmerican

Feb-12-13 9:53 AM

In fact, virtually all the growth in projected spending comes not from entitlements or giveaways to the poor and lazy, as Republicans would have us believe, but rather from interest on the debt. This is a problem, but not nearly to the extent that it appears.

The reason is that interest on the debt is what economists call a pure transfer. Economically, it is little different from taking money out of your right pocket and putting it into your left pocket. That is because the vast bulk of interest goes to people and institutions who simply use it to buy more Treasury securities.

1 Agrees | 2 Disagrees | Report Abuse »

WorriedAmerican

Feb-12-13 9:50 AM

Republicans would have us believe that all of this resulted from Barack Obama’s policies, but this is simply a partisan lie. Fiscal year 2009 actually began on September 1, 2008, and was based on the budget that George W. Bush submitted in January 2008.

Moreover, if we look at projections from the Congressional Budget Office on January 7, 2009 – while Bush was still in office and which do not incorporate any Obama policies – we see that the deficit was projected to rise from $455 billion in 2008 to $1.2 trillion in 2009 under existing law.

The actual deficit for fiscal year 2009 was $1.55 trillion. But the difference was due entirely to lower revenues than expected, not higher spending. Outlays in fiscal year 2009 actually came in below CBO’s projection – $3,518 billion actual vs. a projection of $3,543 billion.

1 Agrees | 2 Disagrees | Report Abuse »

EarlyBird

Feb-12-13 8:30 AM

"Who created this spending problem and this large debt.." The people who spend the money created it of course, could it be any other way? A big problem we have is people see those who choose not to work enjoy the same quality of life as those who do chose to work, so why work. Their kids will be fed and in school so they don't even have to get out of bed.

2 Agrees | 1 Disagrees | Report Abuse »

tarkin

Feb-11-13 8:38 PM

They just keep following North Dakotas lead, only thing is North Dakota doesnt need the money but, just keep tax tax taxing.

Cannot figure out how so many can jump all over Federal government for taxing but are first in line for handouts?

Federal government is broke and raise taxes North Dakotans scream but we are need more employees to manage our gushing streams of money but RAISE our taxes and thats ok??

3 Agrees | 1 Disagrees | Report Abuse »

locomotive

Feb-11-13 3:18 PM

Facts about "Bain owned voting machines and the usual Republican cheating ways" is what I'm really, really hoping you have, bill.

Remember, imagination don't count.

2 Agrees | 2 Disagrees | Report Abuse »

locomotive

Feb-11-13 12:53 PM

billgarrdoesn'twannagetit

3 Agrees | 1 Disagrees | Report Abuse »

namexxx

Feb-11-13 11:26 AM

That's your best voice, Jack!

2 Agrees | 4 Disagrees | Report Abuse »

locomotive

Feb-10-13 8:39 PM

"We the people overwhelming re- elected President Obama..."

Overwhelmingly is not 51.1%

4 Agrees | 4 Disagrees | Report Abuse »

namexxx

Feb-10-13 5:52 PM

This is a crisis!

0 Agrees | 5 Disagrees | Report Abuse »

namexxx

Feb-10-13 1:46 PM

In total, how many hours did you spend online last week -- talking to yourself in different voices?

3 Agrees | 5 Disagrees | Report Abuse »

MarkHighwater

Feb-10-13 10:42 AM

The crisis started in late september of 2008 after 8 years of the war criminal/chicken hawks were about to leave office...the economy is finally poised for a recovery this year almost 5 years late...thanks Dick and George for the SHOCK n AWE ! ! !

3 Agrees | 6 Disagrees | Report Abuse »

namexxx

Feb-10-13 5:41 AM

It's a crisis!

1 Agrees | 4 Disagrees | Report Abuse »

KneeAwn

Feb-09-13 11:28 PM

Tax loopholes that Romney and the über rich utilize are next on Obama's agenda to increase revenue.....he won't do any major spending cuts til the loopholes are closed

3 Agrees | 3 Disagrees | Report Abuse »

locomotive

Feb-09-13 7:42 PM

All thumbs up for Dr. Carson!

:-)

5 Agrees | 2 Disagrees | Report Abuse »

locomotive

Feb-09-13 7:41 PM

namexxx, you're the only true multiple personality here...

6 Agrees | 0 Disagrees | Report Abuse »

disgusted

Feb-09-13 6:53 PM

Wouldn't he be wonderful President? He truly is a light at a very long dark tunnel.

5 Agrees | 1 Disagrees | Report Abuse »

Curly1

Feb-09-13 6:12 PM

Dr. Carson was the most meaning full speaker I have heard in many a moon. Loved it! I think we need to draft him for president.

7 Agrees | 2 Disagrees | Report Abuse »

disgusted

Feb-09-13 6:10 PM

Dr. Carson did just that on Thursday with Obama sitting on his right. The question is, will anyone heed his message?

7 Agrees | 1 Disagrees | Report Abuse »

Showing 25 of 33 comments Show More Comments
 
 

Post a Comment

You must first login before you can comment.

*Your email address:
*Password:
Remember my email address.
or
 
 

 

I am looking for:
in:
News, Blogs & Events Web