Erollisi Marr - The Nameless

Go Back   Erollisi Marr - The Nameless > NON EQ Stuff (Real life, other games, etc.) > Steam Vent


Reply
 
Add/Share Add/Share Thread Tools Display Modes
Old 03-29-2009, 03:43 AM   #1
AjTaliesen
Registered User
 
Join Date: Apr 2005
Posts: 2,516
Default folks aren't disputing that.

First of all, I suspect that some of those Republican critics have a short memory, because, as I recall, I'm inheriting a $1.3 trillion deficit, annual deficit, from them. That would be point number one.

Point number two. Both under our estimates and under the CBO estimates, both -- the most conservative estimates out there, we drive down the deficit over the first five years of our budget. The deficit is cut in half. And folks aren't disputing that.

Where the dispute comes in is what happens in a whole bunch of out-years. And the main difference between the budget that we presented and the budget that came out of the Congressional Budget Office is assumptions about growth.

They're assuming a growth rate of 2.2 percent; we're assuming a growth rate of 2.6 percent. Those small differences end up adding up to a lot of money. Our assumptions are perfectly consistent with what Blue Chip forecasters out there are saying.

Now, none of us know exactly what's going to happen six or eight or 10 years from now. Here's what I do know: If we don't tackle energy, if we don't improve our education system, if we don't drive down the costs of health care, if we're not making serious investments in science and technology and our infrastructure, then we won't grow 2.6 percent, we won't grow 2.2 percent. We won't grow.

And so what we've said is: let's make the investments that ensure that we meet our growth targets that put us on a pathway to growth as opposed to a situation in which we're not making those investments and we still have trillion-dollar deficits.

And there's an interesting reason why some of these critics haven't put out their own budget. I mean, we haven't seen an alternative budget out of them.

And the reason is because they know that, in fact, the biggest driver of long-term deficits are the huge health care costs that we've got out here that we're going to have to tackle and we -- that if we don't deal with some of the structural problems in our deficit, ones that were here long before I got here, then we're going to continue to see some of the problems in those out-years.

And so what we're trying to emphasize is, let's make sure that we're making the investments that we need to grow to meet those growth targets, at the same time we're still reducing the deficit by a couple of trillion dollars, we are cutting out wasteful spending in areas like Medicare, we're changing procurement practices when it comes to the Pentagon budget, we are looking at social service programs and education programs that don't work and eliminate them.

And we will continue to go line by line through this budget, and where we find programs that don't work, we will eliminate them.
What caught my ear hearing this was:
The deficit is cut in half. And folks aren't disputing that.
really? I mean..I suppose I could dispute it...if no one else wants to.

and talking about the deficit you inherited loses some punch for me when you've already matched that amount in spending increases after 3 months.

full transcript...long:
http://cnn.ch/2009/POLITICS/03/24/ob...ipt/index.html
AjTaliesen is offline   Reply With Quote
Old 03-29-2009, 01:40 PM   #2
Pafuna
Brilliant Curmudgeon
 
Pafuna's Avatar
 
Join Date: Jun 2005
Location: In the Pocket of Big Oil
Posts: 2,063
Originally Posted by AjTaliesen View Post
What caught my ear hearing this was:


really? I mean..I suppose I could dispute it...if no one else wants to.

and talking about the deficit you inherited loses some punch for me when you've already matched that amount in spending increases after 3 months.

full transcript...long:
http://cnn.ch/2009/POLITICS/03/24/ob...ipt/index.html
All on point, Aj - the Administration is apparently arithmetically-challenged. Every prominent economist has held reservations on the positively magical numbers twittered about by Christina Romer, who sounds like she's giving us the latest news in the pie bake-off than discussing actual, realistic numbers.

We don't have the money. If we print more of it, then the dollar crashes. If we issue more and more debt, the deficit is unsustainable.


But the reality is that all of this is beside the point - we'll never get any recovery if the credit markets continue in the deep freeze. Don't pay any attention to this latest bear market rally of 20% year to date, it's a sucker's rally. Unemployment will climb this year, businesses cannot secure capital to expand, and even with the whiz-bang toxic asset plan foisted on us by the Tax Cheat in Charge, it will not matter since housing prices are falling through the floor. Seriously, how can anyone refinance if the house they own is now worth less than the note they are paying? Moreover, giving a big, fat tax credit for first time buyers is great and all, but since no one can get a fucking loan, what good is that?

I don't see any improvement until credit markets start to unwind a little, then I think it will get some businesses back in a little cash, enough to at least stave off the layoffs. The biggest problem right now is the financial system and that credit market that is gumming it up.
__________________
Originally Posted by Ini View Post
Holy shit I think Pafuna just won the intraweb!
Originally Posted by FafnerMorell View Post
Damn, is Pafuna allowed to win the intrawebs twice, or is it a lifetime achievement thing?
Pafuna is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -8. The time now is 08:29 AM.


Powered by: vBulletin. Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.