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Another Trillion-Dollar Year In The Red

October 8, 2012 by  

Another Trillion-Dollar Year In The Red

It is all bad economic news for President Barack Obama as the government’s fiscal 2012 came to an end last week with a budget deficit of $1.1 trillion, the fourth trillion-dollar deficit year of the President’s Administration.

The Congressional Budget Office reported Friday that the deficit was about $200 billion lower than in fiscal 2011, but mostly due to a timing difference that added some final payments to last year because Oct. 1, 2011 fell on a weekend. Were that not the case, according to The Hill, the fiscal 2012 deficit would come in at $30 billion higher than 2011.

“President Obama famously promised to cut the deficit in half and today’s report shows that his pledge amounted to nothing more than more empty campaign rhetoric,” Kevin Smith, a spokesman for House Speaker John Boehner (R-Ohio), said.

The CBO predicts the deficit will fall to $641 billion next year in its baseline scenario and down to $387 billion in 2014. This will only happen however if the U.S. breaches the “fiscal cliff,” allowing automatic spending cuts and tax increases to take place.

Sam Rolley

Staff writer Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After learning about many of the biases present in most modern newsrooms, Rolley became determined to find a position in journalism that would allow him to combat the unsavory image that the news industry has gained. He is dedicated to seeking the truth and exposing the lies disseminated by the mainstream media at the behest of their corporate masters, special interest groups and information gatekeepers.

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  • eddie47d

    The Bush wars, the Obama al Qaeda wars, and the looming Romney war with Iran. The debt ceiling will not be fixed because there is no end to our foreign excursions. We tried to save the world yet we can’t even save ourselves. Romney want to increase the defense budget by up to 2 trillion and pursue more wars. That is also fuzzy math laid on the taxpayer.

    • momo

      Gee, you’re acutally making some sense this morning, but your boy Obama suffers from “fuzzy math” problems too.

      • FreedomFighter

        Liberal Says;’Give Food & Houses To Homeless’

        http://www.youtube.com/watch?v=PNpLa7DrfL0

        The little girl in the video is smarter than Obama and Eddie combined.

        Laus Deo
        Semper Fi

      • Doc Sarvis

        Racial slurs just further detract from your position.

      • momo

        @Doc, If your talking about the your boy comment, get over it. I’ve heard it used on sports talk shows alot, even by black commentators. If it hurts your “progressive” feelings, TOO DAMN BAD!

      • Doc Sarvis

        It just reflects (again) poorly on you and shows that you are compensating for not having a valid point.

      • eddie47d

        So apparently Freedom Fighter loves all these wars (because that is what I mentioned) and the harm they have continually done to our nation.

      • momo

        Doc Sarvis says:
        October 8, 2012 at 10:27 am
        It just reflects (again) poorly on you and shows that you are compensating for not having a valid point.

        My point was that Obama’s math was just as fuzzy as Romney’s, does that bother you? Then refute it. As for your opinion, I think its much like you, worthless.

      • Doc Sarvis

        If you think my opinion is “worthless” then why are you asking for it?

      • momo

        I’m not!

    • http://www.facebook.com/bruce.fouraker Bruce Fouraker

      This is not fuzzy math, the jobs that Romney adds will create $154 billion (includes income and payroll taxes does not include excise taxes) more in federal revenue per year (these jobs will be fed by the $2 trillion currently held in reserve by businesses due to uncertainty about Obama’s policies and future tax liability). I saw two areas immeaditely that would save $109 billion in welfare benifits per year as more receipents would be working. Also by on replacing 2 out of 7 of the 7% of federal employees who leave through attrition, we save almost $50 billion per year in 4 years. if I had the full federal budget and all line items in front me, I could find another $200 billion in savings very easily.

      Obama is forgetting that his tax increase decreases jobs and actually prevents the full $80 billion that he wants to add to revenus from coming in (it drops to $36 billion in net revenue gain as opposed to Romneys $154 billion). The Obama plan does not encourage job growth like the Romney plan and actually if he raises corporate taxes from 35% to 40% he will send more companies overseas.

      • Dave67

        LOL… Do you know the CBO predicts 12M new jobs being produced in the next 4 years WITHOUT Tricky Mitt?

        Of course not… Tricky Mitt only left MA with the largest debt per person in the nation.

      • momo

        And how many times has the CBO been wrong?

  • steve

    and yet there are still many people who will vote for the anointed one. they must have gone to the same school of book keeping as obama. deficit spending allowed. maybe they should look at their own checking account to see if they can balance it. we know obama can’t.

    • Dave67

      Steve,

      How does a 5T tax cut and a 2T increase in the defense budget work in your check book? Romney is telling everyone what they want to hear, and it doesn’t matter if he contradicts himself in a 24 hour span of time.

      Tricky Mitt will say anything to get elected.

    • Warrior

      Here’s a example of ‘Buyers Remorse” from the Washington Post no less:

      THE WASHINGTON POST HITS OBAMA

      Finally, the Washington Post and Newsweek speak out about Obama. This is timely and tough. As many of you know, the Washington Post and Newsweek have a reputation for being extremely liberal. The fact that their editors saw fit to print the following article about Obama and the one that appears in the latest Newsweek, makes this a truly amazing event,
      and a news story in and of itself. At last, the truth about our President and his agenda are starting to trickle through the “protective wall” built around him by the liberal media.
      ___________________________

      I Too Have Become Disillusioned.

      By Matt Patterson (columnist – Washington Post, New York Post, San
      Francisco Examiner)

      Years from now, historians may regard the 2008 election of Barack
      Obama as an inscrutable and disturbing phenomenon, the result of a
      baffling breed of mass hysteria akin perhaps to the witch craze of the
      Middle Ages. How, they will wonder, did a man so devoid of
      professional accomplishment beguile so many into thinking he could
      manage the world’s largest economy, direct the world’s most powerful
      military, execute the world’s most consequential job?

      Imagine a future historian examining Obama’s pre-presidential life:
      ushered into and through the Ivy League, despite unremarkable grades
      and test scores along the way; a cushy non-job as a “community
      organizer;” a brief career as a state legislator devoid of legislative
      achievement (and in fact nearly devoid of his attention, so often did
      he vote “present”); and finally an unaccomplished single term in the
      United States Senate, the entirety of which was devoted to his
      presidential ambitions.

      He left no academic legacy in academia, authored no signature
      legislation as a legislator. And then there is the matter of his
      troubling associations: the white-hating, America-loathing preacher
      who for decades served as Obama’s “spiritual mentor”; a real-life,
      actual terrorist who served as Obama’s colleague and political
      sponsor. It is easy to imagine a future historian looking at it all
      and asking: how on Earth was such a man elected president?

      Not content to wait for history, the incomparable Norman Podhoretz
      addressed the question recently in the Wall Street Journal: To be
      sure, no white candidate who had close associations with an outspoken
      hater of America like Jeremiah Wright and an unrepentant terrorist
      like Bill Ayers, would have lasted a single day. But because Mr. Obama
      was black, and therefore entitled in the eyes of liberal Dom to have
      hung out with protesters against various American injustices, even if
      they were a bit extreme, he was given a pass. Let that sink in: Obama
      was given a pass – held to a lower standard – because of the color of
      his skin.

      Podhoretz continues: And in any case, what did such ancient history
      matter when he was also so articulate and elegant and (as he himself
      had said) “non-threatening,” all of which gave him a fighting chance
      to become the first black president and thereby to lay the curse of
      racism to rest?

      Podhoretz puts his finger, I think, on the animating pulse of the
      Obama phenomenon – affirmative action. Not in the legal sense, of
      course. But certainly in the motivating sentiment behind all
      affirmative action laws and regulations, which are designed primarily
      to make white people, and especially white liberals, feel good about
      themselves.

      Unfortunately, minorities often suffer so that whites can pat
      themselves on the back. Liberals routinely admit minorities to schools
      for which they are not qualified, yet take no responsibility for the
      inevitable poor performance and high drop-out rates which follow.
      Liberals don’t care if these minority students fail; liberals aren’t
      around to witness the emotional devastation and deflated self-esteem
      resulting from the racist policy that is affirmative action. Yes,
      racist. Holding someone to a separate standard merely because of the
      color of his skin – that’s affirmative action in a nutshell, and if
      that isn’t racism, then nothing is.

      And that is what America did to Obama. True, Obama himself was never
      troubled by his lack of achievements, but why would he be? As many
      have noted, Obama was told he was good enough for Columbia despite
      undistinguished grades at Occidental; he was told he was good enough
      for the US Senate despite a mediocre record in Illinois ; he was told
      he was good enough to be president despite no record at all in the
      Senate. All his life, every step of the way, Obama was told he was
      good enough for the next step, in spite of ample evidence to the
      contrary.

      What could this breed if not the sort of empty narcissism on display
      every time Obama speaks? In 2008, many who agreed that he lacked
      executive qualifications nonetheless raved about Obama’s oratory
      skills, intellect, and cool character. Those people – conservatives
      included – ought now to be deeply embarrassed.

      The man thinks and speaks in the hoariest of clichés, and that’s when
      he has his Teleprompters in front of him; when the prompter is absent
      he can barely think or speak at all. Not one original idea has ever
      issued from his mouth – it’s all warmed-over Marxism of the kind that
      has failed over and over again for 100 years.

      And what about his character? Obama is constantly blaming anything and
      everything else for his troubles. Bush did it; it was bad luck; I
      inherited this mess. Remember, he wanted the job, campaigned for the
      task. It is embarrassing to see a president so willing to advertise
      his own powerlessness, so comfortable with his own incompetence. But
      really, what were we to expect? The man has never been responsible for
      anything, so how do we expect him to act responsibly?

      In short: our president is a small-minded man, with neither the
      temperament nor the intellect to handle his job. When you understand
      that, and only when you understand that, will the current erosion of
      liberty and prosperity make sense. It could not have gone otherwise
      with such a man in the Oval Office.

      • http://aol.com dgknj

        Very well said, because it is the truth.

  • Doc Sarvis

    The article cites this quote; “President Obama famously promised to cut the deficit in half and today’s report shows that his pledge amounted to nothing more than more empty campaign rhetoric,” Kevin Smith, a spokesman for House Speaker John Boehner (R-Ohio), said.”

    Little to none of President Obama’s deficit reduction plan was implemented thanks to the Republican’s pledge to oppose the President on EVERYTHING, whether it was good for the country or not.

    • Warrior

      “progressivism” is a disease Doc. Get yourself some treatment.

      • eddie47d

        Is that your full package for today Warrior? Typical limp wristed and cowardly comment.

    • momo

      Doc, another Obama apologist.

      • Doc Sarvis

        I translate for you so you can know the truth.

      • momo

        I don’t need you to translate anything, As for truth you wouldn’t know it if it hit you upside your head.

      • eddie47d

        MOMO you’re as bad and continually as insulting as OPAL. You say little and insult much! Is that the freedom to be rude and condescending on a regular basis?

      • momo

        eddie47d, you can dish it, but can’t take it.

    • Mark

      Dude, stop drinking the Kool-aide! For the first two years it was a Democratically run Congress, Senate, and president. Additionally, in Congress and Senate, the Democrats had a super-majority (i.e. They had a filibuster proof majority in each). The truth is president Obama could have done anything he wanted those first two years. He said whatever he needed to in order to win the votes he needed to be president.

      • Doc Sarvis

        You write; “The truth is president Obama could have done anything he wanted those first two years.” You assume that Democrats are like Republicans and vote in lock-step. Bad assuption.

  • Dave67

    Bush’s last budget put a 1.4T dollar deficit on the books… The Debt is slowing coming down and the GOP plays politics instead of trying to work with Obama on a common solution. The reality of any recession is that you spend more while taking in less tax revenue. More people out of work and more money being doled out for unemployment services. If Conservatives really want to fix the debt, they need to stop pushing for war with Iran, Push the end to subsidies for big oil and farm subsidies and ask the wealthy to pay Reagan era taxes to help pay down the debt while Liberals need to understand that we are an aging country that has more people on the medicare/medicaid roles than we have people on the working roles to offset the difference.

    Everyone has to do this thing called “compromise”. I know that is a dirty word around here.

    But conservatives only care about debt when its the Democrat in the WH. When their guy is in, deficits don’t seem to matter as much.

    • John C

      Dave over 1 trillion each year in the last 4 years how do you figure the debt is coming down …is this the NEW math they teach in school

    • Randy131

      Must be a Democrat, the truth is Bush’s last year in office he set a record for a one year deficit of $764 billion, but the total of his last 2 years in office did total the amount you claim was just his last year. Both those year’s deficits was because a Democratic controlled Congress of both houses, won during the 2006 mid-term election, gave the Democrats complete control of all law making abitilities and the yearly budgets. When Obama became President he inherited a ‘National Debt’ of $10.6 trillion, and when his term ends the National Debt will stand at $16.6 trillion. The Obama administration is lieing about Obama’s yearly deficits, just as they have been about the unemployment rates, but since the media is in his pocket, the public never hears the truth, but the ‘National Debt’ figures don’t lie, and Obama’s yearly deficits have averaged $1.5 trillion, doubling Bush’s record setting deficit each year Obama has been in office, for nubmers don’t lie and you can do the math for a $6 trillion addition to the ‘National Debt’ in just 4 years. There is a bar chart of Bush’s 8 years in office showing his yearly deficits, and the unemployment rates during each of those years. That bar chart shows Bush’s highest deficit while in office, with a Republican controlled Congress, was his first year in office, which each of his first 6 years in office the deficits came down each and every year, as did the unemployment rates, until the Democrats won control of both houses of Congress, which then both the deficits and unemployment rates went up significantly, and 11 months later the economy went into recession. All these are actual facts, look them up to confirm! To bad the Democrats can’t see the correlation between the deficits and the unemployment rates, for if they did they would then understand why Obama’s huge yearly deficits have stymied any true reduction in unemployment rates, without dropping record numbers of people from the ‘Workforce’, which when Reagan took over the worse recession in our history, he did not drop anyone from the ‘Workforce’, but lowered unemployment twice what Obama has his entire term, in just Reagan’s first year in office. Democrats’ economic record is shameful, but the media helps them keep the facts hidden from the public’s view.

      • jopa

        Randy;Did you not hear that Bush placed two wars, the rebuilding of Iraq the huge pharma bill on a credit card and then gave a multi trillion dollar tax break for the rich.When Obama became President the bills were due and had to be paid.It’s so simple to understand even a caveman, well you know how that goes.90% of the deficit supposedly run up by Obama is paying Bush”s bills.When a country goes to war you don’t cut taxes unless you are missing a lot of gray matter.Bush did display this on several occasions.

      • momo
      • eddie47d

        The 90% was an exaggeration but the ball was still in Bush’s park. It would be much nicer for all if every politician didn’t streeeetch the numbers.

      • momo

        Right, eddie, right.

  • John C

    Where do the liberal/progressive/communists get their estimates of numbers the CBO has been wrong more times than they have been right Obama has added almost 6 TRILLION to the deficit the only good with these bad news numbers is that the collapse of the US economy will come sooner …and I believe the revolt for freedom will begin then

    • jopa

      momo You are right in the fact that Bush wasn’t liable for the 90% figure in that Obama did extend the Bush tax cut.He will have to take blame for that part of it.Thanks

  • John C

    You really wont have to worry about whether Obama or Romney wins the election the damage is already done we are a train wreck waiting to happen and it is only a matter of time maybe 2013 or 2015 at the rate were heading…I think in the US there will be a revolt and you will see politicians surrying like cockaroaches trying to avoid getting lynched

  • carolyn marlin

    Are all USA tax dollars sent only to muslim’s in muslim nation’s, with out one USA tax dollaor going to one Christian/Jewish person in muslim nation, if so why….????

  • ranger hall

    OBAMA is having a bad Economy Year, Hes having a good year its the American People thats having a bad year. also i sure would like to see some of these new jobs you People are talking about.
    Can anyone tell me why Politicians are called Politician, My granddaddy said it was to seperate the working man from the people that did not work for a living.
    Can anyone tell me how a Marine Airbase can be over run by 16 enemy and 500 million in damages. Not saying much about the Commanders in charge of our young troops and equipment in a war zone. any comments on this.

  • jopa

    I have a die hard Conservative almost a Teabagger for a son in law.He is a small business owner with four kids and when he realized what Romney was going to cost him insurance and tax wise he said he has to vote for Obama.I thought I was going to fall over after hearing that.He wouldn’t tell me that but my daughter passed on the info.When he found out about losing his exemptions on his mortgage,my grandkids student loans being in jeopardy, their loss of insurance coverage up to 26 years of age and the Ryan plan for vouchers for Medicare that was enough for him.Today Romney appears to be losing his bump in the polls from the debate already when more people have time to check the facts I’m sure he will even lose more support.

    • tim

      What’s he blieve everything he hears. Hate to say it but your’e son doesn’t seem to be very smart. Another 4 years and his insurance costs will have doubled!@ The gov’t will be running his business, if he still has one! It sounds to me like your’e the obama lover trying to convince everyone to change thier mind!!!

  • tim

    what do you expect, he’s a loser and he keeps doing crap like this for votes and campaign contributions!!!!
    http://www.foxnews.com/us/2012/10/08/lg-plant-that-got-150m-to-make-volt-batteries-in-michigan-puts-workers-on/

  • DetroitWheel

    Obombya is a fake – an imposter. Americans have no pride in this person and we do not have to follow rules and regulations made by an imposter. All of those Exec Orders are bullcrap and if the Constitution and Bill of Rights are not followed in the persuance of these Exec Orders – they are not valid. Please put Ron Paul on the ballot – All over the ballot. The voting machines are not made in the USA they are made by foreign countries and they are rigged. Our vote means nothing because Mittens has already been bought and paid for so why expend energy to vote in a corrupt nation of Communists and Warmongers and outright Killers – here and all over the world they kill and kill and kill. Will it stop – Probably not – are you ready to fight for your country – against Communism and Fascism? Are you going to die for this great country as did the Ulster Scots who literally ran into battle to save this country. Washed Up Land is just that – Washed Up. Put everybody in Washington in jail till we find out their affiliation in the Communist Party and the Fascist Party. Wasn’t all those millions of Jewish and other Ethnic groups of people that were killed, tortured, gassed, made human experiments of ENOUGH! G-damn Washington and the Devils Worshipers! Ron Paul is the ONLY one who wanted to fully institute the Constitution and the Bill of Rights and he’s our guy – not Obombya and Warmonger Mittens. Oh – the Mormon’s are not for Mittens and he’s a supposed Mormon.

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