BoatShoes;1617527 wrote:The Deficit has gone from what Gut/Dr. Evil would complain about being over $1 trillion dollars! to a projected $514 billion in 2014 or 3% of our economy. That is well in line with what deficit scolds to the left of you in the Washington Consensus would consider acceptable. How you can say there is no real deficit reduction beyond some window dressing on the margins is absolutely ludicrous.
And Obama deserves no praise from this. He deserves vitriol and scorn. We had 0.1% growth in the first quarter and is directly attributable to this deficit reduction that is straining the savings and balance sheets of the private economy. Monetary Policy can prevent a full on recession for so long but as you readily point out, it can only do so through with bubbling asset prices. Better than perpetual depression but we should reverse course now and turn toward expansionary fiscal policy that would support healthier private sector balance sheets.
The reason that they say they haven't really done any deficit reduction is due to the fact that MOST of the reduction is just NOT continuing to spend the short term bail outs like TARP.
If you set up a 2 or 3 year deal that spends $400 billion a year in the TARP, when that 4th year comes and that $400 billion isn't spent again, that doesn't count as deficit reduction because it WASN'T IN THE PLAN TO BEGIN WITH!
If they had continued the $400 billion/yr then it would have been ADDITIONAL spending/deficit.
You don't get credit for doing nothing (basically letting something expire that was supposed to expire).
You don't get credit for the sequester (even though it was your plan originally) when you blame it on the 'other side'.
Seriously, name a single budget plan that cut actual spending, that Obama put forth and is now in the accounting.
I mean seriously, look at the deficits under Bush vs Obama...Look at the deficits under Obama from when he had 100% control of the government (HoR and Senate) vs now when the Rs have the HoR.
I know you hate people that reduce the deficit, you'd like to see trillions in deficits every year until the end of time, but in the same sentence you can't call Obama a deficit hawk when the facts don't back up your statements.
Look at the deficits the 2 years he had Ds in both houses-$1.4 trillion and $1.3 trillion.
Look at the deficits since the Rs took the HoR-$1.3 trillion, $1.1 trillion, $680 billion, and $649 billion.
What were the deficits the few years before Obama? From 2005-2008 it ranged from $161 billion to $458 billion.
Yeah, he is a real deficit hawk...