dispatches from TJICistan

The federal deficit this year is the largest in the history of the United States, even in inflation adjusted terms.

How does the NYT report this fact?

http://www.nytimes.com/2010/07/24/us/pol…

U.S. Agency Trims Estimate of the Deficit

WASHINGTON — The Obama administration on Friday trimmed its estimate of the federal budget deficit for this year

Fascinating!

Tell me more!

President Obama spoke on Friday at the White House about the efforts made by his administration to improve the economy.

Excellent, it’s utterly key to understand the deficit that I learn that a politician is defending his record!

The White House’s Office of Management and Budget projected that the deficit for the fiscal year ending Sept. 30 would be $1.47 trillion, $84 billion lower than it estimated in February

Wow! $84 billion!

I like how billions and trillions are mixed in the same sentence, and no one points out that the deficit has grown by 20% since last year, and the 6% decline is a 6% decline in the project, so we’re seeing it grow by 20% this year, instead of the 25% growth that was projected.

So what sort of financial wizardry did Obama use to merely grow the deficit by 20% instead of 25% ?

Much of the reduction stemmed from lower than anticipated outlays for unemployment insurance.

So, basically, Republican insistance of paying for UE benefits by cutting other spending is what caused the numbers to fall, and if Obama and the Dems had executed the plan they wanted to execute, there’d be no deviation from the expected deficit?

Fascinating.

So why, exactly, is this being spun as an Obama victory?

Measured as a percentage of total economic output — the gauge that economists say is most meaningful — the deficit would be 10 percent of gross domestic product… well below the records set during World War II.

Fascinating!

The deficit was 25% when we assembled the largest armed forces in the history of human civilization, and conquered two continents at once.

…and with Obama’s socialist experiments, we’ve only run up a 10% deficit!

That is news – he’s doing a heck of ajob!

http://www.usgovernmentspending.com/fede…

For next year, the White House projected a deficit of $1.42 trillion, $150 billion more than estimated in February. Next year’s projected deficit would be 9.2 percent of the economy.

So the Republicans shaved $84 billion off this year’s deficit, and Obama and the Dems have added $150 billion to next year’s deficit, which is going to break this year’s records of biggest deficit in absolute terms, and biggest deficit in inflation adjusted terms?

Boooooring … I can see why this was hidden several paragraphs deep in the article.

The new estimates also predict that unemployment will drop only slightly next year, to 9 percent from 9.5 percent now. The jobless rate is expected to drop to 8.1 percent in 2012, the report said.

Boooooring … let’s get back to how Obama is doing an awesome job, and makes the deficit grow at 20% and not 25% (when he’s overruled by Republicans).

This entry was posted on Saturday, July 24th, 2010 at 12:12 pm and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.