Archive for The Federal Deficit

You Grow, Not Cut, Your Way Out of a Deficit

Posted in President Barack Obama, The Federal Deficit with tags , on October 19, 2015 by Rich Wilkins

10_p101615ps-0913

President Obama has refused the most draconian budget cuts proposed by Congressional Republicans. The result of his refusal has been a growing economy and a falling deficit.

WASHINGTON — The federal budget deficit fell this year to its lowest level since President Obama took office, his administration reported Thursday, a change propelled by an increase in tax receipts amid a strengthening economy.

The deficit was $439 billion in the 2015 fiscal year, $44 billion less than last year, the Treasury Department and the Office of Management and Budget said in a report. The shortfall represents 2.5 percent of the economy, the lowest share since 2007.

“Under the president’s leadership, the deficit has been cut by roughly three-quarters as a share of the economy since 2009 — the fastest sustained deficit reduction since just after World War II,” Treasury Secretary Jacob J. Lew said in a statement released with the figures. The deficit ballooned to $1.4 trillion in 2009, in part because of stimulus spending during the recession.

Government receipts rose by 8 percent over the last year, the report said, which “can be attributed to a stronger economy.” Rising wages drove up collections of individual and payroll taxes, and higher corporate profits led to an increase in business income tax receipts. Also, fees and payments under the Affordable Care Act that took effect in 2015 helped increase federal collections.

Now it is true that in 2017, the deficit is supposed to start rising again. For that reason, the fiscal hawks on the right are calling for massive overhauls to Social Security, Medicare, Medicaid, and other major programs. Cuts to those programs will not help bring down deficits though. You can’t cut your way to balance, because these cuts cause a drop in growth. We know how to bring down the deficit though, we’re seeing it now. The policies we’ve followed the last six years reduced the deficit. There’s no reason to believe the people who were wrong before, in the future.

Sincerely GC

Welcome To My Perfectly Imperfect World

Glam Meets Girl

Irish Based Fashion & Beauty Blog

Fantastic Em

{Daily life, cooking endeavors, & travel adventures galore}

28 and Counting...

Instructions for living a life: Pay attention. Be astonished. Tell about it. -Mary Oliver

MLB.com Blogs

Official Affiliate / Unofficial Opinions

TIME

Current & Breaking News | National & World Updates

tonysbologna : Honest. Satirical. Observations.

Honest. Satirical. Observations.

Ordinary Adventures

Everyday journeys of a one of a kind girl.

WJBF-TV

Coverage You Can Count On

The Cutter Rambles

The Cutter shares his thoughts on the world

dwiedy58

A great WordPress.com site

One Positive Blog

Don't worry and live a happy life

Online money

easy way to earn money

ELLIS NELSON BOOKS

young adult, middle grade, children's books

Mind the Gap

The socio-economic class divide in the UK

CBS New York

Breaking News, Sports, Weather, Traffic And The Best of NY

The Zo Zone

Inside the Phillies with MLB.com beat writer Todd Zolecki

Supernal Living with Dana Taylor

Supernal Living--Best-selling Amazon author Dana Taylor, exploring spirituality, healing energy, visionary writing, and wonder

Drinking Your Milkshake

Personal musings from a young designer.

Orange County for Darfur Blog

a project of Living Ubuntu

Where Love Abounds

From my heart to these pages

kottapallyragavi

The greatest WordPress.com site in all the land!

Words We Women Write

we do what we like and we like what we do

Polloplayer

a diary of my journey into chickendom. and other stuff.

teflresearch

Bringing language research into the classroom

For The Win

What fans are talking about.

The Seeds 4 Life

Seeds of Inspiration, Wisdom, and Positivity

CBS Philly

News, Sports, Weather, Traffic and Philly's Top Spots

Food Fellowship and Wine

A celebration of all things good

The Sober Sous Chef

Food, Family and Restaurant Life

Humanity777's Blog

The Church of Christ

mtaggartwriter

Read on, it's good for the brain.

Storyshucker

A blog full of humorous and poignant observations.

Political Fails

When politics, government and Social Media collide

FiveThirtyEight

Nate Silver’s FiveThirtyEight uses statistical analysis — hard numbers — to tell compelling stories about politics, sports, science, economics and culture.

Observer

People and Trends

JONATHAN TURLEY

Res ipsa loquitur ("The thing itself speaks")

Tsu Official Site

New Social Network Tsu — Which Pays Users Who Post — Raises $7 Million .

Phuture Phillies

Phillies Prospects

Life

in whispers

biovivoblog

Bio este viata