2016 Postmortem
Related: About this forumFeds: U.S. goverment deficit is plunging (MoneyWatch, 5/13)
Feds: U.S. goverment deficit is plunging(MoneyWatch) Lawmakers gearing up for what is shaping up as another bitter partisan clash over the nation's borrowing limit later this year must reckon with a new fiscal reality: The federal deficit is shrinking fast.
A Congressional Budget Office study released today forecasts that the annual U.S. budget gap -- the difference between what the government collects in revenue every year and what it spends -- will fall this year to $642 billion. That's $200 billion less than the non-partisan forecasting arm of Congress was predicting only three months ago and down sharply from the deficit levels that swelled as the economy contracted following the housing crash.
The CBO attributed the budgetary progress to rising personal and corporate income taxes, along with Fannie Mae (FNMA) and Freddie Mac (FMCC) -- the housing agencies seized by the government during the financial crisis -- repaying part of their bailout loans from taxpayers. Tax receipts are surging largely because the payroll taxes employees pay to fund Social Security rose in January and because rates rose on the richest Americans.
http://www.cbsnews.com/8301-505123_162-57584449/feds-u.s-goverment-deficit-is-plunging/
(typo is from the source, should be "government"
FreakinDJ
(17,644 posts)libdem4life
(13,877 posts)pinto
(106,886 posts)It boggles me that it's not countered with the real data more effectively. I know Obama has made the point repeatedly, but the media buzz seems to follow the out of control deficit meme.
libdem4life
(13,877 posts)they are Losing. Of course, that means the media as well, but I get the sense it's running out of steam just when states and individuals are reporting in with success stories. I think there's a website for stories somewhere. My sister is definitely one of them...the first day...she was ready to go. Less than half what she was paying with lower deductibles.
NYC_SKP
(68,644 posts)Nobody pronounces the n anyway!
gopiscrap
(23,765 posts)MannyGoldstein
(34,589 posts)But it's also why the economy continues to be a disaster for the 99%.
tridim
(45,358 posts)Now back to work at the job I don't have because the recovering economy is such a disaster, Manny.
MannyGoldstein
(34,589 posts)Or would you call it an "economic development plan" or some such euphonious claptrap rather than austerity?
tridim
(45,358 posts)because they hate the President... because he's black.
However, in the real world, the actual economy is recovering. Just ask the half dozen or so IT headhunters who call me every week with good job offers. That hasn't happened since 1997.
My Mom keeps telling me the economy sucks as well, the problem is Faux Newz is lying to her about it.
MannyGoldstein
(34,589 posts)And you're right: anecdotal evidence is way more important than "statistics" and "facts".
ffr
(22,672 posts)People are getting it and speaking out! AWESOME!