Author Topic: Obama's out of control spending  (Read 5640 times)

Offline Vern

  • Full Member
  • ***
  • Posts: 105
Obama's out of control spending
« on: January 30, 2013, 04:20:01 PM »
In feb 2008, Bush asked for and got a 3.1 trillion dollar budget for FY 2009.  From the CBO Budget Outlook in Jan 2008, revenue was expected to be 2.8 trillion.   

http://www.cbo.gov/publication/41661

In jan 2008, the CBO was not even predicting a recession let alone the worst recession since the depression.  So Bush's last budget started Oct 1 2008 (thats when the fiscal year starts).     Q4 2008 GDP was -8.9%. (Job losses were 2.1 million Nov 2008- Jan 2009.)

http://www.bea.gov/iTable/iTable.cfm?ReqID=9&step=1

So, the CBO does its annual Budget Outlook on Jan 7, 2009 for the current fiscal year.   uh oh, before President Obama even took over, the CBO has revised Bush's 300 billion dollar budget deficit to 1.2 trillion.  OUCH. 

Date of estimate____1/09
Total Revenues___2,357
Total Outlays___3,543

http://www.cbo.gov/publication/41753   

Online walkstall

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 23264
  • Gender: Male
  • WYSIWYG
Re: Obama's out of control spending
« Reply #1 on: January 30, 2013, 04:25:26 PM »
And this has to do with b o "Obama's out of control spending"  how?   :lol:
A politician thinks of the next election. A statesman, of the next generation.- James Freeman Clarke

Politics is supposed to be the second-oldest profession.  I have come to realize that it bears a very close resemblance to the first.  ~ Ronald Reagan ~

Always remember "Feelings Aren't Facts."

Offline The Boo Man...

  • Hero Member
  • *****
  • Posts: 16644
  • Gender: Male
  • Trees are just tall weeds children climb
Re: Obama's out of control spending
« Reply #2 on: January 30, 2013, 04:30:57 PM »
And this has to do with b o "Obama's out of control spending"  how?   :lol:

Page 58 of the Liberal playbook. Justify bad policy by pointing out bad policy.

Online walkstall

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 23264
  • Gender: Male
  • WYSIWYG
Re: Obama's out of control spending
« Reply #3 on: January 30, 2013, 04:34:19 PM »
Page 58 of the Liberal playbook. Justify bad policy by pointing out bad policy.

He hoping Solar will not see this for what it is.  More Bush bashing.   :lol:
A politician thinks of the next election. A statesman, of the next generation.- James Freeman Clarke

Politics is supposed to be the second-oldest profession.  I have come to realize that it bears a very close resemblance to the first.  ~ Ronald Reagan ~

Always remember "Feelings Aren't Facts."

Offline Vern

  • Full Member
  • ***
  • Posts: 105
Notice how I dont have to post editorials?
« Reply #4 on: January 30, 2013, 04:36:37 PM »
Just so you know, -8.9 % GDP and 2.1 million job losses is depression - esque. 

So the CBO revised spending up 450 billion and revenues down 450 billion (before President Obama took over).  Recessions cost money. More people retiring and collecting SS, more people collecting unemployment.  And then there was the 700 billion dollar TARP bill. And few people are aware of the 300 billion dollar GSE bailout. 

"On September 6, 2008, the Federal Housing Finance Agency exercised authority provided under the Housing and Economic Recovery Act of 2008 (P.L. 110-289) to place Fannie Mae and Freddie Mac into conservatorship. In August 2009, CBO estimated net subsidy costs related to Fannie Mae and Freddie Mac at $291 billion for FY2009."

http://www.fas.org/sgp/crs/misc/R41134.pdf

OUCH again.  so bailouts (plural) and recession costs add up quickly.  Dont worry, I already know you pubs are screaming "STIMULUS" but the CBO 2009 Budget outlook does not include that. It came out before it.   So lets look at FY 2009 actuals

________________1/09___actuals
Total Revenues____2,357__ 2,105
Total Outlays_____3,543___ 3,518

http://www.cbo.gov/publication/41880   

So the final budget deficit for FY 2009 was 1.4 trillion.  Thats 200 billion more than the CBO predicted. But oddly spending only went up 400 billion. Revenue collapsed another 250 billion. So revenue declined 700 billion while spending went up 400 billion. If I had to say what the biggest cause of the deficit is I would have to say revenue collapse. 

Offline Vern

  • Full Member
  • ***
  • Posts: 105
we could be like the Hardy boys.
« Reply #5 on: January 30, 2013, 04:40:08 PM »
And this has to do with b o "Obama's out of control spending"  how?   :lol:

exactly Mr Stall. what does that have to do with President Obama?  All my con friends assured me that President Obama's spending is out of control and even stranger they blame him for FY 2009. So I thought by posting the actual facts we could get to the bottom of this mystery.  Are you in?

Offline The Boo Man...

  • Hero Member
  • *****
  • Posts: 16644
  • Gender: Male
  • Trees are just tall weeds children climb
Re: Obama's out of control spending
« Reply #6 on: January 30, 2013, 04:49:38 PM »
LOL!

Let's just focus on 2009. 2010,2011,2012 never happened...

Offline Vern

  • Full Member
  • ***
  • Posts: 105
color me confused
« Reply #7 on: January 30, 2013, 05:01:53 PM »
He hoping Solar will not see this for what it is.  More Bush bashing.   :lol:

Its not "bush bashing". Its false narrative bashing.  I was told repeatedly that President Obama's spending is "out of control" and "its only a spending problem".  Now when I googled this site it said

"Conservative Political Forum - Discussion and Debate
conservativepoliticalforum.com/

A conservative, fact-based political discussion and debate forum covering current events, survival tips, and financial markets.
"

It said 'fact based so I thought I found a new home.  Have I not posted facts?   Please let me know what you think is not true. But I dont see anybody disputing my links. I jsut see people getting mad.

Offline The Boo Man...

  • Hero Member
  • *****
  • Posts: 16644
  • Gender: Male
  • Trees are just tall weeds children climb
Re: color me confused
« Reply #8 on: January 30, 2013, 05:07:39 PM »
Its not "bush bashing". Its false narrative bashing.  I was told repeatedly that President Obama's spending is "out of control" and "its only a spending problem".  Now when I googled this site it said

"Conservative Political Forum - Discussion and Debate
conservativepoliticalforum.com/

A conservative, fact-based political discussion and debate forum covering current events, survival tips, and financial markets.
"

It said 'fact based so I thought I found a new home.  Have I not posted facts?   Please let me know what you think is not true. But I dont see anybody disputing my links. I jsut see people getting mad.

You started a thread about spending because of conversations you have had with people none of us here know and you focus on one year...because of conversations you have had with people none of us know.  And you are apparently assuming that we agree with the conversations you have had with people none of us know. How the hell can we actually debate that? As far as Obama and spending in 2009. He is responsible for spending in 2009 and yes it was reckless. Start with the stimulus.

Offline Vern

  • Full Member
  • ***
  • Posts: 105
Re: Obama's out of control spending
« Reply #9 on: January 30, 2013, 05:09:54 PM »
LOL!

Let's just focus on 2009. 2010,2011,2012 never happened...

patience Mr Boo.  I'll get to that. Lets look at President Obama's first Budget, FY2010

2010 Obama’s first budget

Date of estimate___1/10____actuals
Total Revenues___ 2,175___ 2,162
Total Outlays____ 3,524___ 3,456

http://www.cbo.gov/publication/21999

now the estimate from 1/10 is CBO Budget Outlook for FY 2010.  The actuals come from the CBO Budget Outlook for FY 2011. mmm, I'm still not seeing the "out of control spending" or the "its only a spending issue". I still see collapsed revenue though.  But the deficit has come down slightly. So the deficit is down on a nominal basis and as function of GDP.


Offline The Boo Man...

  • Hero Member
  • *****
  • Posts: 16644
  • Gender: Male
  • Trees are just tall weeds children climb
Re: Obama's out of control spending
« Reply #10 on: January 30, 2013, 05:14:46 PM »
patience Mr Boo.  I'll get to that. Lets look at President Obama's first Budget, FY2010

2010 Obama’s first budget

Date of estimate___1/10____actuals
Total Revenues___ 2,175___ 2,162
Total Outlays____ 3,524___ 3,456

http://www.cbo.gov/publication/21999

now the estimate from 1/10 is CBO Budget Outlook for FY 2010.  The actuals come from the CBO Budget Outlook for FY 2011. mmm, I'm still not seeing the "out of control spending" or the "its only a spending issue". I still see collapsed revenue though.  But the deficit has come down slightly. So the deficit is down on a nominal basis and as function of GDP.

Vera please stop copy and pasting stuff because some other website tells you it's relevant. And simply posting graphs doesn't cut it if you don't understand what you are looking at.

Obama entered office in 2009 and he is responsible for most of that spending. Start there.

Offline Vern

  • Full Member
  • ***
  • Posts: 105
call me crazy but ah, just call me crazy
« Reply #11 on: January 30, 2013, 05:22:09 PM »
As far as Obama and spending in 2009. He is responsible for spending in 2009 and yes it was reckless. Start with the stimulus.

Mr Boo, you just posted something that I've proven is at best an 'exageration' . Mr Stall as a moderator of this fact based forum, please do your duty.  and Mr Boo, I haven't just focused on 2009. You started whining before I could finish.

Lets look at FY 2011, President Obama's second budget
 
Date of estimate___1/11____actuals
Total Revenues___ 2,228 ___ 2,302
Total Outlays____ 3,708___ 3,598

http://www.cbo.gov/publication/41880

If you want to jump for joy because the deficit went up 2 billion on a nominal basis. I could explain the use of 'supplemental budgets' to put it on the same basis but lets just say it went down as a % of GDP.  Mmmmm, I'm still seeing it more as revenue issue than a spending issue.  anybody seeing it different?

Offline Vern

  • Full Member
  • ***
  • Posts: 105
oops
« Reply #12 on: January 30, 2013, 05:32:41 PM »
sorry, the above link should be

http://www.cbo.gov/publication/42905

Now thanks to the last minute legislation, the CBO Budget Outlook for FY 2013 is delayed until February.  I cant post the actuals for FY 2012 yet

Date of estimate___1/12____actuals
Total Revenues___ 2,523___ TBD
Total Outlays____ 3,601___ TBD

I can tell you the budget deficit was 1.1 trillion for FY 2012.  Thats a nominal drop in the deficit and as a % of GDP. thats good right?

Offline Vern

  • Full Member
  • ***
  • Posts: 105
kram just posted 'graphs' in the other thread. did you speak to him?
« Reply #13 on: January 30, 2013, 05:40:01 PM »
Vera please stop copy and pasting stuff because some other website tells you it's relevant. And simply posting graphs doesn't cut it if you don't understand what you are looking at.

Obama entered office in 2009 and he is responsible for most of that spending. Start there.

er uh Mr Boo, I'm not "simply posting graphs". I'm posting the CBO Budget Outlooks and I'm cutting and pasting the spending and revenue data from the appropriate table.  I dont want any 'road blocks' in between you and the facts.  this will have to do until the 2013 Budget outlook comes out

"The federal government’s fiscal year 2012 has come to a close, and CBO estimates—in its latest Monthly Budget Review—that the federal budget deficit for the year was about $1.1 trillion, or 7.0 percent of gross domestic product (GDP). "

http://www.cbo.gov/publication/43657

Online walkstall

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 23264
  • Gender: Male
  • WYSIWYG
Re: we could be like the Hardy boys.
« Reply #14 on: January 30, 2013, 06:03:55 PM »
exactly Mr Stall. what does that have to do with President Obama?  All my con friends assured me that President Obama's spending is out of control and even stranger they blame him for FY 2009. So I thought by posting the actual facts we could get to the bottom of this mystery.  Are you in?

LOL no I am not in, you came just to bash Bush.  :lol:
A politician thinks of the next election. A statesman, of the next generation.- James Freeman Clarke

Politics is supposed to be the second-oldest profession.  I have come to realize that it bears a very close resemblance to the first.  ~ Ronald Reagan ~

Always remember "Feelings Aren't Facts."

 

Powered by EzPortal