1930's Budget Deficits

[Texsox]

Which is a complete fabrication.

 

/burns some corn

 

Cutting taxes without reducing spending increases the deficit.

[Y2HH]

While the idea is to increase spending and run deficits if necessary during bad times, you are supposed to pay it back and run surplus during good times -- something we don't do.

 

Overhauling healthcare will not save this government/country from bankruptcy, not on the path of spending we are on -- and doing nothing will not save it either.

 

You're damned if you do...

 

Thanks for finishing it for me.

[mr_genius]

And which country paid to rebuild France, (half of) Germany and the UK? Oh yeah, the United States. Where's the complaining about the deficits that we ran up in the post-war period which came before the historically unprecedented growth in America during the immediate post-war and the 50's?

 

U.S. debt dropped off in the 50's.

[lostfan]

Cutting taxes without reducing spending increases the deficit.

Ding ding ding, we have a winner. It might not happen right away but it will happen.

 

While the idea is to increase spending and run deficits if necessary during bad times, you are supposed to pay it back and run surplus during good times -- something we don't do.

 

Overhauling healthcare will not save this government/country from bankruptcy, not on the path of spending we are on -- and doing nothing will not save it either.

 

You're damned if you do...

 

Thanks for finishing it for me.

We (under Clinton and the GOP-controlled, budget-conscious Congress) did it in the 90s, in the 2000s the Republicans stopped caring about it for some reason.

Edited August 26, 2009 by lostfan

[Y2HH]

U.S. debt dropped off in the 50's.

 

That's because unlike now, we didn't just print money for fun. We actually paid debt back instead of borrowing from one credit card to pay the other, like we do now.

[Y2HH]

Ding ding ding, we have a winner. It might not happen right away but it will happen.

 

 

We did it in the 90s.

 

Well...yes and no. Clinton was on his way, but ran out of time in office. Clinton did balance the budget -- but our deficit rose under his administration, too, and although he left with surplus, we never use it to pay back debt...we just re-increased spending.

[Y2HH]

Oh, and since then, we haven't stopped increasing spending...for anything. That goes for both national and local government.

 

They, and I don't care who you count as they, democrats, republicans -- need to get a handle on this.

 

I think, if nothing else, EVERYONE here can agree we need to end this cycle of borrowing and spending and start getting this debt under control. And let's not pretend healthcare is the only driving force behind it -- that's one of MANY items we are running red on...and eventually the engines gonna blow.

Edited August 26, 2009 by Y2HH

[lostfan]

Well...yes and no. Clinton was on his way, but ran out of time in office. Clinton did balance the budget -- but our deficit rose under his administration, too, and although he left with surplus, we never use it to pay back debt...we just re-increased spending.

IIRC, Clinton had a plan that would've eliminated all of our debt by 2012, and I'm almost 100% sure he left office with a decent surplus that he built up. Didn't he inherit a deficit? I'm not looking at a graph right now so I don't know, but I know Reagan was all about deficits. Gore wanted to follow up with this in the 2000 campaign, so did Bush but he wanted to cut the hell out of taxes the whole time he was in office which really kind of blunted it. Then that all went to s*** when he invaded Iraq.

Edited August 26, 2009 by lostfan

[mr_genius]

IIRC, Clinton had a plan that would've eliminated all of our debt by 2012. Didn't he inherit a deficit? I'm not looking at a graph right now so I don't know, but I know Reagan was all about deficits. Gore wanted to follow up with this in the 2000 campaign, so did Bush but he wanted to cut the hell out of taxes the whole time he was in office which really kind of blunted it. Then that all went to s*** when he invaded Iraq.

 

His plan would have failed. The globalist theory failed. The US has a massive trade deficit and has actually lost jobs over a decade.

[lostfan]

His plan would have failed. The globalist theory failed. The US has a massive trade deficit and has actually lost jobs over a decade.

Eh that's another issue entirely. I was just talking about gov't spending and tax policy.

 

Global free trade and no tariffs is more of a conservative thing though, not that it's a pet issue of theirs since some Dems like it too but the whole idea of limited intervention is a conservative one.

Edited August 27, 2009 by lostfan

[Y2HH]

IIRC, Clinton had a plan that would've eliminated all of our debt by 2012, and I'm almost 100% sure he left office with a decent surplus that he built up. Didn't he inherit a deficit? I'm not looking at a graph right now so I don't know, but I know Reagan was all about deficits. Gore wanted to follow up with this in the 2000 campaign, so did Bush but he wanted to cut the hell out of taxes the whole time he was in office which really kind of blunted it. Then that all went to s*** when he invaded Iraq.

 

Well, if Gore hadn't run on the "lockbox" platform, maybe he would have won Florida.

[mr_genius]

Eh that's another issue entirely. I was just talking about gov't spending and tax policy.

 

Not necessarily, the predictions to pay off the debt took into account job growth and increased tax income. I don't see that happening. Of course globalization is going to happen, and it should be embraced; the issue is if you take an anarchy approach that Greenspan preaches. His economic policies may be bubblelicous, but they are long term disasters.

 

[Balta1701]

U.S. debt dropped off in the 50's.

Very little, if at all actually. U.S. public debt in 1950 was $254.7 Billion, in 1960 was $290.5 billion.

 

The debt wasn't paid off. It grew during the 50's. But the economy grew massively. Thus, the debt as a fraction of GDP declined massively. The U.S. typically doesn't "Pay off" its debt. The U.S. typically grows its way to the point that the debt is no longer all that big.

[southsider2k5]

I have one request in this thread... please use deficit and debt correctly. Thank you.

[bmags]

that's just asking for people to use it incorrectly.

 

I'm in $2,000 of deficit and am running a $40 debt a month.

[NorthSideSox72]

I have one request in this thread... please use deficit and debt correctly. Thank you.

I haven't seen anyone use them incorrectly yet.

[bmags]

I haven't seen anyone use them incorrectly yet.

 

hey.

[southsider2k5]

I haven't seen anyone use them incorrectly yet.

 

Look again.

[NorthSideSox72]

hey.

I haven't seen anyone UNINTENTIONALLY use them incorrectly yet.

 

I probably missed one somewhere.

 

[lostfan]

I don't know who did either. Y2HH said the deficit increased under Clinton when it didn't, but I think that's about it.

[Y2HH]

I don't know who did either. Y2HH said the deficit increased under Clinton when it didn't, but I think that's about it.

 

I meant debt.

 

But yes, although Clinton did balance the budget and run surplus the last few years, I don't believe he ran a balanced budget his first few years, which would be deficit.

 

I don't have time to check that, though.

Edited August 27, 2009 by Y2HH

[jasonxctf]

I meant debt.

 

But yes, although Clinton did balance the budget and run surplus the last few years, I don't believe he ran a balanced budget his first few years, which would be deficit.

 

I don't have time to check that, though.

 

http://www.whitehouse.gov/omb/budget/fy201...ts/hist01z2.xls

 

 

[Y2HH]

http://www.whitehouse.gov/omb/budget/fy201...ts/hist01z2.xls

 

So he did run deficits his first few years, but reigned in spending and cut them down year after year, and then ran surplus...thanks for posting that, I didn't have time to check earlier.

 

Too bad Bush didn't follow up on that...and too bad Obama followed up on Bush (so far).

Edited August 27, 2009 by Y2HH

[kapkomet]

So he did run deficits his first few years, but reigned in spending and cut them down year after year, and then ran surplus...thanks for posting that, I didn't have time to check earlier.

 

Too bad Bush didn't follow up on that...and too bad Obama followed up on Bush (so far).

Yea, Obama's followed up on Bush alright. Times a hell of a lot.

 

[jasonxctf]

So he did run deficits his first few years, but reigned in spending and cut them down year after year, and then ran surplus...thanks for posting that, I didn't have time to check earlier.

 

no worries.. nice that the administration is putting this info on the website rather than hiding it.