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Charts of the Day: Deficits and spending (Pay attention to government estimates vs reality)
Hotair ^ | 10/07/2012 | Ed Morrissey

Posted on 10/07/2012 4:31:57 PM PDT by SeekAndFind

Via Instapundit, this is the chart to keep in mind when it comes to deficits and campaign promises. It's pretty self-explanatory, but pay close attention to the huge jump in deficit spending between FY2008 and FY2009 --- and the very large gap between White House and even CBO estimates and reality (in gray) in FY2010-12:

A few things to bear in mind:

Deficits are, however, one side of the equation. Democrats argue that these massive (and sudden) budget imbalances are due to a revenue issue, specifically that the rich don’t pay their fair share in taxes. They want to raise revenues to put us back to the deficit levels of the Bush era. However, Heritage has another chart that’s not terribly new showing that the problem is (mostly) on the spending side of the ledger. This shows federal spending, actual and projected, on a per-household basis in inflation-adjusted dollars for the last 47 years, and projected out along current trajectories for the next ten:

There are also a couple of things to keep in mind here, too:

So, we don’t really have a revenue problem here, or at least not primarily a revenue problem. We have a spending problem. Most of that is almost certainly in Medicare and other health-care spending, and it’s certainly going to be the biggest problem in the next few decades. Sequestration isn’t going to solve that. We need to find a way to revamp our safety-net programs to truly reduce spending in order to rebalance the relationship between federal spending and household income. We simply can’t get enough income to support that rate of growth — most of which has been funded by exploding deficits and national debt, the service of which will cost households in future generations even more in federal-spending growth.


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: debt; deficit; spending; uscrisis

1 posted on 10/07/2012 4:32:05 PM PDT by SeekAndFind
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To: SeekAndFind

Wasn’t TARP “Off budget”?? Seem to recall they made it off ledger as far as the budget was concerned because it was just loans or some such nonsense.


2 posted on 10/07/2012 4:48:50 PM PDT by Snuph ("give me Liberty...")
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To: Snuph
Where is the list of banks and others that received TARP funds? How much has been repaid and who (yes who) still has outstanding balances?

Let these rascal outfits go under....for Chicago-type readers OUT-OF-BUSINESS.

3 posted on 10/07/2012 5:29:36 PM PDT by ptsal (E)
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To: ptsal

I think zerohedge.com may have it in their archives


4 posted on 10/07/2012 5:38:24 PM PDT by Snuph ("give me Liberty...")
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To: SeekAndFind

Honestly this still chaps me.

Bush and the republicans cut the deficits in half from 2004 to 2007.

The tax cuts cost nothing !

They increased revenue—setting a record at more than 2.5 trillion in one year.

The 2009 is better than predicted because the bush bailouts required repayment with interest by recipients.

Conservatives refuse to defend the good conservative substance of president bush.


5 posted on 10/07/2012 6:25:14 PM PDT by lonestar67 (I remember when unemployment was 4.7 percent)
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To: lonestar67
WANT TO KNOW WHY WE HAVE SUCH HUGE DEFICITS?

6 posted on 10/07/2012 8:01:31 PM PDT by SeekAndFind (bOTRT)
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