Comments on: Deficit Peacocks

By: Where's the Outrage? » Agreement?

Where's the Outrage? » Agreement? — Mon, 01 Aug 2011 10:18:08 +0000

[...] In theory this “crisis” came about because we need to raise the debt ceiling. Many deficit peacocks were worried about the deficit. So, they decided that the best thing to do would be to hold the [...]

By: Where's the Outrage? » We Need to Focus Our Priorities (re-posted)

Where's the Outrage? » We Need to Focus Our Priorities (re-posted) — Wed, 23 Mar 2011 20:56:06 +0000

[...] months ago I wrote: Now the deficit guys (cleverly described as “deficit peacocks,” since they’re really not [...]

By: Where's the Outrage? » We Need to Focus Our Priorities

Where's the Outrage? » We Need to Focus Our Priorities — Tue, 29 Jun 2010 10:57:59 +0000

[...] months ago I wrote: Now the deficit guys (cleverly described as “deficit peacocks,” since they’re really [...]

By: Fix the Recession then fix the Budget Deficits | thehitjob.com

Fix the Recession then fix the Budget Deficits | thehitjob.com — Wed, 17 Feb 2010 03:40:27 +0000

[...] on the budget and deficits. On Monday I discussed deficit peacocks (folks who talk about balancing the budget but vote for big ticket budget items). On Tuesday, I [...]

By: Anonymous

Anonymous — Wed, 03 Feb 2010 17:49:42 +0000

Prior to Republicans assuming control of Congress in 1995, President Clinton refused to embrace the idea of a balanced budget. Clinton’s first budget called for an astronomical tax hike of $220 billion that Democrats in Congress increased to $240 billion. Clinton’s first three budgets — released in 1993, 1994, and 1995 (for FYs 1994, 1995, and 1996 respectively), left deficits of $241.4 billion, $201.2 billion, and $194 billion by his own estimation (which CBO scored at $228.5 billion, $206.2 billion, and $276 billion respectively). In the meantime he vetoed the Republicans’ budget in 1995 — a budget that would have cut taxes and been the first to have balanced since 1969. Not until election year 1996 did he even aspire to balance, producing a budget that left an $81 billion deficit in its final year

A little closer to today, we have:
Progressives Call for 10-Year Wait To Balance Budget

http://www.usnews.com/blogs/washington-whispers/2009/12/14/progressives-call-for-10-year-wait-to-balance-budget.html

By: Where's the Outrage? » Fix Recession, then fix budget deficits

Where's the Outrage? » Fix Recession, then fix budget deficits — Wed, 03 Feb 2010 12:50:16 +0000

[...] on the budget and deficits. On Monday I discussed deficit peacocks (folks who talk about balancing the budget but vote for big ticket budget items). On Tuesday, I [...]

By: Carie

Carie — Tue, 02 Feb 2010 07:46:06 +0000

As recession begun we had been hearing so many budget deficit, it is because we most sectors of the economy had been paralyzed definitely the government revenue will be affected. The deficit cannot be compensated by the present revenue that is the reason why we can't escape from budget woes. Employment statistics are so much more important now, as that's the key to signs of recovery. Analysts are eagerly awaiting Department of Labor reports, but other sources, such as the Institute of Supply Management, have been confirming that slow signs of recovery are happening. For instance, the service sector, 80% of non agriculture jobs, has been showing slight growth and fewer job losses – especially from the holiday season – and the manufacturing sector and financial services sector have also shown slight improvements. It doesn't mean less people need payday loans or jobs to begin with, but it is a start.

By: Chi Iron

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By: Chi Straightener

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By: Everyman

Everyman — Tue, 02 Feb 2010 01:43:35 +0000

Bullshit

By: ecthompson

ecthompson — Mon, 01 Feb 2010 23:34:58 +0000

I will address this tomorrow. It will focus on how to fix a recession.

Finally, what facts did I leave out. I explained where 100% of the “new” debt came from.

Although you are pissed about Healthcare that didn’t/hasn’t passed so why did you bring it up? This post was about how we turned a surplus into a deficit. Healthcare is your thing. it is like a thorn in your hand that you can’t get out. Sorry. I can’t help you with that.

We need to revisit history. The Republican Congress wasn’t where this started at all. Sorry. If you have any evidence that it was the Republican Congress that force Clinton to balance the deficit I’m all ears.

Thanks.

By: Joe White

Joe White — Mon, 01 Feb 2010 12:52:53 +0000

As you well know, Clinton and the Democratic congress made no effort to balance the budget.

In fact, immediately upon taking office Clinton proposed a massively expensive takeover of health care.

He was stopped cold by a Republican minority in congress.

It was not until a Republican congress took office in Jan ’95 that balanced budgets were taken seriously……..and achieved.

Clinton resisted it, and vetoed it, but was eventually forced to sign on when he was told by his own advisers that it would cost him the next election.

That, my friend, is where balanced budgets and surpluses of the late ’90s came from.

Now it is true that when Bush took office we were already in the Clinton recession (the NASDAQ lost 50% of its value in Bill’s final 12 months while he tried to burnish his image and get people to forget his perjury and impeachment) and tax cuts were needed to stimulate the economy.

And we were also attacked early in Bush’s term on 9/11 and had to put the economy rapidly on a war footing. Clinton had not maintained the military hardware and yes, great amounts of spending to defend the country caused the surpluses to go away at that point.

But simply chirping ‘Bush ran up the deficit’ does not adequately describe how we got a surplus in the first place, nor the events that caused it to be lost.

I do agree that the Medicare prescription program should not have been passed. Bush wanted to be popular and Democrats were chanting ‘we need to do something about health care’. It was a mistake.

So the next time you want to lecture about ‘how we got these deficits’ you ought to take all the facts into account. But you’re just following Obama’s example of pointing the finger of blame and ignoring the context of the history surrounding it.