In the feedback to an article on the Nashua Telegraph website this week I found the following user post:
they won't know - this is neither on Fox or the MSN
"Budget Deficit in U.S. Narrows 13% to $90.5 Billion on Rising Tax Receipts"
If these guys knew this - and understood this - their heads would explode.
Posted by "JanLive", highlighting as posted by user.
Now I read this and thought, something can't be right here. Last year we had nearly a $1 and a half Trillion deficit and that's far more then 13% difference if it dropped to just $90.5 Billion. So I, like any thinking person would do, followed the link given and read the article the quote was taken from. The first thing that jumped out at me was the following quote:
The excess of spending over revenue totaled $90.5 billion last month
Notice the part in bold that wasn't given in the original posters quote from the article. I looked closer at the details of the article.
The U.S. government posted a smaller budget deficit in August compared with the same month last year, helped by rising tax receipts.
Let me get this straight... we've dropped 13% in deficit comparing this August to August of last year because of more taxes coming into the federal government. Is this supposed to excite me? That in a single month we're spending $90.5 billion more then we actually have. And that the only reason we aren't seeing the debt level climb even higher is because they are taxing along with spending?
The gap for the fiscal year that started in October was $1.26 trillion compared with $1.37 trillion last year at the same time.
The economic recovery has helped generate more tax revenue for the Treasury, even as the Congressional Budget Office forecasts the deficit this fiscal year will reach $1.34 trillion, the second-largest on record.
We're on track to hit the second largest deficit in US history with last years being the largest and somehow Obama should be viewed in positive light here?
Janlive is right about something, my head is about to explode but not because of the reasoning he(she) thinks it would.
When I compare the $1.33 trillion deficit we're looking at this year and the even higher deficit from the year before and I listen to Democrats like Paul Hodes saying without them we'd be "going back" to the Bush levels of deficit spending and I look at the fact that the average deficit under Bush with Republicans in control was $400 billion per year I have to say that yes I would like to see us "go back" to that. Who in their right mind wouldn't?