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NEWS: 2004 US Deficit Reaches Record $413 Billion

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posted on Oct, 14 2004 @ 03:25 PM
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The US Treasury Department announced today that the US Federal Deficit has surged to a record $413 Billion. The number is considered an improvement from the projected numbers earlier this year which includes an estimate from the Bush administration in February of $521 Billion.
 


abcnews.go.com
WASHINGTON Oct. 14, 2004 The federal deficit surged to a record $413 billion in 2004, the Treasury Department announced Thursday, injecting the figure into a presidential campaign in which the two parties have clashed over President Bush's management of the economy and the budget.

The number was a significant improvement from the shortfalls that analysts projected earlier this year, including a $521 billion estimate the Bush administration made in February. In March, the nonpartisan Congressional Budget Office estimated a deficit of $477 billion.

Please visit the link provided for the complete story.

Stronger than expected revenue collections and lower spending have had forecasters from the administration and the Congressional Budget Office lower their estimates. A previous deficit of 2003 was $377 billion which is easilly passed by the 2004 record deficit.

Treasury Secretary John Snow claims in a statment that President Bush's tax incentives have worked, and that Bush is on the right track to cut the deficit in half as ppromised by his campaign.

Democrats disagree with this. Rep. John Spratt of South Carolina, top Democrat on the House Budget Committee states:

"There is simply no credible way to present the largest deficit in history as good news. The Republicans control the House, the Senate and the White House, but today's news proves again they have failed to control the budget."

The United States currently has a statuatory debt limit of 7.4 trillion dollars. Snow states that it is imperative that the debt limit of $7.4 trillion be increased by mid-November.



posted on Oct, 14 2004 @ 03:34 PM
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A record budget deficit, record national debt, record oil prices and a record trade deficit.

Forbes

The U.S. trade deficit, propelled by a record foreign oil bill, surged to $54 billion in August, the second highest level in history. The politically sensitive deficit with China hit a new high as American retailers upped their orders for cell phones, toys and televisions...

...For the year, America's trade deficit is running at a record annual rate of $590 billion, 19 percent higher than the previous record, last year's $496.5 billion imbalance.


Things aren't looking good.

[edit on 14-10-2004 by AceOfBase]



posted on Oct, 14 2004 @ 03:49 PM
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Originally posted by deeprivergal
The United States currently has a statuatory debt limit of 7.4 trillion dollars. Snow states that it is imperative that the debt limit of $7.4 trillion be increased by mid-November.


That article says they were trying to avoid hitting the 7.4 trillion National Debt limit but according to the public treasury, that limit was surpassed in the beginning of October.


publicdebt.treas.gov

10/13/2004 $7,425,359,820,701.45
10/12/2004 $7,419,244,676,835.15
10/08/2004 $7,418,008,695,843.39
10/07/2004 $7,418,151,165,657.99
10/06/2004 $7,420,101,904,045.37
10/05/2004 $7,422,781,062,573.89
10/04/2004 $7,414,024,541,823.04
10/01/2004 $7,409,510,200,267.47



posted on Oct, 14 2004 @ 06:02 PM
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Thats alot of money but the fact that were beefing up security in the US, and dont forget about the Iraq war, which will be ongoing for at least another year, I hope with 4 years of experience under his belt that when re-elected he can manage money better, I'm not expecting it to start going down anytime soon because of the war and oil (unfortunatly), .....I wish the government would stop releying on oil so much, it has done nothing good, we need to make cars that reley on free power, such as a having a photovoltaic solar cells coating on the roof and advance our battery tech and make a couple mini wind turbines in your grill on the front of your car. and NO, i doubt there are such plans, because I just thought of it
, But it would be a good system. I mean think about it, if your car is a fully electric "Drive-by-Wire" setup then the faster you go the fast the turbines spin and hence more power equals more speed. I just wish GM would get more creative when making cars, Cause the oil problem wont be solved by making an SUV that gets 8 mpg to a new one that gets 10 mpg, surely there smarter then this.



posted on Oct, 14 2004 @ 06:28 PM
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Murcielago you must be very young,

When you have people like me with children in college and a husband that retired but are still working a full time job and a part time also you will see how bad things in this country truly are.

The American dream under bush administration is nothing more that a dream.

Thanks deeprivergal and Aceofbase for those figures are really depressing.



posted on Oct, 14 2004 @ 07:21 PM
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Originally posted by marg6043
Murcielago you must be very young,

When you have people like me with children in college and a husband that retired but are still working a full time job and a part time also you will see how bad things in this country truly are.

The American dream under bush administration is nothing more that a dream.

No, I'm just optimistic.

The American Dream is more about Freedom, and not hand-outs. If you were expecting to retire at 60 and sip margaritas on the beach, you would be dead wrong.



posted on Oct, 14 2004 @ 07:24 PM
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guess what mucielago that is what our grandparents did, at least mine perhaps yours are my parents age. At least my father was able to retaired at 62.

I was also optimistic 20 years ago when I was young married woman, I tell you, when you are young you can afford to dream, later reality strickes and kick you in your butt.


[edit on 14-10-2004 by marg6043]



posted on Oct, 14 2004 @ 07:29 PM
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Just another bleeding heart democrat. Her plite is always someone elses fault. Theres been overspending in are government for 50 years. What do you think pulled us out of the deprision. Vote Bush. Lets get this SS program started in a new direction. Its your money, Not Kerry's, or Marge's



posted on Oct, 14 2004 @ 07:32 PM
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Snagltooth, since when you monitor in the boards who can post to whos post, I suggest you read the rules in ATS again



posted on Oct, 14 2004 @ 07:32 PM
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One quick question, is this adjusted for inflation? I mean Reagan had 200 billion on a 4 trillion economy, whist bush has 413 billion on a 10+Trillion one....somehow this seems like a soundbite.

Could you look and see what the decifit is as a comparison of Government revenue and GNP for the last 50 years and then see just how bad it is.

For you youngsters here, see oil is $54 a barrel, but that is still $27 less a barrel than in 1981......understand?



posted on Oct, 14 2004 @ 07:54 PM
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heres a few graphs.












posted on Oct, 14 2004 @ 07:57 PM
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Well thanks murcielago I wonder if the graphs with the prediction to 2005 reflects the current war in Iraq as part of the potentical shift in results, looking at it I guess it does.



posted on Oct, 14 2004 @ 08:04 PM
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Well the only one I saw in inflation adjusted dollars was the gas and it suported what I said......



posted on Oct, 14 2004 @ 11:49 PM
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I haven't seen anyone discuss just how economically disasterous the entire 9/11 event was for the US. Not only was there substantial expansion of government for "security" reasons, but the near collapse of the airline industry amongst other things all played their roles in the current economic situation here.
It's not that I'm praising Dubya or anything. My skin crawls every time that I hear him say, "we NEED the Patriot Act".



edit for embarrassingly bad spelling... sheesh

[edit on 14-10-2004 by veritas93]

[edit on 14-10-2004 by veritas93]



posted on Oct, 15 2004 @ 12:04 AM
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Murcielago:

Are you sure we are "beefing" up homeland security ? It does not seem that way....

Also, that 420 billion given to the Pentagon to help "fight the war on terror" could have been put to much better use in the realm of social services. We've already been proven that even the greatest superpower in the world is no match for 10 little Arabians and a cardboard knife.

Deep



posted on Oct, 15 2004 @ 12:11 AM
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The US economy is way worse than it appears. The government has so many gimmicks and tricks to manipulate numbers and understate debt, they make Enrons accountants look honest. The FY2003 Financial Report of the United States Government shows this very clearly. It's a comprehensive look at the government's finances that complements the Budget of the U.S. Government. It is released annually by the Treasury Department and Office of Management and Budget (OMB). Treasury Secretary Snow is pretty blunt about his opinion of government accounting methods. It's a real eye opener. One significant thing noted in the report is that the National debt of roughly $7.4T is a serious understatement. That does not take into account anything beyond a decade from now. The report shows that US current long term liabilities in the next 75 years is $34.8Trillion and that's not even including the big bills past in the last week or the most recent tax cut or the huge prescription drug/Medicare bill. This is only one of many inaccuracies in the government's accounting methods. Not only that, but in 2003 we needed to borrow $1.3Billion a day www.atimes.com... from abroad just to finance our foreign debts. 42% of US Securities are held by foreigners-mainly Japan and China. China is likely our only hope in getting through this, if they were to revalue their currency, which all week they said they don't have plans of doing so. And the icing on the cake of our economy collapsing is that, in addition to having record deficits, record, national debt, record credit market debt, record foreign owned US securities, annual tax cuts, a fiscally irresponsible Congress & White House and inaccurate and understated accounting methods, in 2008, the begining of the bulk of the baby-boomers turn 62(eligible for Soc. Sec.) and in 2011 turn 65(Medicare). Be sure to write your congressmen and thank them for this!
We're in deep crap!

Link to report: http: www.fms.treas.gov/fr/



posted on Oct, 15 2004 @ 12:12 AM
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Originally posted by veritas93
I haven't seen anyone discuss just how economically disasterous the entire 9/11 event was for the US.


Thats a damn good point, to the economy alone I would guess 100-300 Billion in lost GNP minimum, throw in the wars, insurance etc etc

Maybe 1/2 a Trillion if the hit on the World economy is taken into account.

It is a guess



posted on Oct, 15 2004 @ 12:29 AM
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Originally posted by deeozz
The US economy is way worse than it appears. One significant thing noted in the report is that the National debt of roughly $7.4T is a serious understatement. That does not take into account anything beyond a decade from now. The report shows that US current long term liabilities in the next 75 years is $34.8Trillion and that's not even including the big bills past in the last week or the most recent tax cut or the huge prescription drug/Medicare bill.


OK I can see that that looks scary, but playing devils advocate here, you say that the 35+ trillion owed in 75 years, I say our economy is around 10 trillion now, it was 4 trillion ~20 years ago. So it doubles every 20 years, roughly speaking. Thats an 80 Trillion dollar economy. Right now the government budget is ~1.5 Trillion a year, if that grows with the tax cuts and revenue expands as Reagan and Kennedy and hopefully BushJr have proved, could the Gov take in 2-3 trillion in revenue a year? Then that debt can be paid. Look all I am saying is numbers can be goofed in any way. We have to find a way to control spending and more government socialism will make it worse.




Originally posted by deeozzThis is only one of many inaccuracies in the government's accounting methods. Not only that, but in 2003 we needed to borrow $1.3Billion a day www.atimes.com... from abroad just to finance our foreign debts. 42% of US Securities are held by foreigners-mainly Japan and China. China is likely our only hope in getting through this, if they were to revalue their currency, which all week they said they don't have plans of doing so.



I do not think that 42% of our dent is foreign owned. The last few years the Chinese and Japanese have been getting these notes for different reasons. Japan's economy is recovering and they know to pull out, the American economy has to pull out, so buy them Honda's! The Chinese are all together a different economy, they are growing way to fast, and the US is pressing them to stop the pegging of the yuan to the dollar, if we do get them to do this, it will be a big boon to the dollar. Lots of consumers over there also. But as I said above the debt it tied in dollars, and the US dollar will need to fall in value, it will happen, it has to.




Originally posted by deeozz
And the icing on the cake of our economy collapsing is that, in addition to having record deficits, record, national debt, record credit market debt, record foreign owned US securities, annual tax cuts, a fiscally irresponsible Congress & White House and inaccurate and understated accounting methods, in 2008, the begining of the bulk of the baby-boomers turn 62(eligible for Soc. Sec.) and in 2011 turn 65(Medicare). Be sure to write your congressmen and thank them for this!



well then we must get off this entitlement kick and get back to hard work and low taxes and properity to all! First, lets Fire the IRS.



Originally posted by deeozzWe're in deep crap!



posted on Oct, 15 2004 @ 12:36 AM
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i think the bottom line is, that eventually, if the bubble keeps getting bigger, it has to burst



posted on Oct, 15 2004 @ 12:59 AM
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I have to laugh, because things are so bad. Too bad people don't care about the numbers as much as they do seeing someone 'they like' in office.

The numbers don't lie. What they show is that this country is effectively close to economic collapse.

The entire DoD budget is on LOAN for this year, and last year.

Defecits do matter. Once the debt is high enough, confidence in the dollar will weaken.

Massive economic problems are the biggest threat to our country, bar none.




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