United States Heading towards a Depression?

AT the end of the Clinton Administration the budget was balanced and the deficit was being paid off. Gingrich failed to shut down the gov't and the policies of the Clinton Administration were adopted.

With the election of Bush both were placed again in imbalance leading to the Republican recession as the outcome prescribed by the OMB for tax cuts not offset by gov't expenditures. Not to mention the unnecessary and unfunded Iraqi war and the instruments concocted by the Republican principals and policies in financing mortgage debt.

 

Care to site a credible source?

Source: http://en.wikipedia.org/wiki/Balanced_Budget_Amendment

 

A Balanced Budget Amendment and a Term Limit Amendment would be two significant improvements to the American government design.

 

Ditto!!!!!!!!!!!!!!!!!!

 

Breeze, look, we know that you miss your hero Saddam Hussein and you cheered every time he tortured another Kurd. But despite your previously admitted anti-sematism, Saddam is a dead as disco and Israel is secure. How much does that bother you, personally?

No one tells lies like Breeze tells lies!

 

AT the end of the Clinton Administration the budget was balanced and the deficit was being paid off.

At the end of the Bush Administration the nation suffered its worst recession since the Great Depression.

The Iraqi war was a meaningless, unfunded and injust war initiated by fraud by a senseless and politically motivated Republican Administration.

 

Fed forecasts slow growth, high unemployment to continue
http://finance.yahoo.com/news/Fed-f...iQXJ0aWNsZUxpc3QEc2xrA2ZlZGZvcmVjYXN0cw--?x=0

Existing-home sales slip 2.2% in October

Sales of existing homes fell 2.2% in October, according to a report released Tuesday, with activity remaining mired near record lows as worries over prices, a glut of foreclosed properties, restrictive credit and high unemployment combine to weigh on the market.

Year-over-year, sales fell 25.9%.

http://www.marketwatch.com/story/existing-home-sales-slip-22-in-october-2010-11-23?siteid=yhoof

“A full sunset of the Bush tax cuts would be a severe shock to the economy,” he tells Aaron Task and me in the accompanying video. Letting income and capital gains tax rates return to their pre-2001 levels could lower annual economic growth by 1.4 percent.
http://finance.yahoo.com/tech-ticke...0dWFsLXRlY2h0aWNrZXIEc2xrA2h1Z2VuYXRpb25hbA--

California Will Default On Its Debt, Says Chris Whalen

"if Whalen is right, the country could have a major crisis on its hands."
http://finance.yahoo.com/tech-ticke...ult-on-its-debt-says-chris-whalen-535616.html

 

“Van Buren to Pennsylvania: Drop Dead”

In these troubled fiscal times, it would be fitting to remember President Martin Van Buren who presided over the nation during a similar economic crisis. Like President Obama, Van Buren came to the Presidency right at the onset of a financial panic due to the bursting of a real estate bubble (the Panic of 1837). When this panic turned into a prolonged depression (by 1840), states' toll revenue from their internal improvements -- canals, roads, etc -- plummeted, and states faced a budgetary crisis. The states begged for federal assistance to avoid default on their bonds used to build those improvements (bonds held mostly by British creditors). Van Buren and the Democratic Party refused to bail the states out (the Whigs wanted the feds to assume the debt), and eventually nine states defaulted in part or in whole. (The default by Pennsylvania inspired Wordsworth, infuriated at his losses from investing in Pennsylvania bonds, to pen the only romantic poem about the bond market of which I am aware, decrying the Pennsylvanians for their perfidy).
...​

 

President Gerald Ford to New York Drop Dead. Jimmy Carter, Hope President I, won the 1976 presidential election and after 4 years the Fed rate was 20%+. Obama a.k.a Jimmy Carter II is dependent on union support and will do everything he can to bail out California. The State's crisis is basically that can't afford the benefits, pensions and pay increases for the public sector workers. The pension obligations alone will soon eclipse state revenues.

 

Er, not exactly.

At the end of the Clinton admin the deficit was in a surplus. You can't "pay off" something that does not exist. The deficit is not the national debt. The deficit are expenditures that exceed what was budgeted and or exceeds revenues generated. Basically its how much more you overspent than what you had.

At the end of the Clinton admin no balanced budget amendment was passed nor was the budget balanced. Republicans attempted to do both, but only partially succeeded.

Breeze you really need to look at the difference between debt and deficit. Its clear you do not understand the difference and every time you talk about it you sound like a moron.

Technically it started during the Bush admin and during democratic control of the House and Senate.

Its still going on. The only difference? The fed has been aloud to manipulate the money supply and interest rates such to overt the appearance of any real inflation or recession (at least on paper).

It was funded. I suggest you visit http://www.house.gov and http://www.senate.gov and take a look at the bills that were authored, passed and then signed into law that funded the war, and continue to do so. If there was any fraud, then that fraud was perpetrated by your buddies in the Clinton admin, whose intelligence the Bush admin used to convince congress to declare war.

As for meaningless? Young man, I suggest you take yourself down to the VA this Thanksgiving and go ask the men and women there how they feel on the subject. Visit a Legion Hall, or just go thank a Vet this Holiday season for giving you the right to be a dumb ass.

 

Orders for U.S.-made durable goods fell 3.3% in October — the largest decline since January 2009 — as transportation orders declined, and business spending slowed, the Commerce Department reported Wednesday.

http://www.marketwatch.com/story/us-oct-durable-goods-orders-down-33-2010-11-24-859330?siteid=yhoof

Here's a good article by Art Laffer explaining how the end of the Bush tax cuts good trigger a recession in 2011. Due to companies shifting profits into 2010 to take advantage of the lower tax rates.

Laffer says that "As a result, income this year has already been inflated above where it otherwise should be and next year, 2011, income will be lower than it otherwise should be."

Tax Hikes and the 2011 Economic Collapse
Today's corporate profits reflect an income shift into 2010. These profits will tumble next year, preceded most likely by the stock market.
http://online.wsj.com/article/SB10001424052748704113504575264513748386610.html

 

The original legislation included the sunset provision in recognition of the OMB report predicting the recessionary outcome of the legislation without corresponding spending cuts the Republicans were not willing to support or the vehicle for restoring the funds necessary for solvency to be adequately addressed. Obviously the Republicans are not up to the task.

This nation, as proven by the Democrats is able to both provide the necessities for its citizens and balance the budget and is the goal of the present Administration. Whether the President can rise to the occasion will be answered in the foreseeable future but its goal has already been previously accomplished.

The Republican 1.3 trillion dollar deficit and projected similar deficits for years into the future really is for the Republicans to answer as history will squarely place the calamity directly as a result of their legislation that brought it about....lots of luck for them, the Democrats have better things to do.

 

GWB left office with a 159Billion dollar deficit.
Are you retarded? That's not a rhetorical question.

 

The Republican 1.3 trillion dollar deficit and projected similar deficits for years into the future really is for the Republicans to answer as history will squarely place the calamity directly as a result of their legislation that brought it about....lots of luck for them, the Democrats have better things to do.

DJIA 11,187.28 + 150.91

At least the Democrats have straightened out the economy - lets see what the Republicans will do with the Deficit.....give themselves another tax break, the real hardship they most appreciate particularly during self inspired wars is most peoples first guess.

 

The DIJA highs are a bubble resulting from the Federal Reserve printing money. Orders for U.S.-made durable goods fell 3.3% in October — the largest decline since January 2009. The reality is that you can't build a sound economy on a bubble.

 

For those who did not see you say this before ( on the last page ) : LINK


For those who did see you say this before, they know you are out of cards. You are repeating your blatant disregard for the truth. Your trolling is thankfully backfiring on you. . Remember your economics lesson Breeze Wood; More Debt Does Not Equal Lesser Debt.

 

The DJIA may fall but it certainly is no bubble at the present time - the Dow is considered a precursor for economic activity in the near future, usually 6 months in advance of present conditions as the economic indicators seem to be predicting. The DJIA has continuously improved since the spring of 09 due to the turnaround in the economy by the efforts of the present Administration and the Federal Reserve.

Printing money during a recession and low interest rates has numerous benefits but one of them is not a bearing on the market indices's of a notable perception other than the benefits of an improving economy.

The monthly economic indicators for October seem to contradict the durable goods order whichever that one may be.

The real cause for alarm for the immediate future is the Republican trillion dollar deficits the nation will be experiencing and how the Republicans are going to solve their problem.

 

Ooops. LINK

Why do you keep saying the wrong stuff over and over ?


From the LINK :

In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.


Hey Breeze Wood. We do not believe you.


If you continue to repeat your errors here, you will playing to those you are trying to decieve. At least find something new to say.

 

THe Dow is a indicator of economuc activity. On October 19, 1987 the Dow fell 22.6% and there was no recession in the following 6 months, In fact, the stock market actually rose at the start of the January 1980 recession.

Printing trillions of dollars and $3 trillion in deficit spending during the first two years of Obama eventually will lead to stagflation.

More concerning, non-defense capital goods orders excluding aircraft -- a closely watched proxy for business spending -- dropped 4.5

It's possible that the economy could go into a recession in 2011. Consumers spending money without producing anything is a sign that inflation is kicking in.

"The problem with socialism is that eventually you run out of other people's money [to spend]."
Margaret Thatcher

Republicans do not have control and never have had control of the Federal Government like the Democrats.

In 1976, Democratic President Jimmy Carter enjoyed an 90+ seat majority in the House and 57 seats in the Senate.

Compare that to President Ronald Regean. The Republicans controlled the Senate 53-46 and The Democrats controlled the House 242 seats versus 192 Republican.

Barry Obama still controls the Senate and in effect has comparable power to the Regean Presidency.

What got us into trouble was that he had the power of Carter and went down the same path. The damage has been done. Government is getting bigger and squeezing out the private sector.

For example, federal workers earned an average salary of $67,691 in 2008 according to Bureau of Labor Statistics data. The average pay for the private sector was $60,046 in 2008, the most recent data available.

These salary figures do not include the value of health, pension and other benefits, which averaged $40,785 per federal employee in 2008 vs. $9,882 per private worker, according to the Bureau of Economic Analysis

http://www.usatoday.com/news/nation/2010-03-04-federal-pay_N.htm

 

bogart, the Administration and Fed have staved off a depression who's roots are embedded in tax cuts not offset by spending cuts the Republicans failed to see threw and likewise initiated an unnecessary war their cuts left them again without support that lead to no other conclusion but the one predicted by the OMB of a recession and massive deficits.

The new Republican congress was elected to shore up the deficit - more power to them and the process hopefully will continue the recovery rather than partisanship causing stagflation, a new recession etc. that someone will be held responsible for in two years.

Obama has done a remarkable job for the situation encountered however the time for insistence for his policies and principals are at hand and may the better side prevail.

The old adage, A bull market climbs a wall of worry may be the present condition with contrary indicators that often are not reflective of the overall conditions.

In the long run the DJIA does reflect the economy as that is what it represents......