walkitout (walkitout) wrote,
walkitout
walkitout

Budget deficit continues to shrink

http://www.msnbc.com/rachel-maddow-show/budget-deficit-reach-seven-year-low

Within the coverage is a pointer to coverage at The Hill:

http://thehill.com/policy/finance/250589-cbo-lowers-deficit-projection-for-2015

"The budget deficit for 2015 is expected to drop to roughly $425 billion, according to a report released Friday by the nonpartisan Congressional Budget Office (CBO).

That’s down from the $486 billion the CBO projected in March.

If it drops to $425 billion by the end of the fiscal year on Sept. 30, it would be a seven-year low for the government’s annual budget shortfalls."

US Federal Government year ends in a couple weeks -- if the CBO is saying NOW that it expects the budget deficit to be about $425B vs. the March (mid year) projection of $486, there is every reason to believe that they are right. And remember, the C in CBO stands for "Congressional" and both houses are run by Republicans currently, so if you want to assert partisan bias, make sure you get the directionality on that bias statement right be clear about whatever your assertion is and how it relates to hypothetical bias.

On the one hand, you can look at this and go, wow, that is some fiscal responsibility right up there, go Obama. On the other hand, you can look at this like a good socialist and say, holy shit look at all that lost opportunity to stimulate the economy during an era in which sure, some places are complaining about too much growth (yeah, looking at you, Seattle and Mountain View, we have too many jobs and too much growth and everyone should just Go Somewhere Else so our beautiful town/city won't ever change, with a little glance at the Boston area, omg no we don't want the Olympics we have to work on our infrastructure and we certainly wouldn't want more people getting the idea this would be a great place to live and work. That said, I'm all in favor of pushing the Olympics over to somewhere else. Those things are expensive) and the stock market is exploring new altitudes but there is effectively no wage growth and we need to do more to make sure that the economy finishes recovering for EVERYONE not just people who were well-positioned and pretty well off to begin with.

But regardless, better not complain about the budget deficit, because you'll look like a right wing tool, and possibly a not well informed one if you're laboring under a misapprehension that the deficit is not shrinking faster than expected.
Tags: economy, politics
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