Deez340

Actually, the annual US budget deficit declined from $318 billion in 2005 to $162 billion in 2007, but is estimated to increase to $410 billion in 2008.The Congressional Budget Office projects an annual budget surplus by 2012.

Billion not trillion. Do you have any FACTS or do you run on pure emotion and hyperbole? Don't get me wrong except in times of war I would support a mandatory balanced federal budget.

maaxamil86

I completely agree with the fact that we need to do our own oil drilling here. There was a very interesting report that I heard on the news that 65% of the oil pollution in the oceans is from natural seepage of oil out of the ground and into the water and we could be taking advantage of that where as only 35% is due to human intervention.

Anyway...the real cause for the oil prices skyrocketing is due to the weak dollar. Supply and demand has what to do with the problem, but not like the weak dollar. The one thing I don't understand is why the Fed is not raising the key interest rate. They lowered it to avoid a recession and that may have worked, but at the same time they may be facing stagflation. The economy is suffering because of the high energy prices and if the main cause of this is the weak dollar then why not increase the interest rate? I am a business major and I am fascinated by economics, but I am clearly missing something here that Ben Bernake is seeing I just don't know what it is. Sometimes recession is good for a country because it will cause things to rebalance themselves and I think that this country could use that right now.

7576United

Our current federal deficit is 9.4 TRILLION DOLLARS with a capital T, and growing.

Deez340

Nope...... do you see where you went wrong...... no?..... oh well, that's the total National Debt. We were talking about the Federal Budget Deficit and it's still was 162 billion 07' with a lower case b. Reading comprehension is really going down the toilet. Any idea what percentage of GDP the national debt is in relation to the past?

Again, don't get me wrong I adamantly support a constitutional amendment requiring the federal budget to be balanced. (with certain limited exceptions) But you can't just go around screaming the sky is falling (which it may eventually) and making up figures and mixing up terms. I suppose you think we're in a recession as well.

Original post below:

Actually, the annual US budget deficit declined from $318 billion in 2005 to $162 billion in 2007, but is estimated to increase to $410 billion in 2008.The Congressional Budget Office projects an annual budget surplus by 2012.

Billion not trillion. Do you have any FACTS or do you run on pure emotion and hyperbole? Don't get me wrong except in times of war I would support a mandatory balanced federal budget.

BZNpilot248

There was never a budget surplus during the clinton administration either, when they "balanced the budget" both parties came out and patted themselves on their backs saying they now had a budget surplus however that was a "projected" surplus over several years IF they stuck to their plan, and from then on both parties continued to spend, spend, spend beyond that making things worse, not better. But their "budget surplus" was just a ploy to make everyone think they were doing a great job and the country was in great shape. Its like me saying I'm in great shape making 24K a year and I have all kinds of extra money and no debt when I actually have X dollars in credit debt (BUT it will be paid off in X years at this rate) but then the desire for house, kids, etc comes in so I'll eventually aquire new debt. Its a fact of life but I'll at least have mortgage debt for a good portion of my life. Just like our country will probably always have a deficit - unless we found enough oil reserves or some other precious resource to sell to ourselves and the whole rest of the world for more dollars than we consume. Isn't gonna happen.

7576United

Again, don't get me wrong I adamantly support a constitutional amendment requiring the federal budget to be balanced. (with certain limited exceptions) But you can't just go around screaming the sky is falling (which it may eventually) and making up figures and mixing up terms. I suppose you think we're in a recession as well.


You are correct, I am wrong, I mixed up the terms.

Regarding national debt to percentage of GDP, right now it's about the same as when the last bush left office. Where was it when Clinton left office?

Deez340

Actually in 07' it was just over half that of 92'. 4.7 vs. 2.6. (percentage deficit) As far as Clinton (while keeping in mind there was no Cold War or post 9/11 spending and revenue loss to deal with) he did do better on average with the budget -1.35 average deficit percentage vs -2.15 for GW but after an inherited recession, two wars, and the post 9/11 slowdown that ain't bad. Careful in giving olé Willy too much credit for the budgets though. Newt Gingrich was the author of those three balanced budgets. (The first two consecutive since 1957 and the first three consecutive since 1949) Clinton vetoed the welfare spending cuts three times before he signed it. NG and the boys shut down the government numerous times to keep spending in check. (the last time I had much use for Congress, Republican or otherwise.) Bill does get some credit though as he did eventually sign them.

EAHINC

Good advice and insight Shooter.

The oil industry has always been manic with regard to it's direction.

After 'Great Highs' comes 'Great lows'. This isn't going to last forever.

EAHINC

lear 31 pilot

I'm going to go buy a F250 that gets 12 miles to the gallon because they are so cheap right know you can buy one and fill it up for years before you make up the difference of buying an overpriced gay looking hybrid, do the math the liberals are trying to scare us and screw us while they ride around in their G 5s. even if I spend $2000 dollars more a year in gas and hybrid cost 10,000 more then a regular version of the car it will take five years to make up the difference. Plus you got to replace the battery every so many years.

7576United

Actually, the real credit should go to John Kasich, not NG. But let's face it, when you have a VP go on Meet the Press and tell the world," Don't forget Tim, Reagan proved that deficits don't matter," it can't be a good thing.

Personally, I have no problem with republicans controlling congress, but only if they would actually be fiscally conservative, and not just pretend they are.
The WH is a different story.