15-07-2003 19:07									#1
	Good Gawd! -- FY '03 Deficit of $450 Billion Support Apolyton, buy Galactic Civilizations

Riiiiiip. Ouch.

http://www.washingtonpost.com/wp-dy...ml?nav=hptop_tb

(This does include some stuff that has been proposed, but not yet inacted, such as prescription drugs.)

Also out, the administration is settling into a 3.5% of GDP military budget rather than 4%. This is a rather huge change.

	15-07-2003 19:17									#2
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How do they make up shortfall when the government runs a deficit?

Do they sell bonds or print money or what?

	15-07-2003 19:22									#3
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Sell bonds.

	15-07-2003 19:23									#4
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quote: [The deficit] underscores the continuing deterioration of the government's fortunes since 2000, when the Treasury posted a $236 billion surplus. That represents a fiscal reversal exceeding $680 billion.

Way to go, W!

quote: Sell bonds.

Isn't it now a bad time to sell bonds, due to a bond market bubble?

	15-07-2003 19:26									#5
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Bond market bubble? Why give in to hystrionics? It's just a cyclical peak in prices.

	15-07-2003 19:29									#6
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quote: Bond market bubble? Why give in to hystrionics? It's just a cyclical peak in prices.

Maybe so, but I can't see answer to my question in that post of yours. I don't want to give any impression that you should answer to every question considering basic economics, but since you're almost the only one currently around in this thread...

	15-07-2003 19:31									#7
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Sten would be able to give you a real answer. I would just be pulling stuff out of my ass. Ask him.

	15-07-2003 19:37									#8
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what really irks me is that my family didn't really get much of the tax cut which will exacerbate this situation.

sucks to be a government employee (teacher) with a (relatively) low salary, mm? especially when you're being hounded by parents who think they have perfect little demon angels, and when the government's breathing down your neck to avoid anything remotely creating liability while simultaneously expecting that no child be left behind.

way to go, bush.

	15-07-2003 19:42									#9
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Its not to bad.
Until Foreign Countries demand Payment in Euro's :=)

	15-07-2003 19:44									#10
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Is there anything about Bush that isn't ending up being a total disaster?

Didn't think so...

	15-07-2003 20:49									#11
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With interest rates so low, savings bond return rates are lower. Massive deficits and debt are economy killers.

	15-07-2003 21:28									#12
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quote: Originally posted by Tuomerehu Isn't it now a bad time to sell bonds, due to a bond market bubble?

If the bond market is in a bubble is a bad time to BUY bonds, not to sell them!

	15-07-2003 21:50									#13
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How big is it including states and local governments? 600 - 700 billion $?

Nice work.

	15-07-2003 21:52									#14
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I guess the Dem's are a shoe-in next year.

	15-07-2003 22:00									#15
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How big is it including states and local governments? 600 - 700 billion $?

Don't know. Do you have any figures?

	15-07-2003 22:02									#16
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So, uh, when are we gonna be considered insolvent or bankrupt or something?

	15-07-2003 22:02									#17
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There was some number around that the states borrowed 200 billion $ last year, just not sure whether that is a net figure. It seems there are little or at least no prominent stats on the total public sector net borrowing. Well maybe in the Fed figures....

	15-07-2003 22:03									#18
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quote: Originally posted by chegitz guevara So, uh, when are we gonna be considered insolvent or bankrupt or something?

When the GSEs go belly-up.

	15-07-2003 22:03									#19
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quote: Originally posted by Boris Godunov Is there anything about Bush that isn't ending up being a total disaster? Didn't think so...

Dunno, depends I think.

It might be interesting to find out if the Personal finances of the Family Bush are also a desaster or if the earnings of the Family even have risen since George W. is President

	15-07-2003 22:04									#20
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quote: Originally posted by HershOstropoler When the GSEs go belly-up.

GSEs? Don't toy with me Roland. I'm not hip to your economist lingo.

	15-07-2003 22:06									#21
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quote: Originally posted by Boris Godunov Is there anything about Bush that isn't ending up being a total disaster? Didn't think so...

To be fair, the wars against Afganistan and Iraq were not total disasters. They were badly handled, but the US still won overwhelming victories. It's just the follow-through that's been fubared.

	15-07-2003 22:06									#22
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quote: It might be interesting to find out if the Personal finances of the Family Bush are also a desaster or if the earnings of the Family even have risen since George W. is President

Well his mother in law lost a bunch because she owned Enron stock.... then again, it IS his mother in law .

	15-07-2003 22:06									#23
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Fannie Mae and Freddie Mac, foremost.

	15-07-2003 22:09									#24
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quote: Well his mother in law lost a bunch because she owned Enron stock.... then again, it IS his mother in law

and considering the Ken Lay/Dubya connection, I'm sure W could have gotten her out before the collapse. I can't say I blame Dubya for that one.

	15-07-2003 22:13									#25
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It may have been a conspiracy... kill Enron to screw over the mother-in-law! Brilliant! .

	15-07-2003 22:16									#26
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quote: kill Enron to screw over the mother-in-law! Brilliant!

I would forgive Dubya if that were the case...

	15-07-2003 22:36									#27
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Hmm. I think they're also saying that, adjusted for inflation, the deficits Uncle Sam is running up now could, a few years down the line, be larger than anything we had in the 1980s.

Gatekeeper

	16-07-2003 04:58									#28
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Gatekeeper, this is the largest deficit we've ever had in terms of sheer numbers. As a percentage it falls short of the record 6% in 1983, however.

	16-07-2003 05:02									#29
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quote: Is there anything about Bush that isn't ending up being a total disaster?

There are some things Bush hasn't screwed up yet. Gays still can't get married, for example.

	16-07-2003 05:15									#30
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Way to return fire, Drake!