White House Says Deficit Forecast Isn't as Bad as It Looks | NYT

[Ediacara]

White House Says Deficit Forecast Isn't as Bad as It Looks
By DAVID E. ROSENBAUM

Published: July 31, 2004

WASHINGTON, July 30 - The White House projected on Friday that the budget deficit would reach $445 billion in this fiscal year.

That would make it by far the largest shortfall ever in the dollar amount, though it would be well below the record for a deficit as a percentage of the gross domestic product and well below the amount forecast six months ago.

Joshua B. Bolten, President Bush's budget director, presented the new forecast as good news, saying "the improved budget outlook is the direct result of the strong economic growth the president's tax relief has fueled."

But Democrats said the revised forecast for the 2004 fiscal year, still almost 20 percent higher than the record $375 billion deficit in the previous year, showed just how much the government's fiscal health had deteriorated under Mr. Bush.

More at the New York Times

[Beetwasher]

1. Just Take Our Word For It!

We wouldn't lie to you! Don't believe your lyin' eyes! Believe your glorious leader!

[mark wayne]

34. Pat us on the head and tell us the same old shit!

Just trust us. How gullible they think we are.

[The Zanti Regent]

38. Hey, it's the same old Republican liars from the SCREW YORK TIMES

Amazing to see the SCREW YORK TIMES once again come to the rescue of President Asshole. They've got all the Nazi Talking points going to blame the deficit on Clinton's Cock

[SayitAintSo]

2. Are you gonna believe me or what you see ... n/t

[teach1st]

7. The figures don't even include...

Yesterday on CSPAN, a Senator or Congressman from one of the Dakotas (sorry, I was cleaning while listening) claimed that the deficit is even worse, since the numbers don't take into account what has been borrowed from Social Security. He gave a SS included deficit of over six hundred billion.

(On edit: added "hundred" to the adjusted deficit figure)

[Jackpine Radical]

12. Six HUNDRED billion, more likely.

[teach1st]

13. Yup! My mistake.

Thanks for spotting it!

[Jackpine Radical]

11. Kinda like what Mark Twain said

about Wagner's music:

You know, that stuff ain't as bad as it sounds.

(Inspired by your Sam Clemens avatar).

[RobertSeattle]

3. Spin Spin Spin

I was going to steal $100 dollars from you - now I'm only going to steal $50 dollars from you - I'm a great guy, see?

[Cocoa]

4. I guess results don't matter anymore

perceptions do.

[soothsayer]

5. some deficits are good. Right?

What lying dumbasses they are.

[TrogL]

6. May I remind everybody

Clinton had a surplus

[Cocoa]

8. thanks to Reagan

God bless Ronnie! :-)

[Skittles]

9. nothing to see here; move along

f***ing assholes

[Spiffarino]

10. Any one remember Tom Hulce in the movie Animal House...

...screaming in the midst of pandemonium on the streets of the city?

"All is well!! All is well!!!"

After which he was crushed by the rioting herd. Sweet.

[luaneryder]

26. Think that was Kevin Bacon

[mom cat]

14. What part of $445billion do they not understand?

:wtf:

[truthisfreedom]

15. "White House Lies Through Teeth, tries to find new dentist..."

bush is totally toast. *^)

[Cocoa]

16. "Not as bad as it looks"

do I detect a theme for the RNC convention?

[louis-t]

18. Deficits huge, growth not as fast as predicted...

but economy is doing great! People BELIEVE this stuff! So let's take everything that's not helping, may be hurting and make it permanent. This idiot should be washing cars someplace.

[City Lights]

22. Right. They're admitting "it looks bad."

It's a start.

[aint_no_life_nowhere]

33. "not as bad as it looks" if looked at through the fog of drugs

and whatever medication Chimpy is now on. Everything probably looks good to him at times, even the blank wall of a classroom on 911.

[kodi]

17. begs the question: how bad does it have to look before it looks bad?

[napi21]

19. Yea, better than expected!

I posted this yesterday on the Duscussion Board. Sombody replied "If Ionly lost $10,000 in Vegas, but I anticipated losing $25,000, WOW, I just saved $15,000!" That's apparently their philosophy! I wonder just how many people are going to fall for it?

[fedsron2us]

20. If you view it through the wrong end of a telescope

n/t

[rustydog]

21. This coming from the party claiming ramming a stick up an iraqi ass

was a college prank.

Take what the White House claims any way you want. it is spin at best, and an outright lie at worst. no in between.

[Media_Lies_Daily]

23. Right. And 911 didn't happen either.

[tlcandie]

24. Neither is the state of Iraq, the US economy, our soldiers' futures,

the future of the US, etc.! Maybe we should all borrow those rose-colored glasses!!!

[PhuLoi]

25. Could some clever DUer please juxtapose the photo of of Bush

looking through the binoculars (while the lens caps were still on) with the headline 'Deficit Forcast Isn't as Bad as It Looks'

[indepat]

27. It isn't as bad as it looks because it's much worse than it looks

[The_Casual_Observer]

28. This betrays the hand of James Baker

A transparent "inoculation" tactic like this could have only been devised by the most insipid criminal mind.

[Booster]

29. That's kind of like saying I have enough money

to last me the rest of my life, if I don't buy something.

[aint_no_life_nowhere]

30. Any economics majors here?

Will these massive deficits affect interest rates? The federal government is going to have to go into the market and borrow money, right? Doesn't that usually foreshadow a rise in interest rates? If not, why not? Sorry to ask this very elementary question but I'm not very learned in economics and I've always wondered about the relationship of deficits, government borrowing, and interest rates. And aren't higher interest rates a sort of de facto tax on the people, possibly reducing the effectiveness of a tax rate cut? When Kerry assumes command of the ship of state (as I dearly hope he will), will we be facing an eventual rise in the rate of interest due to Bush's spending sprees?

[stevebreeze]

31. the chocolate ration is being increased from 4 lbs to 3 lbs

effective immediately. All hail Big Brother!
:kick:

[EST]

32. sexyspin

This reminds me of a movie I saw quite some time ago titled "Working Girl" in which the heroine arrives home to find her boyfriend delightfully in flagrente delicto with his bimbo. He says "this is not what it looks like...

[ulTRAX]

35. BULLSH*T BULLSH*T BULLSH*T Deficit = 690 BILLION!

The 445 Billion figure is meaningless bullsh*t. It's the unified budget deficit which includes money borrowed from various federal trust funds and which has to be repaid, but is not counted as part of the deficit.

According to TABLE 20 at http://www.whitehouse.gov/omb/budget/fy2004/summarytables.html

The new midterm OMB estimate for the TRUE deficit is 690 BILLION

Look for the "Total, change in debt subject to statutory limitation 690 Billion" line.

[Tight_rope]

36. Double Bull-shit...Try telling that to IRS when you owe them money!

Oh..I'm sorry Uncle Sam, I know I owe you $2,300, but you know, now that I think of it. It really isn't that much money. So I think I'm "NOT" going to pay.

[ulTRAX]

37. wrong analogy

Tight_rope wrote: "Double Bull-shit...Try telling that to IRS when you owe them money! Oh..I'm sorry Uncle Sam, I know I owe you $2,300, but you know, now that I think of it. It really isn't that much money. So I think I'm "NOT" going to pay."

Changing the analogy from debt to income is confusing. We The People still have to repay ALL the debt regardless if scumbag politicians or lazy reporters used the misleading "unified" budget figures. So I think your analogy needs to be reworked.