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  1. #1 Government tax revenue growing in 2011 
    Zoomie djones520's Avatar
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    Couple very key things to pay attention to in this story. I'll bold what I thought the imporant parts were.

    Feds still notch 32nd straight monthly deficit

    The job market still may be struggling, but wages and salaries are improving, and that helped shrink the federal deficit to $59 billion for May, according to the Congressional Budget Office — the lowest deficit in five years for that month.

    Still, the shortfall marks the 32nd straight month the federal government has been in the red — once again extending the hapless record streak.

    CBO, in its monthly review of the federal budget, said individual income tax revenue is up $139 billion so far this fiscal year compared with 2010, well outstripping the loss of revenue from the payroll tax cut Congress and President Obama agreed to in December.

    Overall, basic spending has gone up less than 1 percent, thanks in large part to the spending-cuts bill lawmakers passed earlier this year. But the automatic spending programs such as Social Security, Medicare and Medicaid, which were not part of the spending deal, continued to grow quickly: Social Security by 3.6 percent, Medicare by 3.8 percent and Medicaid by a worrisome 5.4 percent.

    Still, the biggest jump in spending came on interest on the public debt, which is running 16 percent higher this year than in 2010.

    [b]With four months left in the fiscal year, the federal deficit stood at $929 billion, or about $7 billion below last year’s record pace[b]. Spending has grown $132 billion in the year to date, while revenues are up $139 billion, which accounts for the slightly improved picture.

    Final official figures will be released by the Treasury Department later this month.
    http://www.washingtontimes.com/news/...-growing-2011/

    So what to draw from this? 29 of the last 32 months, our President has over seen the longest red spending in our nations history. The Bush Tax cuts that he agreed to extend have brought in more revenue then had they been allowed to expire. Spending climbed last month, but at a miniscule rate, due to Republican efforts to cut it, and our deficit this year is going to outstrip last years, just going to show that Obama can't write a budget worth shit.
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  2. #2  
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    I don't have much faith in government figures. Either they massage them to their own liking or they get revised. Job numbers are adjusted every month. How the hell can the CBO state that Obamacare will save money and then after it is passed say it will cost billions. The administration pumps these agencies with phony numbers. Obama lies.
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  3. #3  
    Senior Member Arroyo_Doble's Avatar
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    Quote Originally Posted by djones520 View Post
    Couple very key things to pay attention to in this story. I'll bold what I thought the imporant parts were.



    http://www.washingtontimes.com/news/...-growing-2011/

    So what to draw from this? 29 of the last 32 months, our President has over seen the longest red spending in our nations history. The Bush Tax cuts that he agreed to extend have brought in more revenue then had they been allowed to expire. Spending climbed last month, but at a miniscule rate, due to Republican efforts to cut it, and our deficit this year is going to outstrip last years, just going to show that Obama can't write a budget worth shit.
    How did you come to the conclusion that the Obama tax cuts brought in more revenue?
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  4. #4  
    Zoomie djones520's Avatar
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    Quote Originally Posted by Arroyo_Doble View Post
    How did you come to the conclusion that the Obama tax cuts brought in more revenue?
    Oh stop with that. They aren't Obama's cuts. If you want to get real technical about it, their the "Extension of the Bush Tax cuts signed by Obama".

    And the story says it. Revenue outstrips what would have been made had the cuts been allowed to expire.
    In most sports, cold-cocking an opposing player repeatedly in the face with a series of gigantic Slovakian uppercuts would get you a multi-game suspension without pay.

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  5. #5  
    Senior Member Arroyo_Doble's Avatar
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    Quote Originally Posted by djones520 View Post
    Oh stop with that. They aren't Obama's cuts. If you want to get real technical about it, their the "Extension of the Bush Tax cuts signed by Obama".
    You can call them green peas for all I care. I will call them the Obama tax cuts because that is what they are and they were idiocy, in my opinion, and Bush gets blamed for enough of our fiscal mess.

    And the story says it. Revenue outstrips what would have been made had the cuts been allowed to expire.
    I did not see that in the article. It says that revenues are up but does not compare it to what revenues would have been had a new law not been passed cutting taxes (and even mentions the payroll tax holiday as causing a lowering of revenue).
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