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4 Charts Summarizing Obama's 2013 Budget

Tyler Durden's picture




 

Earlier today, Obama formally proposed his 2013 budget (link) which sees a $1.33 trn budget deficit in the 2013 fiscal year - more than the $1.296 trillion 2011 budget deficit, which unfortunately indicates that even with rather rosy assumptions, the deficit hole continues to grow, which also means that the debt plug will be higher in the next year compared to the prior, which in turn lends even more credibility to the US debt clock analysis which assumes a nearly 140% debt/GDP ratio by the end of a potential second Obama term. While that will likely end up being an optimistic estimate, for near-term discussion purposes, the probability of even this particular budget passing is slim to none as the GOP reaction in the republican controlled Congress has been swift and brutal. Per the WSJ: "Republicans moved quickly to denounce Mr. Obama's budget plan. "This proposal isn't really a budget at all. It's a campaign document," Senate Minority Leader Mitch McConnell (R., Ky.) said... Rep. Paul Ryan (R., Wis.), the chairman of the House Budget Committee, said, "Again the president has ducked responsibility, he has punted again, he has failed to take any notable action on this crisis." "All we're getting here is more spending, more borrowing and more debt that will lead to slower economic growth," Mr. Ryan said on a conference call with reporters. Republicans are expected to offer their own budget plan in the next month. The president's populist message is weaved throughout his proposal. "For many Americans, the basic bargain at the heart of the American dream has eroded," the president said while reiterating a call for nearly $1.5 trillion in tax increases on higher-income Americans over 10 years. He added he is seeing "signs that our economy is on the mend" and that this is a "make-or-break moment for the middle class, and for all those who are fighting to get there." So while this "budget" is not even worth the paper it is printed on (unlike reserves, they actually still use paper for these things) here per the WSJ, are the key charts that form the foundation of the budget forecast.

Receipts and Outlays:

Deficit Forecasts:

Cash Flow:

And probably the one chart that the GOP will throw up all over: Defense, Medicare:

Got hocekystick?

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Mon, 02/13/2012 - 14:59 | 2154499 Cognitive Dissonance
Cognitive Dissonance's picture

The Great (Ponzi) Depression is on plan and within budget.

Mon, 02/13/2012 - 15:00 | 2154505 WALLST8MY8BALL
WALLST8MY8BALL's picture

Add some Pepper spray and you can spice up a nice peice of Great Depression for your family tonight!

Mon, 02/13/2012 - 15:10 | 2154539 Ahmeexnal
Mon, 02/13/2012 - 16:08 | 2154825 trav7777
trav7777's picture

I'll sum up Obama's budget in one word:  SHIT

Mon, 02/13/2012 - 16:25 | 2154922 SWRichmond
SWRichmond's picture

Hey look!  The deficit gets better....later!

Mon, 02/13/2012 - 17:51 | 2155308 AAA21
AAA21's picture

Speaking of MarketWatch - the scum they have writing Op-Ed pieces (like leftist douchebag Rex Nutting - Or as I prefer to call him Nutty Rex) are like brain dead leftists out of the 1960s.  How any self-respecting "news" organization can provide a forum for the trash they spew on a daily basis is amazing!

Mon, 02/13/2012 - 20:33 | 2155904 economics1996
economics1996's picture

Speaking of brain dead, Democratic Underground released a new propaganda poster claiming 3 million new jobs, deficit reduction, and more sunshine and lollipops.

I will try to paste the poster but if it does not work, never does, there is a link to my web site.

http://usa-wethepeople.com/2012/02/obama-propaganda-is-hilarious/

 


Mon, 02/13/2012 - 22:43 | 2156232 twinsdad
twinsdad's picture

Thanks, good site, good info

Mon, 02/13/2012 - 15:10 | 2154543 VanillAnalyst
VanillAnalyst's picture

Lame.

 

Can we have a chart that explains how the shit Bill Clinton generated fucking surpluses! Seriously, I couldn't care less if they converted the white house into a brothel, we need to get THAT GUY back.

Mon, 02/13/2012 - 15:13 | 2154555 Steve in Greensboro
Steve in Greensboro's picture

Bill Clinton generated during his term in the White House except DNA samples.

The surplus was due to Newt Gringrich and the Republicans cutting spending.

Mon, 02/13/2012 - 15:16 | 2154566 Terminus C
Terminus C's picture

you sir, are a party shill.  your bullshit convinces no one.

Mon, 02/13/2012 - 15:44 | 2154717 Buckaroo Banzai
Buckaroo Banzai's picture

You want Clinton's "budget surplus"? Well you'll have to go wherever it is that Unicorns live, because it didn't exist in reality.

"While not defending the increase of the federal debt under President Bush, it's curious to see Clinton's record promoted as having generated a surplus. It never happened. There was never a surplus and the facts support that position. In fact, far from a $360 billion reduction in the national debt in FY1998-FY2000, there was an increase of $281 billion."

The Myth of the Clinton Budget Surplus: http://www.craigsteiner.us/articles/16

Mon, 02/13/2012 - 16:00 | 2154788 ImnotPOTUS
ImnotPOTUS's picture

Don't also forget that during the Clinton Years the Dot.com bubble had plenty of folks gladly, joyfully and frequently giving Uncle Sam a cut of the rampant stock flipping and IPO cashing outs that happened.

 

Who wasn't absolutely ecstatic to give Uncel Sam a cut of your proceeds from the umpteenth time you sold pets.com.

Mon, 02/13/2012 - 16:12 | 2154849 trav7777
trav7777's picture

Cltton's surpluses were a curious convergence of this plus record SS inflows because the impending boomer retirement tidal wave had not hit beach yet; in fact, they were in their peak earnings years.

The entire nominal "surplus" was due to SS receipts being counted as general revenue.  You have the .com flipper bubble AND a housing bubble.  I recall wondering at that time, the late 90s, if I was ever going to be able to afford a house.  The prices had ALREADY gone so apeshit that I actually asked a RE agent, wth do the people DO who live here?  I bought in 2000 at a price that seemed utterly insane.

Mon, 02/13/2012 - 16:42 | 2154989 moroots
moroots's picture

Enron borrows money, calls it revenue --> Jeff Skilling goes to jail

The Federal government borrows money, calls it revenue --> Slick Willie gets to claim he generated a surplus for the rest of his life

Mon, 02/13/2012 - 17:02 | 2155080 francis_sawyer
francis_sawyer's picture

Mitch CUMstein

Mon, 02/13/2012 - 16:55 | 2155046 MarketWatchTerrorist
MarketWatchTerrorist's picture

Housing prices need to fall another 50% to be even remotely in line with reality.

Mon, 02/13/2012 - 22:32 | 2156221 maximin thrax
maximin thrax's picture

Reality is overrated. Downgrade imminent.

- S&P

Mon, 02/13/2012 - 17:07 | 2155090 PulpCutter
PulpCutter's picture

What twisted pile of crap.  If you want to move the goalposts for Clinton, you have to apply the same standards to Reagan & Dubya - so Clinton STILL comes out the much better administrator.

You're a mental giant - easy to see how you got skinned on the house.  ROFL.  Clue for the future: turn off FauxNews.

Mon, 02/13/2012 - 16:42 | 2154991 whoisjohngalt11
whoisjohngalt11's picture

i think we would all settle for that right now...

Mon, 02/13/2012 - 19:33 | 2155711 StychoKiller
StychoKiller's picture

Clinton used accrual accounting which amounted to wishful thinking on huge tax receipts to *show* a balanced budget ON THE BOOKS, but in the future, not in real life.  We did not have *cash* on hand or even equity on hand that would have been tangible assets to "balance" our budget.  However, starting with Reagan (mid 80's)and continuing with Clinton (even with the then largest tax increase in history) we were on a better path towards balanced budgets.  The disclaimer there though.... we borrowed money to pay for pet projects, just as Bush II became addicted to doing, because we knew SS and both Mediscare programs were insolvent, so the budget was balanced "on the books" while the National Debt (what we owe everyone else) went through the roof!

Mon, 02/13/2012 - 15:16 | 2154569 LowProfile
LowProfile's picture

Yeah, like both parties didn't create this abomination over the last 100 years.

Go fuck yourselves.

Mon, 02/13/2012 - 15:32 | 2154649 scatterbrains
scatterbrains's picture

Flat earth society bickering.  Yes the earth is flat as you say, but for none of the reasons you state.

Flat earthers (who was it on ZH that coined that term?) I love it and use it with family now

Mon, 02/13/2012 - 16:04 | 2154802 Watauga
Watauga's picture

I recommend that you not invest yourself emotionally in the Democrat Party or the Republican Party or any of their politicians.  Your reaction seems to be awfully defensive of the Democrat Party.  Why?  The facts are what they are.  While the Republicans, during the relatively brief periods of time in power, have squandered the opportunity to be a party genuinely representative of the nation's and the people's interests, the Democrats, who have held power for most of 100 years, seem to have done everything possible to put us on the track of a death spiral to Hell.  Wilson, FDR, LBJ, Jimmy, and Obama. . .   a rogue's gallery of Statist demons hellbent on installing an authoritarian Socialist regime along the lines of Nazi Germany or Stalin's Soviet Union.  Again, the Republicans have played their roles, too.  GHWB was either a simpleton or an evil monster, and his boy W might as well have just set the table for Obama's acts of destruction.  Bottom line--don't invest in these no-good, rotten, thieving bastards.

Mon, 02/13/2012 - 16:55 | 2154963 PulpCutter
PulpCutter's picture

Watauga, I have GOT to get some of the stuff you're smoking.

Facts: The GOP has had 7 of the last 10 presidential terms.  The GOP had a majority in both Houses of Congress, 1995 to 2007.  The GOP has appointed the majority of the Supreme Court, and the federal judiciary.  You had control of all three branches of govt, 2000-2006.  Your party voted either 100% for, or nearly so, on every piece of legislation that ZeroHedgers (correctly) see as causing the problems America has now; including Gramm-Leach-Bliley, NAFTA, Commodity Futures Modernization Act, USA Patriot Act, Resolution on Use of Force Against Iraq.

Deficits?  Reagan ran up bigger deficits than all his predecessors combined, going back to Washington.  Dubya ran up bigger deficits than Reagan.  Clinton ran a surplus, and by the military build-down, produced the strongest economy most of us have experienced.  Want to jiggle the accounting methods around so that Clinton doesn't show a surplus?  Be my guest, move the goalposts, but then you need to apply the same methods to Reagan & Bush - so Clinton STILL comes up the much better administrator.  After Reagan & Dubya spent their way to voter heaven, why in the hell should Barack Obama not do the same thing - if he's fiscally responsible, he'll get voted out & we turn the country over to you screwballs.

This shit is on YOU, not the Democrats.

"When did the GOP lose touch with reality"

http://nymag.com/news/politics/conservatives-david-frum-2011-11/

GOOPers: let's see some FACTS which contradict what I posted above.

<crickets>

 

Mon, 02/13/2012 - 17:05 | 2155092 Dumpster Fire
Dumpster Fire's picture

The poster makes a valid point.  We need a democrat-controlled congress and democrat-controlled WH and everything will be great.  We haven't had that since um...well two years ago.  Man those were the times, eh?

 

Or maybe we need a republican controlled everything...wait we tried that too. 

 

Maybe it doesn't fucking matter one way or the other? 

 

Some days it doesn't pay to chew through the restraints.

 

 

 

 

Mon, 02/13/2012 - 17:33 | 2155220 LowProfile
LowProfile's picture

"Maybe it doesn't fucking matter one way or the other? "

Funny, I thought I said that.

I guess some people are doomed to be partisan twats until they die.

That said, there's always a small percentage who manage to stick to their principles (5% of the politicians making the other 95% look bad).

Mon, 02/13/2012 - 18:33 | 2155450 fuu
fuu's picture

Partican apologist is partican.

Mon, 02/13/2012 - 23:43 | 2156358 BigJim
BigJim's picture

Facts: The GOP has had 7 of the last 10 presidential terms.

Hmm, Let's see now...

Obama      D
GWB          R
GWB          R
Clinton       D
Clinton       D
GHB          R
RayGun     R
RayGun     R
Carter        D
Ford         R

I make that 6 out of the last presidential 10 terms. But let's keep going!

Nixon      R
LBJ         D

Hmmm. 7 out of the last 12...

JFK        D

7 out of the last 13...

Ike      R
Ike      R

9 out of the last 15...

Truman D
Truman D

9 out of the last 17...

FDR     D
FDR     D
FDR     D
FDR     D

9 out of the last 21!

Anyone can cherry-pick.

Wautauga made it crystal clear he thinks it a mistake to be emotionally invested in 'Republican' or 'Democrat'. And, as has been pointed out to you, we had cheap money creating housing and stock bubbles, and the baby-boomers in their final (and highest) years of earnings, which is why the US governmnt (briefly, and unsustainably) managed to borrow less during Slick Willy's presidency than his immediate predecessors. Why you lay this 'acheivement' at his feet, rather than the R controlled congress, or the bankster controlled Greenspan, is anybody's guess.

It's not about R vs D. It's about Them vs Us. So why don't you fuck off, you partisan troll?

 

 

Mon, 02/13/2012 - 15:21 | 2154581 Terminus C
Terminus C's picture

dup

Mon, 02/13/2012 - 15:23 | 2154596 AgShaman
AgShaman's picture

If Tyler sold "extra" down arrow junks' capabilities....

I'd be buying 10 packs for your particular drivel

Mon, 02/13/2012 - 15:33 | 2154668 azzhatter
azzhatter's picture

Surpluses were due to robbing the SS trust fund and taking money into general revenues

Mon, 02/13/2012 - 15:59 | 2154787 fuu
fuu's picture

Bullshit. It was taken from SSA. There was no real surplus.

Mon, 02/13/2012 - 15:13 | 2154556 Steve in Greensboro
Steve in Greensboro's picture

Bill Clinton generated during his term in the White House except DNA samples.

The surplus was due to Newt Gringrich and the Republicans cutting spending.

Mon, 02/13/2012 - 15:24 | 2154604 kito
kito's picture

baaaaah goes steve the sheep in greensboro. 

Mon, 02/13/2012 - 17:03 | 2155083 HiHoAg
HiHoAg's picture

...Says kito as he guzzles more cool-aid.

Mon, 02/13/2012 - 15:42 | 2154718 Seasmoke
Seasmoke's picture

thanks for the opportunity to down arrow you twice

Mon, 02/13/2012 - 15:14 | 2154562 Ruffcut
Ruffcut's picture

WTF is up with the owl futs freezing up? CL at 100.39 for over 10 minutes. THe system farts or something is up.

Mon, 02/13/2012 - 15:15 | 2154563 Terminus C
Terminus C's picture

Perhaps in that chart we could also show why the US has a $500 trillion unfunded liability in social security.

hmmmm, maybe these two things are linked...

Mon, 02/13/2012 - 15:21 | 2154583 MachoMan
MachoMan's picture

among other things, see generally, the duration of our debt.

Mon, 02/13/2012 - 15:26 | 2154617 kito
kito's picture

baaaahhh goes vanillAnalyst........

Mon, 02/13/2012 - 15:38 | 2154702 tarsubil
tarsubil's picture

I got some bad news for you. See the first graph.

BTW, you are the sixth replicant. Sorry.

Mon, 02/13/2012 - 15:00 | 2154506 redpill
redpill's picture

Repeat after me...

Borrowing is investing

Tax cuts are spending

Mon, 02/13/2012 - 15:14 | 2154547 Cognitive Dissonance
Cognitive Dissonance's picture

And the lapdog press 'repeaters" (not reporters) have picked up on the language and are running with it.

http://money.cnn.com/2012/02/13/news/economy/obama_budget/index.htm?iid=HP_LN

Spending: The administration is proposing a series of investments focused on infrastructure, education and domestic manufacturing, including old favorites like $30 billion to modernize schools and an additional $30 billion to retain and hire teachers and first responders.

Mon, 02/13/2012 - 15:49 | 2154748 skipjack
skipjack's picture

60 billion earmarked for his rat supporters.  Oh yeah, it's silly season.

Mon, 02/13/2012 - 15:40 | 2154709 tarsubil
tarsubil's picture

Help! I'm drowning in freedom!

Mon, 02/13/2012 - 15:10 | 2154544 DoChenRollingBearing
DoChenRollingBearing's picture

@ Cog Dis  + 1 of many you are likely to get this afternoon...

60% of the spending is "Mandatory".  The time has come to address the entitlements.  NO WAY therse can be paid as promised.

 

Cog Dis, I would be interested in your POV on "Mandatory" spending.  Grist for the mill?

Mon, 02/13/2012 - 15:13 | 2154557 Cognitive Dissonance
Cognitive Dissonance's picture

I never argue with things that are "Mandatory".

For example, like bathing once a month....regardless of whether I need to or not.

Mon, 02/13/2012 - 15:23 | 2154597 Dagny Taggart
Dagny Taggart's picture

I never argue with things that are "Mandatory".

It sounds like Mrs. Cog has you well trained. lol

Mon, 02/13/2012 - 15:33 | 2154658 Cognitive Dissonance
Cognitive Dissonance's picture

Mrs. Cog is kind enough to let me believe her ideas (well......commands really) are a product of my divine inspiration and I love her dearly for it.

A spoon full of sugar helps the (castor oil) medicine go down. :)

http://www.youtube.com/watch?v=i5IW9wK_HNg

Do NOT follow this link or you will be banned from the site!