4 Charts Summarizing Obama's 2013 Budget
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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The Great (Ponzi) Depression is on plan and within budget.
Add some Pepper spray and you can spice up a nice peice of Great Depression for your family tonight!
You seriously can't make this shit up:
http://www.marketwatch.com/story/ipo-planned-for-empire-state-building-2...
I'll sum up Obama's budget in one word: SHIT
Hey look! The deficit gets better....later!
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!
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/
Thanks, good site, good info
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.
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.
you sir, are a party shill. your bullshit convinces no one.
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
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.
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.
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
Mitch CUMstein
Housing prices need to fall another 50% to be even remotely in line with reality.
Reality is overrated. Downgrade imminent.
- S&P
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.
i think we would all settle for that right now...
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!
Yeah, like both parties didn't create this abomination over the last 100 years.
Go fuck yourselves.
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
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.
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>
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.
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).
Partican apologist is partican.
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?
dup
If Tyler sold "extra" down arrow junks' capabilities....
I'd be buying 10 packs for your particular drivel
Surpluses were due to robbing the SS trust fund and taking money into general revenues
Bullshit. It was taken from SSA. There was no real surplus.
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.
baaaaah goes steve the sheep in greensboro.
...Says kito as he guzzles more cool-aid.
thanks for the opportunity to down arrow you twice
WTF is up with the owl futs freezing up? CL at 100.39 for over 10 minutes. THe system farts or something is up.
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...
among other things, see generally, the duration of our debt.
baaaahhh goes vanillAnalyst........
I got some bad news for you. See the first graph.
BTW, you are the sixth replicant. Sorry.
Repeat after me...
Borrowing is investing
Tax cuts are spending
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
60 billion earmarked for his rat supporters. Oh yeah, it's silly season.
Help! I'm drowning in freedom!
@ 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?
I never argue with things that are "Mandatory".
For example, like bathing once a month....regardless of whether I need to or not.
I never argue with things that are "Mandatory".
It sounds like Mrs. Cog has you well trained. lol
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
"The Great (Ponzi) Depression is on plan and within budget."
Of course it is. It's run by bankers...they are the efficient motherfuckers Ive ever seen...rob me blind.
And judging by our happy faces when we are "approved" for a (credit card, car, home, equity line of credit, flat screen etc.) loan, the illusion is complete.
Hey CS - how have you been? Well, this can only resolve in one way. Learning a bit more Spanish every day - and I'm so out of here...
Yeah with insane revenues projection.
Uh, $2.2tn in receipts last year, and $2.9tn next?
Why didn't they just go full retard and project $18.2tn, and hence a stonking budget surplus?
Tyler is, of course, making the generous assumption that Obama won't call for another debt ceiling increase by the end of the year.
Every time congress fails to pass a budget within 6 months after the beginning of the fiscal year, there should be a general election, president included.
No fucking primaries and caucuses and all that BS. Whoever wants to run, can run.
seconded...
Except that most of the same idiots would get re-elected. Look at the guy that thought that Gaum was going to tip into the ocean like an Italian cruise ship. He was re-elected with 75% of the vote. Look at Rangel, etc.
Never underestimate the stupidity of the American sheeple. ;)
The "same idiots" would not be elligible...they caused the problem.
That deserves a link:
http://www.youtube.com/watch?v=QjG958lZ1KI
He was on meds! No wait he was just kidding! Gerrymandering FTW!
Yeah this was a very very very stupid comment...
But to be fair, the guy voted against the bank bailout and talked a lot against the Iraq war and introduced resolutions to get out of Iraq...but he did vote for the Keynesian ``stimulus package``...
And the guy said something stupid again in 09...
In 2009, Johnson demanded censure of Rep. Joe Wilson's "you lie" remark, arguing that the comment had an unseen racial undertone and that, if Wilson was not formally rebuked, "We will have people with white hoods running through the countryside again."
I spoke to a military dependent who was working at wally world during that, she was from Guam. I brought it up about tipping over, and she said "well, there are an awful lot of people on those military bases....." At that point I realized we are fucked as a people.
LOL
I've lived in Guam. There's a semi-hoax of a place called a university where I enrolled for some time. The residents are a brutally uneducated lot, both military and civilian. People vote how the church tells them to, and the longtime governor "Uncle Carl" Gutierrez was leader of the meth cartel. Beautiful place, though, really.
As an aside, for those anti-tax and anti-dole folks out there, Guam and Puerto Rico don't kick into federal tax coffers, but they do both receive annual per capita subsidies from the federal gov. At least in Guam's case, which I've witnessed, that money--about eighty-couple million per year to an island with a population around 140K--is ciphoned and embezzled by companies owned by extended families of the legislators, while high schools are shuttered because the government failed to maintain typhoon insurance payments, and lo!~~typhoons!
I've always supported the idea of political independence for Guam, mostly on the grounds of anti-imperialism. They're an oppressed people whose heritage has been raped and erased for three hundred years under various occupations, and today, they are ignorant, apathetic, lazy, and mostly nearly useless, save for throwing great barbecue fiestas; the only salvation I can imagine for them starts with them being thrown off the carpet of the dole and unshackled from colonialism at the same time. But it might be too late; I mean, look at the Philippines: that place will NEVER be a modern country. Guam might have more potential. To be fair, despite--or maybe in some metaphysical counterbalance to--all the pervasive stupidity, I did meet several of the most intelligent people I've ever met, while I was in Guam.
That Mandatory outlay piece of the pie ain't gonna get no smaller.
Sure it will.......you've heard of Swine/Bird/Manmade varients Flu haven't you?
Gotta love how the Defense budge graph is shown as a % of GDP, yet the Medicare graph is shown a absolute dollar figure.
The Wall Street Ranter
Don't forget how much of the antagonist....I mean defence budget is off budget.
and with another endless war in the offing, does anyone really think that the obomber budget is anything other than pure fantasy?
Like the one on poverty?
I have to stand up and applaud! the entertainment factor lately is off the charts.
the only outcome is inflation and that outcome marginalizes future obligations,
while at the same time stratifying social inequality.
In simple english, the first world may be inconvienced but the third world will starve,
and good thing something like radical islam is not taking over great swaths of it or anything.
looks more palatable that way.
ot: but speaking of charts it looks like every little sell in TLT correlates with a ramp in gasoline prices with SPY seeing less and less benefit. Nightmare scenario would be everyone jumping out of the bond pool and into the commodity pool, exactly NOT what the fed is hoping for... but if this is true what would be the bernanken's next move ? Anyone have any thoughts why this is happening ?
http://fiatflaws.blogspot.com/
ALL SPENDING must be cut. Especially the entitlements. Take a look at the "mandatory spending".
Of course Obama does not want this. The sad thing is that Team R does not want cuts either.
Hmm. The only way out for each of us is GOLD. Get you some!
This budget proposal is pure fantasy.
We can afford some of it, but nothing else. And while Disneyland is pushing for debt is good, I would suggest running for more metals.
house of cards
$4 trillion budget.....very very bullish for oil....
GL!
Lawyers and Corporate sick-care stand to make a lot of money via Medicare/Medicaid.
The military budgets will be slashed, which is just fine as far as China and Russia are concerned.
Tax receipts will be much less than planned as more join the food stamps and unemployment roles; the only new source of funds will be new taxes on retirement funds and/or shadow confiscation.
They're already starting to cut a shit ton of medicaid/medicare payments... the services that you get for your $1 of spending are going to just get shittier and shittier. Medicaid/medicare have been, and still are, the golden geese of the entire medical industry... however, this is changing... those firms who have huge overhead and infrastructure costs are going to get their lunches eaten when the spigot begins to just drip instead of blast full bore.
A friend of the family was a Medicare patient at a top Boston hospital this past summer, for what turned out to be a basic intestinal blockage. The hospital took its sweet time in ordering exploratory surgery (at the Medicare $ rate). When they finally got around to it, he was dead. A fit, vigorous 70-yr old victim of /The System/
Another was saved by a plastic tube replacing one of the great vessals in the back of the torso.
Unfortunately he picked up Chronic breathing infections that leave him unable to do much but stay in bed now.
I understood his cost to be 140 thousand all done when they fixed the anyuseum.
It might have been better to just let it break and let him go. All paid for by first class insurance no one has anymore.
I have developed a feeling the hospital saw him as revenue.
I thought you people believed in JESUS? Wouldn't it be better to just let nature take its course rather than fighting GOD'S WILL and letting doctors turn you into some kind of freakish cyborg medical experiment so they can buy a third vacation home?
Oh, that's right, we're all secretly atheists, horrified of death and the void that lies beyond.
It's strange... for some reason if you tell people they're all atheists and conservatives, they get angry... I'm not really sure it's any different than telling people they're air breathers... whatever
I dunno about this `Jesus` guy, but I sure know who Gaston Glock is ... and his friends at Winchester and Remington (some at Federal, too).
It would have been a quick 2 hr. operation, 1 day of post-op recovery in a normal case. What's religion got to do with it?
Jesus asked how we can believe in that which cannot be seen if we don't believe in what can be seen. I cannot deny in most cases doctors can improve if not cure disease. Beyond that, prayer.
When Satan suggested Jesus take a flying leap off the mountain so all would see God save him, proving to all that he was His Son, Jesus responded,"It is written that thou shalt not tempt the Lord they God." Though some believe otherwise, shunning medical treatment to show faith in God amounts to jumping off a cliff expecting God to save you. Jesus said no. When Jesus died it was because it was asked of Him, and it was for the benefit of others.
Atheists aren't horrified of death; you need religion to offer the horror of eternal punishment or eternal prostration.
Indeed. Because religious types are intellectually childlike, incapable of facing reality and accepting it for what it is. Atheists have analyzed the available information, determined that there is no evidence supporting the existence of any gods or an afterlife, and accepted it. We are all going to die, and after that, nothing.
Religious folks are cowards. One argument I hear from them quite often goes something like, "but if there's no God then everyone would just be raping and murdering because there's no reason not to." Again, intellectually childlike.
You are the same decaying organic matter as everything else. We are all part of the same compost heap. And on a long enough time line the survival rate for everyone drops to zero.
Exactly. Do YOU like it when someone steals your bike? No? Ok, did you need to reference god to know this? No? Ok... now go forth and maintain integrity in your interactions with others.