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Storekeeper · 21-06-2006, 08:38 AM

It's A Tough Job, But Bush Has Done It

Great piece from Rich Lowry over at National Review.

Who says you can’t cut taxes, increase spending, and reduce the federal budget deficit all at the same time? That’s what the Bush administration has managed to do. Two decades after then-presidential candidate George H.W. Bush characterized Ronald Reagan’s idea that tax cuts would spur revenue-generating economic growth as “voodoo economics,” the witch doctor is again at work.
When President Bush pledged in 2004 to cut the deficit in half by 2009, critics guffawed. The Boston Globe headlined a story, “Bush’s plan to halve federal deficit seen as unlikely; higher spending, lower taxes don’t mix, analysts say.” “Fanciful,” “laughable” and “all spin,” said the critics.
Well, it turns out that 2009 might be coming early this year. The 2004 deficit had been projected to hit $521 billion, or 4.5 percent of gross domestic product. Bush’s goal was to cut it to 2.25 percent of GDP by 2009—not exactly as stirring a national goal as putting a man on the moon, but one that was nonetheless pronounced unattainable. This year, the deficit could go as low as $300 billion, right around the 2009 goal of 2.5 percent of GDP.

Meanwhile all this has been done while fighting a global war on terror... Democrats, on the other hand, can't even come up with a real plan, agree on Iraq, or on the economy.

ether · 21-06-2006, 10:10 PM

I believe it was an American spaceship which first made us aware of your race's existence. Your species does seem most argumentative, however. Might we expect it's demise in the near future?

Milkman · 21-06-2006, 10:15 PM

Quote:

Originally Posted by Storekeeper

It's A Tough Job, But Bush Has Done It

Great piece from Rich Lowry over at National Review.

Who says you can’t cut taxes, increase spending, and reduce the federal budget deficit all at the same time? That’s what the Bush administration has managed to do. Two decades after then-presidential candidate George H.W. Bush characterized Ronald Reagan’s idea that tax cuts would spur revenue-generating economic growth as “voodoo economics,” the witch doctor is again at work.
When President Bush pledged in 2004 to cut the deficit in half by 2009, critics guffawed. The Boston Globe headlined a story, “Bush’s plan to halve federal deficit seen as unlikely; higher spending, lower taxes don’t mix, analysts say.” “Fanciful,” “laughable” and “all spin,” said the critics.
Well, it turns out that 2009 might be coming early this year. The 2004 deficit had been projected to hit $521 billion, or 4.5 percent of gross domestic product. Bush’s goal was to cut it to 2.25 percent of GDP by 2009—not exactly as stirring a national goal as putting a man on the moon, but one that was nonetheless pronounced unattainable. This year, the deficit could go as low as $300 billion, right around the 2009 goal of 2.5 percent of GDP.

Meanwhile all this has been done while fighting a global war on terror... Democrats, on the other hand, can't even come up with a real plan, agree on Iraq, or on the economy.

Storekeeper,

Please enroll in Acounting 101.

You are making a fool of yourself. Dump the short-term projections.

It's the mid and long-term, baby.

Storekeeper · 05-07-2006, 01:24 PM

Bush Economy Continues Rapid Growth

ECONOMIC REPORT

WASHINGTON (MarketWatch) -- The U.S. economy grew at a revised 5.6% annual rate in the first quarter, the fastest rate in nearly three years, the Commerce Department said Thursday in its final revision to gross domestic product estimates.

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B6BA53B2D%2D4940%2D4615%2D8F36%2 D935056D73CB6%7D&siteid=mktw&dist=

Milkman · 05-07-2006, 02:38 PM

Quote:

Originally Posted by Storekeeper

Bush Economy Continues Rapid Growth

ECONOMIC REPORT

WASHINGTON (MarketWatch) -- The U.S. economy grew at a revised 5.6% annual rate in the first quarter, the fastest rate in nearly three years, the Commerce Department said Thursday in its final revision to gross domestic product estimates.

Indeed.

The inflation watch is mounting. ARM mortgages are hitting some.

SK, I am glad you're back. After a couple of days of absence I was worried you left the board.

See you around.

Butterfly · 05-07-2006, 06:02 PM

Get your news from a real source, sailorboy. It's not rosy out there. Maybe it is in your ship with all those sailors.

From this morning WSJ

Quote:

Originally Posted by WSJ

Economists expect real GDP growth to ease to an annualized 2.9% in the second half as inflation accelerates, a Wall Street Journal survey found. The forecasters' biggest concern was that Fed rate raises may tip the economy into recession. (Full results)
• Vote: How worried are you about inflation?

Covertjay · 06-07-2006, 12:04 PM

Good article......look long term and don't be interest rate obsessed.........

Outsourcing and energy, not interest rates, dominate discussion about the economy at Fortune's Brainstorm conference.

http://money.cnn.com/2006/06/29/news...torm/index.htm

Storekeeper · 06-07-2006, 12:09 PM

Quote:

Originally Posted by Milkman

ARM mortgages are hitting some.

Glad to see you're finally catching up on old news. Anybody stupid enough to have fallen for the ole ARM mortgage deserves to get gobsmacked upside the noggin' ...

Milkman · 07-07-2006, 06:12 AM

Quote:

Originally Posted by Storekeeper

Quote:

Originally Posted by Milkman

ARM mortgages are hitting some.

Glad to see you're finally catching up on old news. Anybody stupid enough to have fallen for the ole ARM mortgage deserves to get gobsmacked upside the noggin' ...

Indeed.

ARMs are for the over-stretched and those with a low FICO score and bad credit.

Low on the food chain.

Storekeeper · 07-07-2006, 06:25 AM

Quote:

Originally Posted by Milkman

Indeed.

ARMs are for the over-stretched and those with a low FICO score and bad credit.

Low on the food chain.

I read some articles recently that some of our people up there in Washington got suckered into the ARMS ... and there are so many different kinds it's mind boggling. Many of those who fell for this are educated professionals. Some people are seeing their mortgage double and triple ... and like I said alot are educated yuppies. People are seeing their mortgage go from say $1500 a month to $3000 or more because of these sweet deal ARMS.

I didn't go ARM ... but I did refinance back in 2003 ... only wish I would have went 15 years instead of 30.

Milkman · 07-07-2006, 11:49 AM

Yes, ARMs are hurting many of the fools who used them. Why do an ARM when you can lock a historically low rate (and later re-fi lower if the conditions allow it)? A few reasons. None of them smart.

As for taking a 30 year to a 15: add one extra payment per year if you can squeeze it and you can trim the length of amortization time down, if you want.

but then again, if you are leveraging, and renting the unit out, you have the positive cash flow.

Marmite the Dog · 08-07-2006, 11:06 AM

Quote:

Originally Posted by Milkman

ARMs are for the over-stretched and those with a low FICO score and bad credit.

Perfect for the US government then?

Milkman · 09-07-2006, 02:36 AM

Yup,

The credit card keeps hitting the limit for the U.S. government so Congress meets to raise the limit.

Some say this is no problem. Higher growth can take care of it, etc.

But when it gets so high, and other things are not reduced or funded, it leads to yukkie things.

T-bills, and "faith."

Ain't it lovely?

man with no head · 09-07-2006, 11:41 AM

Not to mention allowing much of our debt to be subsidized by the only country on Earth who will, at some point, become a military adversary of the worst degree.

Butterfly · 09-07-2006, 05:11 PM

Instead of printing money, the US is printing credit cards, much more efficient.

Thailand is doing the same.

Mhz · 09-07-2006, 05:14 PM

Sorry to say Thailand is always doing and trying to do what America does.

man with no head · 09-07-2006, 06:00 PM

Quote:

Originally Posted by Butterfly

Instead of printing money, the US is printing credit cards, much more efficient.

Thailand is doing the same.

I remember years ago when people here got up in arms over the Japanese going on a buying spree and buying up all kinds of American real estate. Yet, we allow China to finance our debt and very few people are raising their eyebrows about that.

What a vicious circle. Corporations here farm out cheap labor to China, thus, increasing demand of raw materials overseas which drives up commodity prices here (look at copper and oil as examples). We then import the goods, the consumer loses out again due to poor quality and (still) high prices while the corporations making a killing all while the Chinese are giving us loans to buy their stuff in the first place.

Imagine if you will the perfect economic storm: deflationary real estate, high oil prices, and China's demand that we pay them back for all the T-bills they own.

Storekeeper · 10-07-2006, 09:41 AM

Quote:

Originally Posted by Milkman

Yup,

The credit card keeps hitting the limit for the U.S. government so Congress meets to raise the limit.

Some say this is no problem. Higher growth can take care of it, etc.

But when it gets so high, and other things are not reduced or funded, it leads to yukkie things.

T-bills, and "faith."

Ain't it lovely?

You do know that you really didn't say anything here , right ?

stroller · 10-07-2006, 10:49 AM

T-bills and faith are not a sound foundation for the future...

Storekeeper · 11-07-2006, 08:54 AM

"Did you know that just over the past 11 quarters, dating back to the June 2003 Bush tax cuts, America has increased the size of its entire economy by 20 percent? In less than three years, the U.S. economic pie has expanded by $2.2 trillion, an output add-on that is roughly the same size as the total Chinese economy, and much larger than the total economic size of nations like India, Mexico, Ireland and Belgium. This is an extraordinary fact, although you may be reading it here first. Most in the mainstream media would rather tout the faults of American capitalism than sing its praises. And of course, the media will almost always discuss supply-side tax cuts in negative terms, such as big budget deficits and static revenue losses. But here's another suppressed fact: Since the 2003 tax cuts, tax-revenue collections from the expanding economy have been surging at double-digit rates, while the deficit is constantly being revised downward. For those who bother to look, the economic power of lower-tax-rate incentives is once again working its magic."

http://www.capoliticalnews.com/discuss.php?id=551

21-06-2006, 08:38 AM	#81 (permalink)
Storekeeper Because I said so. Join Date: Nov 2005 Location: Ban Phe Posts: 4,821	It's A Tough Job, But Bush Has Done It Great piece from Rich Lowry over at National Review. Who says you can’t cut taxes, increase spending, and reduce the federal budget deficit all at the same time? That’s what the Bush administration has managed to do. Two decades after then-presidential candidate George H.W. Bush characterized Ronald Reagan’s idea that tax cuts would spur revenue-generating economic growth as “voodoo economics,” the witch doctor is again at work. When President Bush pledged in 2004 to cut the deficit in half by 2009, critics guffawed. The Boston Globe headlined a story, “Bush’s plan to halve federal deficit seen as unlikely; higher spending, lower taxes don’t mix, analysts say.” “Fanciful,” “laughable” and “all spin,” said the critics. Well, it turns out that 2009 might be coming early this year. The 2004 deficit had been projected to hit $521 billion, or 4.5 percent of gross domestic product. Bush’s goal was to cut it to 2.25 percent of GDP by 2009—not exactly as stirring a national goal as putting a man on the moon, but one that was nonetheless pronounced unattainable. This year, the deficit could go as low as $300 billion, right around the 2009 goal of 2.5 percent of GDP. Meanwhile all this has been done while fighting a global war on terror... Democrats, on the other hand, can't even come up with a real plan, agree on Iraq, or on the economy. __________________ "England forever; the USA one day longer" To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

21-06-2006, 10:10 PM	#82 (permalink)
ether Pattaya Last Online: 01-07-2007 06:28 PM Join Date: Jan 2006 Posts: 5	I believe it was an American spaceship which first made us aware of your race's existence. Your species does seem most argumentative, however. Might we expect it's demise in the near future?

05-07-2006, 01:24 PM	#84 (permalink)
Storekeeper Because I said so. Join Date: Nov 2005 Location: Ban Phe Posts: 4,821	Bush Economy Continues Rapid Growth ECONOMIC REPORT WASHINGTON (MarketWatch) -- The U.S. economy grew at a revised 5.6% annual rate in the first quarter, the fastest rate in nearly three years, the Commerce Department said Thursday in its final revision to gross domestic product estimates. http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B6BA53B2D%2D4940%2D4615%2D8F36%2 D935056D73CB6%7D&siteid=mktw&dist=

06-07-2006, 12:04 PM	#87 (permalink)
Covertjay Petchabun Last Online: 26-08-2007 12:27 AM Join Date: Jun 2005 Location: Bangkok Posts: 174	Good article......look long term and don't be interest rate obsessed......... Outsourcing and energy, not interest rates, dominate discussion about the economy at Fortune's Brainstorm conference. http://money.cnn.com/2006/06/29/news...torm/index.htm

07-07-2006, 11:49 AM	#91 (permalink)
Milkman Gone Off Join Date: Dec 2005 Location: shelf Posts: 8,165	Yes, ARMs are hurting many of the fools who used them. Why do an ARM when you can lock a historically low rate (and later re-fi lower if the conditions allow it)? A few reasons. None of them smart. As for taking a 30 year to a 15: add one extra payment per year if you can squeeze it and you can trim the length of amortization time down, if you want. but then again, if you are leveraging, and renting the unit out, you have the positive cash flow.

09-07-2006, 02:36 AM	#93 (permalink)
Milkman Gone Off Join Date: Dec 2005 Location: shelf Posts: 8,165	Yup, The credit card keeps hitting the limit for the U.S. government so Congress meets to raise the limit. Some say this is no problem. Higher growth can take care of it, etc. But when it gets so high, and other things are not reduced or funded, it leads to yukkie things. T-bills, and "faith." Ain't it lovely?

09-07-2006, 11:41 AM	#94 (permalink)
man with no head Somewhere Travelling Last Online: 11-08-2007 06:39 PM Join Date: Apr 2006 Posts: 5,425	Not to mention allowing much of our debt to be subsidized by the only country on Earth who will, at some point, become a military adversary of the worst degree.

09-07-2006, 05:11 PM	#95 (permalink)
Butterfly Suspended Member Join Date: Mar 2006 Posts: 10,318	Instead of printing money, the US is printing credit cards, much more efficient. Thailand is doing the same.

09-07-2006, 05:14 PM	#96 (permalink)
Mhz Single and Happy Last Online: 10-12-2007 11:44 AM Join Date: Jan 2006 Posts: 2,035	Sorry to say Thailand is always doing and trying to do what America does.

10-07-2006, 10:49 AM	#99 (permalink)
stroller Kraut Last Online: 01-07-2008 10:03 AM Join Date: Mar 2006 Location: under the headphones Posts: 17,181	T-bills and faith are not a sound foundation for the future...

11-07-2006, 08:54 AM	#100 (permalink)
Storekeeper Because I said so. Join Date: Nov 2005 Location: Ban Phe Posts: 4,821	"Did you know that just over the past 11 quarters, dating back to the June 2003 Bush tax cuts, America has increased the size of its entire economy by 20 percent? In less than three years, the U.S. economic pie has expanded by $2.2 trillion, an output add-on that is roughly the same size as the total Chinese economy, and much larger than the total economic size of nations like India, Mexico, Ireland and Belgium. This is an extraordinary fact, although you may be reading it here first. Most in the mainstream media would rather tout the faults of American capitalism than sing its praises. And of course, the media will almost always discuss supply-side tax cuts in negative terms, such as big budget deficits and static revenue losses. But here's another suppressed fact: Since the 2003 tax cuts, tax-revenue collections from the expanding economy have been surging at double-digit rates, while the deficit is constantly being revised downward. For those who bother to look, the economic power of lower-tax-rate incentives is once again working its magic." http://www.capoliticalnews.com/discuss.php?id=551