Feb Budget Deficit Largest on Record

Tax cuts don't pay for themselves...



If you look at real dollars, the situation is worse still.

This is what Dufuss Bush created...


BTW, the recession started before December 2007.

 

The call was made in December after two consecutive negative quarters.

Bush made the situation far worse in 2008 by letting Lehman go broke. It was a fit of dumbass ideology.

There was no realistic way to stop the mortgage problem as house prices went into free fall in mid-2006.


Part of the reason we didn't recover faster is the Republican Congress in 2011 started holding down government spending.

They helped so much, tax revenues didn't recover to 2000 levels until 2006.

He lied.

Please, the Orange Oaf is running a $1t deficit this year. Bush ran large deficits. Getting preachy about Democratic deficits is ridiculous.

The deficits were caused by entitlement spending increases that continue as revenue is cut during a recession. Get a clue.

 

Yes. Now's a very poor time to increase income taxes. We are having a very soft quarter. Building income from Customs and Duties is the right approach, as wages continue to rise in our tight labor markets our progressive income tax system will increase revenue.

The Federal Debt ceiling was reached March 1 and will not be raised until the President signs a budget passed by the House and Senate. Who knows when that will be. In the meantime the Federal Debt will not increase. Frankly I think Trump could successfully operate the Federal Budget on a cash basis, prioritizing spending as necessary.

You're wishcasting, you have no actual idea.

Any country running a surplus against us can't get in a trade war with us and win. They will pay the tax or lose the surplus. And if they choose not to pay the tax then someone else gets that business and they lose the surplus.

 

Quote: What did they do to help mitigate the slowdown and recession that worked?

Question; When did Bush's economy slowed down?

 

I think you need the glasses, that is a sharp turn up in 2016

 

Although a two-quarter contraction is generally seen as a guideline in calling recessions, The NBER does not define a recession in terms of two consecutive quarters of decline in real GDP.

The National Bureau's Business Cycle Dating Committee maintains a chronology of the U.S. business cycle. The chronology identifies the dates of peaks and troughs that frame economic recession or expansion. The period from a peak to a trough is a recession and the period from a trough to a peak is an expansion.

http://www.nber.org/cycles/jan08bcdc_memo.html

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Thus, according to NEBR, Bush's economy peaked in December 2007.

Q; What did Congress do to help mitigate a slowdown and/or avert a recession?

A $160 billion stimulus package was passed by Congress on January 29, 2008.

Q; Did it worked?

Bush's stimulus cheques may have boosted Q2 GDP Growth rate, and that is it.

Q; What else they could have done?

????????????????

 

An egalitarian dream set the wheels in motion

Developer; Bill Clinton
Seller; George Bush

George Bush; "We want everybody in America to own their own home. That's what we want"

......and we want everybody led to;

zero-down payment
reducing down-payment requirements
40 year amortization/lowering mortgage payments
lowering credit scores
subprime
subsidize closing fees
and politically, MINORITY VOTES

Next; Packaged into bonds, and stamped as AAA

In addition, the President called on the private sector to help in his effort.

Today more than ever, I am convinced that our politicians have unknowingly created a perfect storm.

Question; How the financial crisis could have been avoided?

There is only one answer; Had we kept qualifying borrowers at PRIME, we would have avoided a crisis, PERIOD.

 

We pay duties just like we do income taxes.

You think the Bloviator is going to shut down the government.

Absurd.

There is a long history of businesses absorbing variable costs temporarily and servicing capital costs.

You're blowing smoke.

 

Some people can't afford to own a home.

 

We're wise to that bullshit which is designed to force us, through impoverishment and debt, to agree to give up everything the people have won from corporatists during the past 70 years with all forms of welfare, Medicare, and Social Security at the top of the list.

There's PLENTY of money to pay off debts and to fund everything we need. It's all in the coffers of the rich and it's time we took it back so we can fix what's wrong.

 

It was never yours to "take back" get your facts straight.

 

I know exactly who the NBER is I don't now who is the NEBR is.

The NBER is the recognized determiner of when recessions end and begin and the 2008 recession began December of 2007 a year AFTER the Democrats took the Congress. PERIOD. What did they do during that year, threaten new and higher taxes and more regulations which they began instituting. Just what you need when the economy starts to slow down and then goes into a recession. They came back with government is the answer we will spend our way into a recovery and it was an abject failure according to the goals THEY set. Why would you want to go back to those policies.

 

After the Democrats took back the Congress on the basis they were going to increase taxes and regulations.

 

Answer; Let's ask George Bush

George W. Bush
The Health of the Economy: The President’s Press Conference
Washington, DC
August 9, 2007

Thank you for coming. I'll be glad to answer some of your questions

David

Q Mr. President, I want to get your thoughts about the volatility in the financial markets, but specifically, a series of questions. Do you think that housing prices will continue to fall? Do you think that the inability of people to borrow money the way they used to is going to spillover into economy generally? And what are you prepared to do about it? And, specifically, are you considering some kind of government bailout for people who might lose their homes?

THE PRESIDENT: David, I'm wise enough to remind you that I'm not an economist, and that I would ask you direct predictions and forecasts about economic matters to those who make a living making forecasts and predictions. I suspect you'll find on the one hand, on the other hand, in how they predict. (Laughter.)

Now, what I focus on are the fundamentals of our economy. My belief is that people will make rational decision based upon facts. And the fundamentals of our economy are strong. I mentioned some of them before. Job creation is strong. Real after-tax wages are on the rise. Inflation is low. Interestingly enough, the global economy is strong, which has enabled us to gain more exports, which helped the second quarter growth numbers to be robust, at 3.4 percent.

Another factor one has got to look at is the amount of liquidity in the system. In other words, is there enough liquidity to enable markets to be able to correct? And I am told there is enough liquidity in the system to enable markets to correct. One area where we can help consumer -- and obviously anybody who loses their home is somebody with whom we must show enormous empathy.

The word "bailout," I'm not exactly sure what you mean. If you mean direct grants to homeowners, the answer would be no, I don't support that. If you mean making sure that financial institutions like the FHA have got flexibility to help these folks refinance their homes, the answer is yes, I support that.

Q What's going on in the housing market, is it a correction or a crisis, in your view? Can you assess that?

THE PRESIDENT: Yesterday I did comment upon that, that there was a -- I talked about the different scenarios that I had been briefed on about whether or not there would be a precipitous decline in housing or whether it would be what one would call a soft landing, and it appeared at this point that it looks we're headed for a soft landing. And that's what the facts say.

http://www.presidentialrhetoric.com/speeches/08.09.07.html

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Q; What's going on in the housing market?

A; "it appeared at this point that it looks we're headed for a soft landing. And that's what the facts say"

--------------------

Folks, in August 2007, did Bush painted a picture of a rosy economic outlook?

 

OK
"And the fundamentals of our economy are strong. I mentioned some of them before. Job creation is strong. Real after-tax wages are on the rise. Inflation is low. Interestingly enough, the global economy is strong, which has enabled us to gain more exports, which helped the second quarter growth numbers to be robust, at 3.4 percent."

That's what the Republicans handed the Democrats.

 

Other than the Housing sector headed for a soft landing, the fundamentals of our economy are strong.....according to Bush

Definition of soft landing;

1. in economics, is a cyclical downturn which avoids recession.

2. In economics, a soft landing is a situation in which the economy stops growing but this does not produce a recession.

3. a period when economic growth slows down, but the economy does not enter recession

Trading Economics - Housing Sector from Jan 1st, 2005 - Dec 31st, 2018

New Home Sales



Existing Home Sales



Pending Home Sales



Building Permits



Construction spending

 

Question: From Jan 2005 to Jun 2008, what THEY could have done to save the U.S. housing market?

THEY; Bush and his 109TH Congress 03 Jan 2005 - 03 Jan 2007, and 110th Congress 03 Jan 2007 - 03 Jan 2009

 

Federal spending for the first 5 months of fiscal year 2019 highest in ten years, since the bank and auto company bail outs(Oct.2018-Feb.2019).
While tax collections in the same 5 months are the lowest since 2015.As we add more and more to national DEBT!!!

 

Excluding Pending Home Sales, Where's the Housing Market's SOFT LANDING Bush spoke about Aug 2007, at a Press Conference?

 

Now, here's an interesting Housing Index

United States House Price Index MoM Change

The average prices of single-family houses with mortgages guaranteed by Fannie Mae and Freddie Mac in the United States

 

And what about this one

United States S&P Case-Shiller Home Price Index

The S&P CoreLogic Case-Shiller Home Price Indices are the leading measures of U.S. residential real estate prices, tracking changes in the value of residential real estate both nationally as well as in 20 metropolitan regions.

 

One more time; On Aug 2007, at a Press Conference, a reporter asked Bush the following question;

Q; What's going on in the housing market?

Bush; "it appeared at this point that it looks we're headed for a soft landing. And that's what the facts say"

"it appeared at this point that it looks"...…..Folks, can those words be considered FACTUAL?


Put differently; The FACT is, it appeared at this point that it looks

 

Huuuummmmm, I have a gut feeling Bush told his Council of Economic Advisers; "Let's wait for those Housing Reports"

 

Socialism not capitalism!

 

Yes, Bush's economic fundamentals were so strong that the housing sector collapsed.

Since JAN 2005, most housing market indicators were heading south, and Bush, Republicans, and Democrats DID NOTHING!

Where were they? at subprime cocktail parties.