Political Forums  

Go Back   Defending The Truth Political Forum > Political Forum > Current Events

Current Events Current Events Forum - Latest political news and events


Thanks Tree1Thanks
  • 1 Post By TNVolunteer73
Reply
 
LinkBack Thread Tools Display Modes
Old July 11th, 2013, 05:12 PM   #1
Senior Member
 
skews13's Avatar
 
Join Date: Nov 2012
Location: nirvana
Posts: 9,335
Largest Surplus In US History Shatters Record

http://www.google.com/url?sa=t&rct=j...bFHqaS2TWJHYBQ

Things are looking great for President Obama’s economic legacy. Even better than anyone could have hoped, frankly.

On Thursday June 11th, two economic records were set. The first record shattered was the U.S. government posted a ‘huge’ budget surplus for June, in fact the largest for that month on record at $117 billion.

The second record was the Dow, which rallied above its all-time closing high this morning after Bernake assured investors that the central bank would be keeping stimulus measures in place.

Reuters led with this headline today, “Surprise! Huge US Budget Surplus Shatters Record”. Reuters attributed the huge surplus to, “An improving economy and tax hikes enacted earlier in the year led government receipts to rise to $287 billion, up 10 percent from a year earlier.”




Rising tax revenues, public spending cuts and big payments to the Treasury from state-backed mortgage firms helped the government take in $117 billion more last month than it paid out, the U.S. Treasury said on Thursday.

How do you take in more than you spend? Well, for starters, you generate this thing called revenue, also known as taxes, which Republicans have refused to even consider and in fact the mere mention of taxes has caused them to walk away from numerous budget deals. You might also get state-backed companies like Fannie Mae and Freddie Mac to pay back the taxpayers’ investment in them. You could also cut spending, although if you were smart and you did not hold the goal of tanking the economy for purely petty political reasons in order to punish the very people who refused to elect your party to the White House, you’d wait until the recovery was more stable before cutting spending drastically.

These factors led to the buoyant news that: “June’s surplus was the largest for that month on record.”

What will Republicans use as a hostage now that the Obama government is shattering records with its surplus? They have to find a way to make the stock market jittery again, like the last time they refused to raise the debt ceiling until they got their demands met, because the stock market is doing way too well under this Democratic President.



Stocks rallied to their all time closing high after Fed Chairman Ben Bernanke said the fed would be keeping in place the stimulus measures for the foreseeable future. Yes, the stimulus. The evil stimulus that Republicans hate is causing the US stock market to surge with confidence.

CNBC broke it down:


The Dow Jones Industrial Average rallied above its all-time closing high of 15,409.39. Most Dow components traded in positive territory, boosted by Caterpillar and Disney.
The blue-chip index’s point gain for 2013 is already greater than any year on record.
The S&P 500 was higher for a sixth-consecutive session, flirting with its record closing level of 1,669.16. The S&P 500 is now on pace for its biggest weekly gain since January.
The Nasdaq also jumped, while the Russell 2000 index hit a new all-time high for the fourth-straight session.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, slid near 14.

Sure, conservatives will scream that this isn’t really any reflection of Obama, but the truth is they scream about everything. You can’t get to a surplus without some kind of revenue. It’s basic math.

However — and here’s the bitter irony for Republicans — everything they’ve done to hinder the economic recovery, like refusing to negotiate a budget and imposing austerity upon the nation, is actually helping President Obama’s long term legacy.

In the end, a belief in government’s ability to function well is necessary if a person is going to be in charge of it. The things Republicans balked at, like increased taxes, are helping us pay down the enormous debt Republicans left us under Bush, as well as the debt incurred from the tanked Bush economy.

They can fight it all they want, but Republicans helped Obama build this legacy and it will be his legacy, not theirs.

This is a rather a fitting way of repaying them for all of the harm they’ve inflicted on the nation with their austerity for the people and corporate welfare for their masters. Although I’m quite sure the President would rather have the money going to the people who need it, even if it meant a less amazing surplus.
skews13 is offline  
Old July 11th, 2013, 06:32 PM   #2
Banned
 
excalibur's Avatar
 
Join Date: Apr 2013
Location: The Milky Way
Posts: 24,581
So I guess the sequester wasn't a problem?

Payroll tax anyone?

Obama's legacy is one of incompetence at home and abroad. Witness the train wreck of the AHCA implementation. Witness the Arab Spring.

The left, now ranting over a rising stock market, thanks to money being pumped in by the Federal Reserve.

The Republican House has cut back on some of the looney Pelosi/Reid/Obama spending as well.
excalibur is offline  
Old July 11th, 2013, 07:09 PM   #3
RNG
Senior Member
 
RNG's Avatar
 
Join Date: Apr 2013
Location: Between everywhere
Posts: 30,219
One month with extraordinary income items and a variety of continuing horrendous unfunded liabilities isn't exactly an amazing surplus.
RNG is offline  
Old July 11th, 2013, 07:36 PM   #4
Senior Member
 
Jimmyb's Avatar
 
Join Date: Jun 2012
Location: Earth
Posts: 38,895
Isn't it amazing that this irrelevant propaganda didn't make the radar of any credible economists. More people are unemployed than when Obama took office, the debt is over $6 trillion higher than when he took office, and the 1st quarter GDP growth was revised down to 1.8%. Yes indeed, glory days are here again.
Jimmyb is offline  
Old July 12th, 2013, 03:11 AM   #5
Banned
 
Uncle Han's Avatar
 
Join Date: Jun 2013
Location: HK
Posts: 1,233
$66B of that is Freddie Mac and Fannie Mae returning some of our money to us! Are they gonna do that next month! Why do these mouth breathers think they can pass these polished turds off as diamonds?!

HA! HA! HA! HA! HA! HA! HA! HA!

Last edited by Uncle Han; July 12th, 2013 at 03:17 AM.
Uncle Han is offline  
Old July 12th, 2013, 03:14 AM   #6
Banned
 
Uncle Han's Avatar
 
Join Date: Jun 2013
Location: HK
Posts: 1,233
Skew has his face buried in Odumbo's lap!
Uncle Han is offline  
Old July 12th, 2013, 08:06 AM   #7
I'm debt free
 
TNVolunteer73's Avatar
 
Join Date: Nov 2012
Location: Lebanon, TN
Posts: 36,150
Quote:
Originally Posted by skews13 View Post
http://www.google.com/url?sa=t&rct=j...bFHqaS2TWJHYBQ

Things are looking great for President Obama’s economic legacy. Even better than anyone could have hoped, frankly.

On Thursday June 11th, two economic records were set. The first record shattered was the U.S. government posted a ‘huge’ budget surplus for June, in fact the largest for that month on record at $117 billion.

The second record was the Dow, which rallied above its all-time closing high this morning after Bernake assured investors that the central bank would be keeping stimulus measures in place.

Reuters led with this headline today, “Surprise! Huge US Budget Surplus Shatters Record”. Reuters attributed the huge surplus to, “An improving economy and tax hikes enacted earlier in the year led government receipts to rise to $287 billion, up 10 percent from a year earlier.”




Rising tax revenues, public spending cuts and big payments to the Treasury from state-backed mortgage firms helped the government take in $117 billion more last month than it paid out, the U.S. Treasury said on Thursday.

How do you take in more than you spend? Well, for starters, you generate this thing called revenue, also known as taxes, which Republicans have refused to even consider and in fact the mere mention of taxes has caused them to walk away from numerous budget deals. You might also get state-backed companies like Fannie Mae and Freddie Mac to pay back the taxpayers’ investment in them. You could also cut spending, although if you were smart and you did not hold the goal of tanking the economy for purely petty political reasons in order to punish the very people who refused to elect your party to the White House, you’d wait until the recovery was more stable before cutting spending drastically.

These factors led to the buoyant news that: “June’s surplus was the largest for that month on record.”

What will Republicans use as a hostage now that the Obama government is shattering records with its surplus? They have to find a way to make the stock market jittery again, like the last time they refused to raise the debt ceiling until they got their demands met, because the stock market is doing way too well under this Democratic President.



Stocks rallied to their all time closing high after Fed Chairman Ben Bernanke said the fed would be keeping in place the stimulus measures for the foreseeable future. Yes, the stimulus. The evil stimulus that Republicans hate is causing the US stock market to surge with confidence.

CNBC broke it down:


The Dow Jones Industrial Average rallied above its all-time closing high of 15,409.39. Most Dow components traded in positive territory, boosted by Caterpillar and Disney.
The blue-chip index’s point gain for 2013 is already greater than any year on record.
The S&P 500 was higher for a sixth-consecutive session, flirting with its record closing level of 1,669.16. The S&P 500 is now on pace for its biggest weekly gain since January.
The Nasdaq also jumped, while the Russell 2000 index hit a new all-time high for the fourth-straight session.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, slid near 14.

Sure, conservatives will scream that this isn’t really any reflection of Obama, but the truth is they scream about everything. You can’t get to a surplus without some kind of revenue. It’s basic math.

However — and here’s the bitter irony for Republicans — everything they’ve done to hinder the economic recovery, like refusing to negotiate a budget and imposing austerity upon the nation, is actually helping President Obama’s long term legacy.

In the end, a belief in government’s ability to function well is necessary if a person is going to be in charge of it. The things Republicans balked at, like increased taxes, are helping us pay down the enormous debt Republicans left us under Bush, as well as the debt incurred from the tanked Bush economy.

They can fight it all they want, but Republicans helped Obama build this legacy and it will be his legacy, not theirs.

This is a rather a fitting way of repaying them for all of the harm they’ve inflicted on the nation with their austerity for the people and corporate welfare for their masters. Although I’m quite sure the President would rather have the money going to the people who need it, even if it meant a less amazing surplus.

This is another Credit to GW Bush, this surplus is due to DIVIDENDS from Fannie and Freddie, that were caused because GW BUSH PUT FREDDIE AND FANNIE UNDER DIRECT CONTROL of the US Government.

This is not OBAMA'S SURPLUS this is GW BUSH'S SURPLUS.


http://www.usatoday.com/story/money/...-june/2509455/


Quote:
The surplus was due in part to $66.3 billion in dividend payments from Fannie Mae and Freddie Mac. The mortgage giants were taken over by the government at the height of the 2008 financial crisis and are now repaying taxpayers for the support they received.
Thanks from Uncle Han

Last edited by TNVolunteer73; July 12th, 2013 at 08:10 AM.
TNVolunteer73 is offline  
Reply

  Defending The Truth Political Forum > Political Forum > Current Events

Tags
history, largest, record, shatters, surplus



Thread Tools
Display Modes


Similar Threads
Thread Thread Starter Forum Replies Last Post
Corporate Profits Hit Record Highs While Worker Wages Hit Record Lows skews13 Current Events 166 December 8th, 2012 09:24 PM
Gdp Report Shatters Illusion Of Jobless, Productivity-Packed Recovery imaginethat Current Events 13 August 5th, 2011 06:04 AM
US Govt. largest illegal drug dealer in world history intangible child Drugs, Alcohol, Tobacco 8 December 22nd, 2009 01:37 PM
Iraq's $79 Billion surplus! Wow Warfare 0 August 6th, 2008 06:36 AM
Obama raises $32.5 million, shatters record CNN Current Events 1 July 1st, 2007 12:51 PM


Facebook Twitter RSS Feed



Copyright © 2005-2013 Defending The Truth. All rights reserved.