News

**Mr Gormsby**

THE White House is forecasting a budget deficit of $US1.21 trillion ($A1.17 trillion) in 2012, $US116 billion less than it projected in February, according to a report released Friday afternoon.
The White House Office of Management and Budget (OMB) also expects US GDP to grow at a rate of 2.3 per cent in 2012 and 2.7 per cent in 2013, it reported in its Mid-Session Review.
As a percentage of budget the 2012 deficit is now projected to equal 7.8 per cent of GDP, down from 8.5 per cent forecast in February, according to the report.
The OMB said that deficits would be reduced to below 3 per cent of GDP by 2017.
The White House projections followed on the heels of a US Commerce Department report released earlier Friday that showed the US economy had grown by a tepid 1.5 per cent in the last quarter.
Nevertheless, the OMB predicts that "the economic recovery that began in 2009 will continue at a moderate rate and unemployment will gradually decline."
The White House report credits the American Recovery and Reinvestment Act for improving the nation's economic condition since 2008 "when we were in midst of the worst recession since the Great Depression."
It goes on to say that the US economy "still faces significant headwinds that have held down growth and limited gains in employment."
The anaemic condition of the US economy remains the primary issue in the coming presidential election in November.

http://www.news.com.au/business/breaking...6437293430

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**JF Priest** · **JF Priest** Subscriber User ID: 47416 07-28-2012 10:22 AM **Posts: 23,853**

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**Mr Gormsby**

Hey Kid. You'll be in debt to the day you die...

**JF Priest** · **JF Priest** Subscriber User ID: 47416 07-28-2012 10:32 AM **Posts: 23,853**

Spank The Monkey Wrote:

Hey Kid. You'll be in debt to the day you die...

**smerve**

**Luvapottamus**

Spank The Monkey Wrote:

Hey Kid. You'll be in debt to the day you die...

Are you a baby boomer OP?

**Mr Gormsby**

The fairytale is over....

Sold out for cheap profits...
It's happening here as well...

**Mr Gormsby**

Luvapottamus Wrote:

Spank The Monkey Wrote:

Hey Kid. You'll be in debt to the day you die...

Are you a baby boomer OP?

No. Sixties child...

**Luvapottamus**

Spank The Monkey Wrote:

Luvapottamus Wrote:
Spank The Monkey Wrote:

Hey Kid. You'll be in debt to the day you die...

Are you a baby boomer OP?

No. Sixties child...

I guess that counts too.

That's a well known boomer trick there OP.

"We should be ashamed of ourselves for doing this to our grandchildren."

chuckle

No, that baby didn't spend it. It doesn't OWE it.

Guess who DOES?

chuckle

**Mr Gormsby**

Luvapottamus Wrote:

Spank The Monkey Wrote:
Luvapottamus Wrote:
Are you a baby boomer OP?

No. Sixties child...

I guess that counts too.

That's a well known boomer trick there OP.

"We should be ashamed of ourselves for doing this to our grandchildren."

No, that baby didn't spend it. It doesn't OWE it.

Guess who DOES?

Not me!
I just can't understand how you can have $1.2 trillion budget deficit and talk of stong economic management without laughing?

**Luvapottamus**

Spank The Monkey Wrote:

Luvapottamus Wrote:
Spank The Monkey Wrote:
No. Sixties child...

I guess that counts too.

That's a well known boomer trick there OP.

"We should be ashamed of ourselves for doing this to our grandchildren."

No, that baby didn't spend it. It doesn't OWE it.

Guess who DOES?

Not me!
I just can't understand how you can have $1.2 trillion budget deficit and talk of stong economic management without laughing?

What happened to the automatic cuts implicit in the Super-congress scam?

Or is a $1.2 Trillion deficit within the targeted range of that scam?

I can't remember.

chuckle

**Mr Gormsby**

Countries need to learn to live within their means...

We have a budget surplus here in Aust. Goverment made it their goal to bring it back to black. They spent billions when the GFC happened to stimulate the economy which killed the budget buffer and put us in the red. Don't think Aust public would stand for anymore budget deficits from any of the goverments state and federal.
Plenty of jobs you just have to get off your arse...

**Bagatell** · **Bagatell** user Variable User ID: 9614 07-28-2012 11:26 AM **Posts: 1,700**

Spank The Monkey Wrote:

I just can't understand how you can have $1.2 trillion budget deficit and talk of stong economic management without laughing?

CAFRs.

Budgets are only half the story.

**Luvapottamus**

Spank The Monkey Wrote:

Countries need to learn to live within their means...

We have a budget surplus here in Aust. Goverment made it their goal to bring it back to black. They spent billions when the GFC happened to stimulate the economy which killed the budget buffer and put us in the red. Don't think Aust public would stand for anymore budget deficits from any of the goverments state and federal.
Plenty of jobs you just have to get off your arse...

Governments need to implement policies that are conducive to a healthy economy.

That doesn't mean numbers games, it means comprehensive economic pllicies that benefit the national economy and the citizenry.

The United States doesn't have to borrow anything. It can print US Notes instead of borrowing Federal Reserve Notes. But if it did that, it would still need to implement a comprehensive set of policies that benefit the national economy.

You can't just print and spend.
You have to invest in infrastructure,
Promote Agriculture and manufacturing
Structure the financial system to incentivize INVESTMENT in these activities instead of looting them.

Trade policy should be geared towards mutually beneficial bilateral agreements, not race to the bottom.

You have to start with monetary reform, then banking reform, then trade reform and infrastructure investment.

All they do now is play numbers games and loot the economy. They try to do that at a rate where we (the citizenry) can pick up the difference in lower wages and standard of living, increased toil, but the macro-operation is LOOTING.

**Mr Gormsby**

What is the average hourly rate in the US?