Tuesday, July 29, 2008
Posted by: John Campbell at 6:13 PM

A few months ago I predicted that the deficit would be a half trillion dollars by the end of the year.  In fact now, the Office of Management and Budget is predicting the budget deficit will be at $490 billion next year.

Well, I was off by $10 billion. But only for now. This Congress passes spending bills creating entirely new programs, spending or entitlements nearly every week. We may cross that half a trillion before the year is over. And with the socialized medicine programs that some are touting for next year, is a trillion dollar deficit coming?



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ReadABook writes: Tuesday, July, 29, 2008 6:20 PM
Wow
Bush and the Republican's run up the debt with their War Without End and runaway spending and then warn against electing Democrats because of they might run up the debt by spending the money on healthcare for all Americans?

I'd rather be 500 billion in the hole and have insurance than 500 billion in the hole and have another 2000 dead Americans.

Oh, I forgot, conservatives prefer dead American's to free health care. That's riiiiigghhhhtttt...
ReadABook writes: Tuesday, July, 29, 2008 6:21 PM
Clinton
gave you guys a surplus. What did you do with it? Does Ted Stevens have it in Alaska? Is that what this is all about?
Pasadena Phil writes: Tuesday, July, 29, 2008 6:27 PM
One trillion easily
That doesn't count the certain overrun on the "$25 billion" Fannie/Freddie bailout which itself might sop up a trillion. Then there is the Cap and Trade boondoggle that both candidate are hot for. Both Obama and McCain also want to punish the "excessive profits and compensation" of industry executives, particularly the oil company executives. That is why we need to redirect our attention from the presidential race (lost cause and waste of time and money) to the Congressional races. That is where the battle will be lost or won. The presidential candidates are virtually interchangeable on the big issues.
Pasadena Phil writes: Tuesday, July, 29, 2008 6:29 PM
ReadABook
Thank you for saying "Republicans" and not "conservatives". The RINOs who post here would be well-advised to make that same distinction. It makes all the planets line up right.
Pasadena Phil writes: Tuesday, July, 29, 2008 6:42 PM
Brob
Wrong. The "faux" conservatives signed off on it and they are now being systematically removed from office. Those new Blue Dogs that replaced them are proving to be much more reliable, and they are "mavericky" in our favor for a change. They introduced the SAVE Act which is being embraced by those faux conservatives who will again face the music soon. This is far from over but first things first. November is going to be very ugly and disappointing for the nose-holders and next year is going to be even more disappointing for liberals everywhere when the bipartisan Reagan-coalition re-emerges in Congress.
tunneler writes: Tuesday, July, 29, 2008 7:08 PM
The supposed budget surplus...
...There's no point in even trying to explain how the supposed budget surplus was built on imaginary numbers. Had it really existed do you think that it would have been used to pare down the national debt?

But there was no reduction in the National Debt, under Der Schlickmeister's reign, which makes sense since you can't alter reality with the imaginary.

As to the war, if you want to break down the cost as a function of budgetary outlay, even including operational funding which is never a part of the government's annual budget, it still only comes in at about 18% to 22% of budget outlay, far less than the money thrown down the toilet for redundant social welfare/assistance/etal programs that truly do nothing nothing more than keep several million beaurocrats employed and keep about 30 million Americans addicted to the system, and to a considerable extent, vicitms. And the amount of the annual budget that goes to social assistance programs? It's ~67%.

So where's the biggest flow of money going, Kimbat?
Pasadena Phil writes: Tuesday, July, 29, 2008 7:37 PM
Kimberly
Do you like conservative Democrats? I assume you consider it a victory when a faux-con gets beat by a Blue Dog?
mr_sparky writes: Tuesday, July, 29, 2008 7:42 PM
Hmmm
Ha what happens in about 5 years Congressman when all "H..." breaks lose as the economy is in the tank and whoever is President has to get on the TV and tell everybody the gov is bankrupt and no payments for SS, Medicare or medicaid. And by the way just sell your house and send it all to the US gov to pay off how much you owe to the Federal gov in taxes since you all voted for all the goodies over the years. OH yes get use to it every year.
Joe writes: Tuesday, July, 29, 2008 7:57 PM
Glenn Greenwald and Pasadena Phil
Since Glenn Greenwald wants to drum all blue dog Democrats out of that party, you and him have something in common. You want all moderates out of the Republican party.
Trampling out the vintage writes: Tuesday, July, 29, 2008 8:05 PM
All the more reason for McCain/Romney!
We need more fiscal conservatives.
Joe writes: Tuesday, July, 29, 2008 8:06 PM
Words of Wisdom
The Democratic Party, in its quest for power, has managed a propaganda campaign with subliminal messages, creating a God-like figure in a man who falls short in every way. It seems to me that if Mr. Obama wins the presidential election, then Messrs. Farrakhan, Wright, Ayers and Pfleger will gain power for their need to demoralize this country and help create a socialist America.


http://www.washingtontimes.com/news/2008/jul/28/voight/

And John Campbell, nice estimate. You went over though, so it would not count on The Price is Right.
Pasadena Phil writes: Tuesday, July, 29, 2008 8:38 PM
Joe vs Campbell
I think I'll go with the Congressman's estimates. He's been dead on all along, right on the issues and is about as conservative as you can get. If the John Campbell's get together in Congress with the Blue Dogs, the next Congress will be much better than when the RINOs controlled everything. Keep McCain out in November and 2010 looks pretty good. Otherwise, it will be ugly through at least 2016. We need to purge the party of squishies. The Dems know what they want, say so and fight tenaciously for it. The Republicans say what they want but end up only fighting for what the Dems want. That is why their leader, Shoeless John, the Democratic party Trojan Horse must lose in November. When the party kicks out its base, the only solution is a head amputation. Please put some duct tape on the head's mouth. We really tired of having to listen to the lies we've been listening to for the past ten years.
muirgeo writes: Tuesday, July, 29, 2008 9:53 PM
It's gotta be hard...
being a Republican and saying things that are so contrary to the facts and then having to convince yourself you are saying something intelligent.

Deficits go UP and UP under Republican administrations and down under Democratic administrations.

http://zfacts.com/p/318.html

Do you see the graph fellas.... it's true and you are liars incapable of honest discussion.

Just because you say something and make a claim DOES NOT MAKE IT TRUE!

I have some advice for you Republicans. As a general rule if you are convinced something is true you'd be a lot better off believing the opposite is true.

http://www.youtube.com/watch?v=wKjxFJfcrcA
Joe, Don't Hate Me 'Cause I'm Right writes: Tuesday, July, 29, 2008 9:55 PM
You don't win elections with 20%
Because if we scraped up every hard core conservative that fits what you consider "conservative" then you would have to win national elections with 20%.

Greenwald is an idiot (addled from too much rum and carnivals in Rio). Come on Pasadena Phil, don't be like Greenwald.

muirgeo writes: Tuesday, July, 29, 2008 10:16 PM
Please explain...
tunneler writes: Tuesday, July, 29, 2008 7:08 PM
The supposed budget surplus...
...There's no point in even trying to explain how the supposed budget surplus was built on imaginary numbers.


Tunneler please explain which president re-wrote the rules on calculate the debt?

come on now be honest which president did that? Hint now... he was a big time budget buster and B actor in holywood.


Next if you want to claim that Clinton never really had a balanced budeget I would agree with you...BUT....BUT lil feller if you want to use those numbers do you know what the real deficit numbers for Bush would be?


So last years reported debt of about $250 billion dollars was really clooser to $600 BILLION.

Do you understand lil feller that the total debt we owe from the day Georgei Boy took office to the day he left will be over $4,000,000,000,000 dollars.

Now there was about 60 million fools who voted for this incompetaant nicoompoop. So dividing it up I suggest each Bush voters owes the country $66,666 dollars. If you and your spouse were so foolish you owe the country $133,333.33...SO PAY UP!!!! And I mean NOW because we need the money to clean up all the other trash your boy made out of this country!
Pasadena Phil writes: Tuesday, July, 29, 2008 10:38 PM
Joe of many dresses
You are dense as a post. Are you sure you can pass an English comprehension exam? Once again you goad an argument stating my case wrong (even though you are on record here demonstrating that you understand argument) but you still insist on making up your own "facts".

Now go all over Townhall and post how I am "mean" to you and call you names. You really are a sick, demented person.

Congressman Campbell, I would like to introduce you to Joe, a very weird person who uses several identities here at TH to stalk me and Virgina Patriot with his childish antics. He needs some serious couch time to work out his many unresolve childhood issues. Maybe you can get help him.
Stoic Patriot writes: Tuesday, July, 29, 2008 10:44 PM
An article on spending?
My goodness! Campbell broke the holy vow of tax cuts first, tax cuts only. All I can say is: THANK YOU! It's about time we started talking about cutting spending again. Rasmussen had a poll out several weeks back saying that before tax cuts a plurality of Americans wanted to cut spending first. The aim of Conservative government should be simple: tax little, spend less, provide more -- or in other words, be as efficient with the taxpayers' money as possible.

The programs that are killing this country are the ones that the MSM will never mention about cutting because they are the key to the transfer payment welfare state: OASDI (social security), and Medicare. These, along with Worker's Compensation, Unemployment Insurance, Supplemental Security Income, Aid to Families with Dependent Children (AFDC) have done an immense disservice to our country. Speculative spending on disease research better handled by the private sector, and on reconstructing homes in areas highly-prone to suffering natural disasters are all areas in which we could cut waste.

Such cuts would allow us to better focus the use of our tax dollars: increased pay and recruiting into the military, securing our border, fixing our national infrastructure, and oversight of the quality of our imports. These are public goods -- core services that government are supposed to provide competently, and which we have foregone for far too long in favor of transferring wealth without any basis in merit.
Joe, Don't Hate Me 'Cause I'm Right writes: Tuesday, July, 29, 2008 10:55 PM
Pasadena Phil
The Dems would be idiots to drive out there Blue Dog members.

And the Republicans would be idiots to drive out moderates.

How can you not get that? I know you are smarter than that? Go tell the congressman about your goal of starting a third party and destroying the GOP.
Joe, Don't Hate Me 'Cause I'm Right writes: Tuesday, July, 29, 2008 11:08 PM
And McCain was one of the Republicans
who resisted the Medicare entitlment expansion. McCain may not be the most conservative on a lot of issues, but when it comes to fiscal restraint he is a leader. Ask Coburn.
Dread writes: Wednesday, July, 30, 2008 11:15 AM
Hey
[look no further than your illegal war
if you want to see where most of the money is spent.]

Actually, Kim, a lot of the war spending is still being done through Emergency Expenditure bills which aren't factored into the official budget deficit numbers.

Neither is the surplus money 'borrowed' from the Social Security Trust Fund used to pay for General items.

So, in truth, the numbers are a lot higher than 490 billion.

Government accounting is a lot like Enron accounting, except we're all 'investors', we're all getting conned, and we're all going to get the shaft when the house of debt comes crashing down.

Cue someone making a comment about my cheery disposition and my pseudonym.
eddie too writes: Wednesday, July, 30, 2008 12:37 PM
Mostly, the deficit is a result

of the central government performing the function of subsidiary governments. For example, running schools, daily welfare programs, controlling drugs, etc. These are state responsibilities. The central government may have a role in these activities when there is a large disaster, but not when these are the routine activities of state government.
Redlac writes: Wednesday, July, 30, 2008 3:16 PM
Tale of the Tape
10years ago, the balance of payment deficit was barely $100 B, a figure it had never before reached. Now it's over $800 B. In 2000, the federal budget was $1.85 trillion. This year, its over $3.25 trillion - and rising. The largest increase in spending in hisotry. In 2000, we had about $5 trillion in debt, now it's over $9 trillion. The largest expansion of our debt in history. The dollar five years ago bought $1.2 Euros, today, the dollar buys $.65 Euro's. The most rapid depreciation in the dollar in the post WWII era. 6 years ago oil was $25 per barrel. Now, oil is $130 - $150 per barrel. And that, is another record.

And this years deficit? The writer kindly forgot to mention that the emerency appropriation bill to fund the last six months of this years Iraqi/Aghanistan war is not yet included. In January the predicted it would cost $60 B, now, it looks like $100 B.

But that's OK. Everything's just fine. Wouldn't all of you partisans agree? Sure, elect the Democrats, or the GOP, or whoever. Tell me why I should vote this year for these clowns.

After all, since both contributed fully to this sterling economic track record - we're all just fine.
Pasadena Phil writes: Wednesday, July, 30, 2008 4:55 PM
Joe of many dresses
"And the Republicans would be idiots to drive out moderates."

So what gives with them driving out us conservatives? Is that not the most idiotic thing the can do considering we made up over 60% of Republicans when Republicans made up 38% of all registered voters? How do you think they shrunk to 22%? And somehow in your warped mind conservatives are supposed to beg to be Republicans while RINOs like you keep insulting us? Can't YOU get THAT? How dense are you anyway?

Conservatives vote on principle, RINOs vote on party. Big difference and your persistent incoherent arguments highlight that difference.
NoSpam John writes: Wednesday, July, 30, 2008 7:25 PM
Housing bailout
$300 billion to bail out 400,000 homeowners. That's $750,000 per homeowner! Typical governmental efficiency!
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About John Campbell

John Campbell is a member of the House Financial Services Committee, and has taken a leadership role in addressing the country's top economic issues. Campbell serves as a member of the Joint Economic Committee, and House Committee on the Budget. He has a Bachelor's Degree in Economics from UCLA and a Master's Degree in Taxation from USC.

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