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U.S. budget surplus biggest in 5 years; federal deficit is down 32% so far this fiscal year

Posted by GottaLaff

· Friday, May 10th, 2013 at 12:28 pm

If Fox Biz says it, it must be true. Via an email alert:

The U.S. federal budget surplus came in at $112.9 billion in April, up from $59 billion in the same month in 2012. The government is running a $488 billion deficit for fiscal 2013, down from $720 billion in a comparable period in fiscal 2012.

And via Market Watch:

It was the first monthly surplus since January and the biggest monthly surplus since the $159 billion budget surplus of April 2008.

Tax receipts were $407 billion, up 28% versus April 2012 [...]

Some see the government’s improving finances as affecting a potential debt deal between President Barack Obama and Republicans. “With the deficit plunging, support for entitlement reform — which looked so promising in early April — has clearly faded,” wrote Greg Valliere, chief political strategist at Potomac Research Group in a note on Friday.

Gee, taxes were raised, unemployment is down, and the world didn’t end.

Everybody say it with me now: Blame Obama.

No Comments

Categories : Politics

Tags : bikini graph, blame Obama, chart, deficit, economic recovery, economy, graph, job creation, President Obama, surplus, unemployment

Quickie- U.S. January budget surplus $3 billion

Posted by Paddy

· Tuesday, February 12th, 2013 at 10:45 am

· No Comments

No clue what this means in economic terms, but it sounds good.

WASHINGTON (MarketWatch) — The U.S. government ran a budget surplus of $3 billion in January, the Treasury Department reported on Tuesday, the first monthly surplus since September 2012. The surplus was driven by a 16% increase in revenues compared to January 2012, including from the expiration of a temporary payroll-tax cut at the end of 2012. For the first four months of fiscal 2013, the U.S. ran a deficit of $290 billion, $59 billion less than the same period in fiscal 2012. The government’s fiscal year runs from October to September.

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Categories : Uncategorized

Tags : budget, deficit, fiscal year 2013, money, surplus, Treasury Department

U.S. government posted a budget surplus in April, the first in more than 3 years

Posted by GottaLaff

· Thursday, May 10th, 2012 at 12:46 pm

· 1 Comment

It’s a good thing Willard Romney is such an economic wiz, because President Obama is making everything so much worse!

Oh wait.

Via Bloomberg:

The U.S. government posted a budget surplus in April, the first in more than three years, as tax revenue climbed and spending dropped.

Receipts topped outlays by $59.1 compared with a deficit of $40.4 billion in April 2011, the Treasury Department said today. Economists projected a $35 billion surplus, according to the median estimate in a Bloomberg News survey. It was the first surplus since September 2008 and the biggest since April 2008.

“This is the first good news in a long while that the rising tide of tax revenues may be starting to lift as the economic expansion nears the three-year mark from the end of the recession,” Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, said before the report. “The economy is growing again, but we can’t grow our way out of these trillion-dollar deficits.”

1 Comment

Categories : Uncategorized

Tags : economy, Obama administration, President Obama, surplus, tax revenue

“How did we get from a budget surplus at the beginning of Bush’s presidency to deficits?”

Posted by GottaLaff

· Wednesday, April 13th, 2011 at 10:14 am

· 2 Comments

Via First Read:

So how did we get from a budget surplus at the beginning of George W. Bush’s presidency to deficits and debt as far as the eye can see? Here’s a quick timeline: the Bush tax cuts (2001), 9/11 and the Afghanistan war (2001), the Iraq war (2003), more tax cuts, the unpaid-for Medicare prescription-drug benefit (2003), the financial collapse and economic downturn (2008), the Obama stimulus (2009), and the two-year extension of the Bush tax cuts (2010). Then you add the aging Baby Boomers to the whole mix. Back in 2009, the New York Times calculated that 37% of the deficits were due the economic downturn, 33% were due to Bush’s policies, 20% were due to Obama’s extensions of Bush’s policies, and another 10% were due to Obama’s policies like the stimulus.

Bush tax cuts, Bush wars, more Bush tax cuts, Bush’s Medicare plan, Bush’s financial collapse. Do we sense a common thread here?

Let’s add all that up:

37% of the deficits started during Bush’s term + 33% to Bush’s policies + 20% due to Bush policies that Obama continued = 90% Bush policies.

10% were due to Obama’s own policies.

Of course, according to Jon Kyl, 90% = 3%, so Bush is only 3% responsible for the mess we’re in.

And that was not intended to be a factual statement.

2 Comments

Categories : Uncategorized

Tags : budget plan, bush economy, deficits, President Obama, surplus, thank you BushCo

Rachel Maddow’s updated “Bikini Graph” + CBO surplus/deficit chart

Posted by GottaLaff

· Saturday, October 9th, 2010 at 6:19 pm

· 1 Comment

Thanks again to paranormalcrab for finding us another chart. The first ones illustrating the income growth rates under Republican and Democratic administrations are here.

Now for more:

As you can see, the source is the CBO. The chart is from the Wall St. Journal.

And here is the famous (and updated) Rachel Maddow Bikini Graph:

Now Steve Benen of the Washington Monthly has updated his famous bikini graph to show just the monthly gain or loss in private jobs. [...]

With the economy still adding nowhere near enough of private-sector jobs to keep up, let alone make up for what we lost, and with so-called shadow unemployment at 17.1 percent, we’re maybe not racing for greener pastures yet. But it sure feels better than it used to.

1 Comment

Categories : Uncategorized

Tags : bikini graph, bush economy, deficit, economy, jobs, surplus, The Rachel Maddow Show, unemployment

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Archive for surplus

U.S. budget surplus biggest in 5 years; federal deficit is down 32% so far this fiscal year

Quickie- U.S. January budget surplus $3 billion

U.S. government posted a budget surplus in April, the first in more than 3 years

Forget the Scary Headlines: Social Security Has More Than a $2.7 Trillion Surplus

“How did we get from a budget surplus at the beginning of Bush’s presidency to deficits?”

Rachel Maddow’s updated “Bikini Graph” + CBO surplus/deficit chart