Posts Tagged ‘budget

09
Nov
14

You Don’t Know What You’ve Got Until It’s Gone

Obama Facts

@RickStrandlof

16
Oct
14

The Deficit Is Falling? You Can Thank President Obama

Obama GOP

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Brett Logiurato: The Budget Deficit Just Fell To Its Lowest Level Under Obama

The US budget deficit fell to about $483 billion in fiscal year 2014, almost a $200 billion drop from the previous year and the lowest level of President Barack Obama’s six years in office. The US Treasury Department released the official figures on Wednesday, generally confirming figures released by the nonpartisan Congressional Budget Office last week. It’s the smallest deficit recorded since 2008.

FY2014 was the fifth consecutive year the deficit declined as a percentage of GDP. It is now an estimated 2.8% of GDP, a percentage that puts it below the average of the past 40 years. The Treasury’s figures chalked up the shrinking deficit to increased revenues from taxes and slowed growth in government spending. “It’s really a rise in revenues because of economic growth, because of the policies the president pursued, that we’ve made progress on the deficit,” said Shaun Donovan, the director of the Office of Management and Budget.

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09
Oct
14

That Hopey Changey Thing Is Working Out Great. Thanks, President Obama!

Obama Hope Progress

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Rolling Stone: The Obama Hope And Change Index: 6 Years Of Progress, By The Numbers

Peak unemployment, October 2009: 10 percent
Unemployment rate now: 5.9 percent
Consecutive private sector job growth: 55 months
Private sector jobs created: 10.3 million
Federal deficit, 2009: 9.8 percent of GDP
Deficit in 2013: 4.1 percent of GDP

Average tax rate for highest earners 2008: 28.1 percent
Average tax rate for highest earners 2013: 33.6 percent
Banks regulated as too big to fail, 2009: 0
Banks regulated as “systemically important financial institutions” — a.k.a. too big to fail — 2014: 29
Billions returned to consumers by Consumer Financial Protection Bureau enforcement: $4.6 billion
Americans compensated for being swindled by banks, lenders and credit card companies: 15 million
Dow Jones close, inauguration day 2009: 7,949
Dow Jones yesterday: 16,719

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Required MPG (miles per gallon) for cars when Obama took office: 27.5
Required MPG for light trucks/SUVs when Obama took office: 23
MPG requirement by 2016 for cars, light trucks/SUVs: 35.5
MPG required by 2025: 54.5
Gigawatts of wind power installed when Obama took office: 25
Gigawatts of wind power installed through end of 2013: 61
Peak summertime solar power generation June 2008: 128 gigawatt hours
Peak summertime solar power generation June 2014: 2,061 gigawatt hours
Coal burned in electrical generation 2008: 1 billion short tons
Coal burned in electrical generation 2013: 858 million short tons
Reduction: 14.2 percent
EPA-proposed CO2 reductions for power sector by 2030: 30 percent

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Pell grant funding 2008-2009: $18 billion
Pell grant funding 2013-2014: $33 billion
Adults gaining insurance under first year of Obamacare: 10.3 million
As a percentage of the uninsured: 26
Annual cost for birth control prior to Obamacare: Up to $600
Annual cost for birth control under Obamacare-compliant policies: $0
Prescriptions now required to obtain emergency contraception: 0
2009 projection for Medicare going broke: 2017
2014 projection for Medicare going broke: 2030

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Troops in Iraq, inauguration day 2009: 144,000
Troops in Iraq today: 1,600
Osama bin Ladens alive 2009: 1
Osama bin Ladens alive 2014: 0
Troops in Afghanistan, day, 2009: 34,400
Troops pledged in Afghanistan by end of 2014: 9,800
Guantánamo detainees inauguration day 2009: 242
Gitmo detainees today: 149
Crack vs. Powder cocaine-crime sentencing disparity when Obama took office: 100:1
Crack vs. Powder disparity today: 18:1
Drug offenders eligible to seek early release under new sentencing guidelines: 46,000

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POTUS Thumbs Up

06
Oct
14

The American Economy Is Growing? You Can Thank President Obama

Obama GOP

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Bloomberg: Corporate U.S. Healthiest In Decades Under Obama With Lower Debt

Steve Wynn, founder of the Wynn Resorts Ltd. (WYNN) casino empire, once called President Barack Obama’s administration “the greatest wet blanket to business and progress and job creation in my lifetime.” Barry Sternlicht, chief executive officer of Starwood Property Trust Inc. (STWD), said Obamacare was driving down wage growth and “affecting spending and the desire to buy houses and everything else.” Corporate and economic statistics almost six years into his administration paint a different picture. Companies in the Standard & Poor’s 500 (SPX) Index are the healthiest in decades, with the lowest net debt to earnings ratio in at least 24 years, $3.59 trillion in cash and marketable securities, and record earnings per share. They are headed this year toward the fastest average monthly job creation since 1999, manufacturing is recovering and the U.S. has returned as an engine for global growth. The recovery, which stands in contrast to weak growth in Europe and Asia, has underpinned an almost threefold gain in the Standard & Poor’s 500 Index since March 2009.

“The U.S. is leading the way — we’re the only major economy with accelerating growth,” said Mark Zandi, chief economist in West Chester, Pennsylvania, for Moody’s Analytics Inc. and a registered Democrat who has advised both the Obama administration and Senator John McCain, a Republican. “Obama deserves some credit for that, but he probably won’t get it.” Barring any major disruptions, the economy is setting up for Obama to leave office on a high note, said Douglas Brinkley, a presidential historian and professor at Rice University in Houston. “History will eventually show that Obama inherited the Great Recession and resuscitated the economy,” Brinkley said in an interview. One example is General Motors Co. (GM), which last week regained its investment-grade debt rating from Standard & Poor’s only five years after the government-backed bankruptcy. Obama’s $49.5 billion bailout of the automaker in exchange for taxpayers owning 61 percent of the company kept it from being liquidated, an outcome that could have crippled parts suppliers and economies throughout most of 50 states, not just the Midwest. In the broader economy, consumers are buying again and homebuilding is increasing. The unemployment rate has declined to 6.1 percent, the lowest since 2008. The economy expanded at a 4.6 percent annualized rate in April through June. Obama’s 2010 health-care program will hold down consumer prices for years to come as millions of Americans obtain coverage, BNP Paribas SA and Credit Suisse Group AG said. The “Medicare cost miracle” resulted at least in part from Obama’s Patient Protection and Affordable Care Act, Nobel-Prize winning economist Paul Krugman wrote in a Sept. 1 New York times article.

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9.26.14

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Steve Benen: Economic Growth Improves To Eight-Year High

The preliminary figures on second-quarter GDP looked good; the revised tally looked better; and the final report looks even better still. The U.S. economy grew at a 4.6% annual pace in the second quarter, matching the best performance since the recession ended in mid-2009. The increase in real gross domestic product was revised up from 4.2%, mainly because of higher exports and business investment, the Commerce Department said Friday. Americans also spent more on health care, but the gain was offset by lower spending on other services. Economists polled by MarketWatch had predicted GDP would be revised up to a seasonally adjusted 4.7%. Consumer spending, the main source of economic activity, was unchanged at 2.5% growth. The biggest gains came in business investment, a good sign for the economy in the months ahead. To provide some additional context, 4.6% growth is tied for the best quarter since the start of the Great Recession.

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30
Aug
14

President Obama’s Policies Aren’t Working? Tell Us Another Lie, GOP

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