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Topic: Deficit

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In the News (Thu 23 May 19)

  Deficit - Wikipedia, the free encyclopedia
The size of a governmental budget deficit is often an important political issue as well as one of economic policy.
A structural deficit is the deficit that remains across the business cycle, because general tax levels are too low for the general level of government spending.
The observed total budget deficit is equal to the sum of the structural deficit with the cyclical deficit or surplus.
en.wikipedia.org /wiki/Deficit   (702 words)

 Deficit spending - Wikipedia, the free encyclopedia
Deficit spending is the amount by which a government, private company, or individual's spending exceeds income over a particular period of time, also called simply "deficit," or "budget deficit," the opposite of budget surplus.
But government deficits are not the only cause of inflation: it can arise due to such supply-side shocks as the "oil crises" of the 1970s and inflation left over from the past (inflationary expectations and the price/wage spiral).
If the government borrows (runs a deficit) to deal with a severe recession (or depression), to help self-defense, or is spent on public investment (in infrastructure, education, basic research, or public health), the vast majority of economists would agree that the deficit is bearable, beneficial, and even necessary.
en.wikipedia.org /wiki/Deficit_spending   (1176 words)

 U.S. International Transactions News Release
Other contributors to the increase in the deficit were a decrease in the surplus on income to $1.6 billion from $30.4 billion and a small increase in net outflows (payments) for unilateral current transfers to $82.9 billion from $80.9 billion.
In the third quarter, the current-account deficit was revised to $185.4 billion from $195.8 billion.
The goods deficit was revised to $197.3 billion from $197.9; the services surplus was revised to $15.9 billion from $15.1 billion; the income surplus was revised to $4.9 billion from $0.5 billion; and unilateral current transfers were revised to net outflows of $8.9 billion from net outflows of $13.5 billion.
www.bea.gov /bea/newsrel/transnewsrelease.htm   (3766 words)

 FRBSF: Economic Letter - The Budget Deficit (1/30/98)
The important thing to note is no matter what concept of the deficit one prefers, or what technical adjustments and corrections one makes, the deviation of the budget balance from zero remains too small for it to have a substantial impact on the American economy.
Nearly half of the reduction in the deficit since 1992 from 4.7% to 0.3% of GDP is due to the reduction in the unemployment rate and the increase in GDP relative to potential output.
The remaining 2.4 percentage points of reduction in the deficit as a share of GDP are a reduction in the cyclically adjusted deficit.
www.frbsf.org /econrsrch/wklyltr/wklyltr98/el98-03.html   (1945 words)

 Why Deficits Matter- Global Policy Forum - Social and Economic Policy
Deficits such as these matter because the increased government borrowing creates a drag on the economy; it reduces the amount of capital available for private investment and consequently the increased national income that would result from greater investment.
Deficits matter, as well, because the increased borrowing means the government has to spend even more on interest costs, which already account for a sizable chunk of government spending.
Moreover -- and most worrisome -- these structural deficits are being put in place at precisely the wrong time: when we ought to be socking money away (or at least paying down the existing debt) to pay for the soon-to-explode costs of Social Security and Medicare.
www.globalpolicy.org /socecon/crisis/2003/0720why.htm   (685 words)

Reagan is generally blamed for the deficit crisis of the 1980s and early 1990s.
Remember, though, that the deficit was already 2.6 percent of GDP when Reagan took office, and it was 2.8 percent when he left.
Resolving Reagan's fiscal rupture—that is, reducing the deficit to pre-Reagan levels, as a share of GDP—took only four years (from 1983 to 1987); resolving Nixon's took 20.
www.reason.com /rauch/012604.shtml   (1329 words)

 The Budget and Economic Outlook: Fiscal Years 2005 to 2014   (Site not responding. Last check: 2007-11-06)
Although that 2004 deficit would be a record in nominal dollars, it would represent a smaller share of the economy--4.2 percent of gross domestic product (GDP)--than the deficits recorded in the mid-1980s and early 1990s (see Figure 1-1).
Although last year's deficit was smaller than those of the mid-1980s and early 1990s in relation to the size of the economy, it set a record in nominal dollar terms.
The Deficit Control Act states that such spending should be projected by adjusting the current year's discretionary budget authority to reflect inflation--using specified indexes--and other factors (such as the cost of annualizing adjustments to federal pay).
www.cbo.gov /showdoc.cfm?index=4985&sequence=2   (9290 words)

 Federal Deficit, by Laurence J. Kotlikoff: The Concise Encyclopedia of Economics: Library of Economics and Liberty
Other economists, who worry about deficits, claim that the correlation between the deficit and other economic variables is so low because the deficit has been defined incorrectly.
Using the government's debt figures to assess its financial position is, in their view, akin to calling the owner of a $1 million property a debtor because he has a large mortgage on the property.
Since everyone is sure the deficit should be zero, but no one is sure how to measure it, the deficit's definition has real implications for economic and budget policy.
www.econlib.org /library/Enc/FederalDeficit.html   (1895 words)

 $2.4 trillion U.S. deficit is forecast / 10-year estimate up $1 trillion in just 6 months
But deficits are not simply a party-vs.- party issue; they create fissures in both parties between "hawks" who fear that federal overspending could cause substantial economic damage and those who think the problem is overblown.
According to the agency, the deficit is already in line to fall from $477 billion this year to $268 billion in 2009 -- the last year for which Bush would write a budget, presuming he is re-elected.
Election-year debate over deficits is all but certain to pit spending-cut advocates against those who are pressing to raise taxes or, at the least, allow current tax cuts to lapse.
www.sfgate.com /cgi-bin/article.cgi?file=/c/a/2004/01/27/MNGVK4IMQB1.DTL   (1140 words)

 USATODAY.com - Federal deficit forecast at $477B   (Site not responding. Last check: 2007-11-06)
Economists say the fairest way to measure deficits over time is to compare them with the size of the economy, the gross domestic product.
The projected deficit this year, 4.2% of GDP, is not the biggest in recent history, but it is close to some of the largest in the Reagan and first Bush administrations.
Over the next 10 years, deficits are likely to add almost $2.4 trillion to the public debt, pushing it to $6.4 trillion, the CBO said.
www.usatoday.com /news/washington/2004-01-26-def_x.htm   (570 words)

 Swelling Deficits: Increased Spending is not the Principal Culprit, 10/27/03
At about 3.5 percent of Gross Domestic Product, the deficit is high by historical standards, high enough so that it must be reduced significantly in the years ahead if the nation is not to suffer from a rising debt burden.
At 3.5 percent of GDP, however, the 2003 deficit is slightly smaller than the 4.0 percent average of the mid- to late-1980s.
Not counting the surplus in the Social Security trust funds, the federal budget was in surplus by 0.9 percent of GDP in 2000 and was in deficit by approximately 4.9 percent of GDP in 2003.
www.cbpp.org /10-27-03bud.htm   (1260 words)

 FTD - Congressional Highlights
The Nation’s international deficit in goods and services increased to $68.5 billion in January 2006 from $65.1 billion (revised) in December 2005, as imports increased more than exports.
The goods deficit with China increased from $16.3 billion in December to $17.9 billion in January.
The goods deficit with the European Union decreased from $10.1 billion in December to $9.7 billion in January.
www.census.gov /indicator/www/ustrade.html   (749 words)

 US Deficit Hits a New Record
The US balance of payments deficit hit an all-time high for the first quarter of the year, rising to $195.1 billion, up 3.6 percent from the previous record of $188.4 billion for the final three months of 2004 and well above market predictions of $190 billion.
The latest figure means that the US payments deficit is running at an annual rate of $780 billion, requiring $2 billion a day from the rest of the world—mainly provided by Japan, China and other Asian nations—to finance it.
The current account deficit for 2004 was a record $668.1 billion, up 28.6 percent from the previous record of $519.7 billion in 2003.
www.gnn.tv /headlines/3521/US_Deficit_Hits_a_New_Record   (1011 words)

 USATODAY.com - Federal deficit expected to approach $500 billion next year   (Site not responding. Last check: 2007-11-06)
The 2004-2013 deficit estimate of $1.397 trillion reverses previous predictions that the federal government, battered by economic recession and rising defense and security costs, would still take in more than it spends over the coming decade.
In its last budget estimates in March, the CBO predicted that the deficit would be $246 billion this year, but would move gradually back toward the fl and result in an accumulated surplus of $891 billion in the 2004-2013 period.
The Bush administration has blamed the swift reversal from budget surpluses to perennial deficits to the faltering economy, the Sept. 11 attacks and the sharp rise in defense and homeland security costs.
www.usatoday.com /news/washington/2003-08-25-deficit_x.htm   (856 words)

 BBC NEWS | Business | US budget deficit to hit $445bn
A deficit of $445bn would be the equivalent of 3.8% of total economic output.
The White House said it expected the deficit to narrow to $331bn(£181bn) in 2005, reducing in successive years until reaching a figure of $229bn by 2009.
The Office of Management and Budget said the rising deficit was due to an extraordinary succession of negative economic pressures including the 2000 economic downturn, the subsequent recession, the 9/11 attacks, the war on terror, increased spending on homeland security and a series of corporate scandals.
news.bbc.co.uk /2/hi/business/3941359.stm   (946 words)

 Federal Budget & Deficit
It is easy to see that the greatest increases in both the budget and the deficit were WWI and WWII, and the only era that the deficit actually decreased noticeably was between WWI and the Great Depression.
Increasing deficits are caused either by a drop in revenues or an increase in expenditures.
Since the spending increase is significantly larger than the revenue increase the deficit increases.
www.geocities.com /CapeCanaveral/Launchpad/5577/philo/fedbgt.htm   (701 words)

 Deficit Coverage "What's Missing?" - Center for American Progress   (Site not responding. Last check: 2007-11-06)
The honest forecast is for a deficit of $400 billion in 2009, rising to $600 billion in 2014, and then rising still further thereafter.
Now this year's deficit isn't a mistake, or at least isn't a big mistake: we shouldn't worry about this year's, or next year's deficit.
The $400 billion deficit of 2009 will lower GDP that year by $28 billion – and GDP will stay $28 billion lower than otherwise in all subsequent years: that lost economic growth will not be made up.
www.americanprogress.org /site/pp.asp?c=biJRJ8OVF&b=27156   (1288 words)

 Debt and the dollar: The United States damages future living standards by borrowing itself into a deceptively deep hole
In turn, this trade deficit can be traced back to the rise in the value of the dollar that began in the second half of 1997.
The result was a merchandise trade deficit equal to 5.2% of GDP in the third quarter of 2004, an increase of 4% of GDP since the beginning of 1997.
Between January 1997 and January 2002, the dollar index rose from 90.5 to 113 and the current account deficit deteriorated by 2.5% of GDP (from a deficit that was already equal to 1.8% of GDP).
www.epinet.org /content.cfm/Issuebrief203   (2149 words)

 About Attention Deficit Hyperactivity Disorder - ADD / ADHD
In two research studies, when the Attention Deficit Disorder subjects were given their medication and rescanned, their brain activity appeared to be much more like that of the normal group.
Another interesting finding of these studies is that the areas of the brain in the Attention Deficit Disorder group where brain activity was lower than in the normal group are known to be associated with such functions as attention and concentration as well as planning and organization.
On the other hand the Attention Deficit Disorder child may not immediately see the teacher enter the room and when he does is not able to immediately stop the inappropriate behavior.
childdevelopmentinfo.com /disorders/adhd.shtml   (3031 words)

 Official Treasury Report Shows Fourth Year Of Deficit Growth, Despite Economic Recovery, 10/14/04
At 3.6 percent of GDP, the 2004 deficit is up from the 2003 level of 3.5 percent of GDP and is the highest level since 1993.
We made this point again in July, when the Administration officially estimated the 2004 deficit at $445 billion, even as Treasury data was quietly being issued showing the deficit would, in fact, be about $418 billion.
That the deficit did not climb as much in 2004 as earlier projected appears to reflect factors such as higher-than-expected inflation and an increased concentration of income at the top of the income scale.
www.cbpp.org /10-14-04bud.htm   (1217 words)

 U.S. trade deficit soars to $58.3 billion - Stocks & Economy - MSNBC.com
The deficit with China was pushed higher by a surge in textile shipments, reflecting the end of global quotas.
As usual, the largest deficit with a single country was recorded with China, an imbalance of $15.3 billion, the third biggest imbalance on record and up 7 percent from December.
The January deficit with China was driven by a 33.6 percent surge in shipments of textiles, which rose to $1.05 billion, reflecting the elimination of global quotas.
www.msnbc.msn.com /id/7157452   (685 words)

 NOW with Bill Moyers. Politics & Economy. In the Red - State Budget Map | PBS
In September 2002, the District of Columbia issued a revised revenue estimate for FY 2003 that was $322.7 million lower than the estimate released in May. The revised estimate reflected a $285.2 million drop in tax and non-tax revenues and a $37.5 million downward revision in anticipated Medicaid revenues.
During 2002 all state agency funding, with the exception of primary and secondary education, was cut.
A three percent reduction in FY 2003 appropriations was imposed on state agencies by the governor (does not include K-12) at an estimated savings of $37.5 million.
www.pbs.org /now/politics/budgetmap.html   (3660 words)

 Rich Lowry on Daschle & deficit on
In short, let the Democratic party and its allied scribblers hoist the deficit as an issue around their necks and stumble under its weight from person to person forevermore, repeating their strange tale of fiscal woe.
But the deficit, at bottom, is a process issue, which is why congressional Republicans in 1995-96 were pitting an issue people really cared about — Medicare — against one they really didn't — the deficit.
The deficit won't soon become a super-charged issue again as it was circa 1994, because most people understand a war and a recession are pretty good excuses for deficit spending.
www.nationalreview.com /lowry/lowry011102.shtml   (663 words)

 Federal budget deficit forecast to hit nearly $2.4 trillion over next decade   (Site not responding. Last check: 2007-11-06)
The projected deficit is almost $1 trillion worse than estimated in August.
Bush has said little about deficits lately but has tried to assure voters that the economy is improving and that jobs are starting to return (about 2.3 million jobs have been lost in the past three years).
Bush blames the deficits on the recession, which he contends started before he took office, along with the costs of the war on terrorism as well as the huge blow to the economy from the Sept. 11, 2001, attacks on the United States.
www.post-gazette.com /pg/04027/266028.stm   (1000 words)

 White House Predicts 2004 Deficit Of $445 Billion -- the Biggest Ever (washingtonpost.com)
The White House forecast yesterday that the U.S. budget deficit for this year will be a highest-ever $445 billion, lower than the administration previously predicted but nearly 20 percent larger than last year's record shortfall.
But Bolten said declining deficit projections for the next four years do not include additional emergency spending, which is expected to reach tens of billions of dollars.
Kerry's campaign said that even the reduced deficit forecast for 2004 is $800 billion worse than what the Congressional Budget Office had forecast in 2001 for this year -- including the loss of an expected surplus.
www.washingtonpost.com /wp-dyn/articles/A27211-2004Jul30.html   (928 words)

 How To Talk About the Deficit - A lesson in the art of avoidance from the Bush economic conference. ByTimothy Noah
The whole thing is about as spontaneous as a wrestling match; even David Brooks called it a "pseudo-event." So I'm not particularly surprised that, at today's session on the budget deficit, nobody suggested that taxes be raised.
Bush's hypocrisy about government spending is so naked that a whole new ideology, "big government conservatism," had to be invented in order to explain it away.
The deficit is currently estimated at $422 billion for 2004.
www.slate.com /id/2111173   (709 words)

 A Record Deficit (washingtonpost.com)
The administration says not: The deficit, though "unwelcome," is not high when measured as a percentage of the economy.
As for the promise to cut the deficit in half, the administration manages that feat only by ignoring known or likely costs, such as fixing the alternative minimum tax, funding operations in Iraq and paying for its announced defense plans.
The lesson of the new deficit numbers is that these cuts are a cost the country cannot afford.
www.washingtonpost.com /wp-dyn/articles/A41149-2004Aug4.html   (492 words)

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