President Obama Sees First Surplus As President

President Barack Obama has finally achieved his goal of having a budget surplus for the first time in his Presidency.

huffingtonpost.com/2012/05/08/president-obama-budget-surplus_n_1499266.html?icid=maing-grid7|main5|dl1|sec1_lnk3%26pLid%3D158749

Let’s all hope it continues; for the sake of America.

:rotfl::rotfl::rotfl:

p.washingtontimes.com/news/2012/may/7/deficit-streak-ends-obama-first-monthly-surplus/

“Because of the large inflows of tax revenues, the federal government usually runs a budget surplus in April — though that did not occur in 2009, 2010 and 2011,” CBO said.

This is idiotic on about 50 different levels but I will just discuss the three most obvious.

First, the President has not passed a budget since he has been in office, so any claim of a budget surplus is not even possible. His latest attempt to pass a budget was dead on arrival in a democratically controlled senate. The vote was 97-0 agaist it.

Secondly, it is coming off of April, when taxes are paid for the year so that is when the government takes in its revenue. If the government is ever going to show a monthly surplus, it would be in April when they get paid for the entire year. Its like saying that I have a surplus in my household budget when I look into my account 5 minutes after depositing my paycheck.

Third, we are massively in debt as a country. As one of the responders to the article linked above put it:

Only the government can claim to have a surplus while running a $1.4 trillion deficit and $16 trillion in debt. If you owe $10,000 on your new car and have $100 left over at the end of the month, do you have a surplus? No… you are still $9900 in debt.

That pretty much says it all.

The article, and the subsequent spin, is complete and utter hogwash. Period.

As my quote from the CBO shows, it’s really quite simple. Something remarkable happens to revenue numbers every April…right around the 15th. :smiley:

To put this in simple budgeting perspective, it would be like running a household by spending more than you earn every month, and then exclaiming “we have a surplus this month” when your EITC check comes in from the IRS. Woohoo! Let’s go buy a TV and eat at a fancy restaurant this month!

As my quote from the CBO shows, it’s really quite simple. Something remarkable happens to revenue numbers every April…right around the 15th.

To put this in simple budgeting perspective, it would be like running a household by spending more than you earn every month, and then exclaiming “we have a surplus this month” when your EITC check comes in from the IRS. Woohoo! Let’s go buy a TV and eat at a fancy restaurant this month!

Agreed,

Numbers like these are far too short-term to really mean anything. If, after a year or so the trend would continue, that would be something different.

John

This is typical of the Obama Administration, where the art of “spin” is taken to new levels. And on top of that, they operate under the principle that if their cohorts (the media) repeat the spin enough times, then it’s true. Even if it isn’t.

A surplus in April is not big news. The fact we didn’t have one for the last three years is.

Oops, guess I blinked and missed the surplus … :doh2: :rolleyes:

Isn’t that how the federal government operates?

One of my tasks as a government manager was to take a set of financial numbers and make them tell a particular story. I got so good at it that I scared even myself.

Knowing HuffPo, it’s either a lie or an exaggeration.
The posters above me have shown that the HuffPo article is an obvious exaggeration.
Please do not get your hopes up for an economic recovery that easily, friend.

I’ve been wondering when the press was going to report the truth about the Obama speding spree. While he has run up massive deficits - they are actually worse than they appear. The money the Bush administration spent on TARP has largely been repaid during the Obama administration. The funding of TARP was part of the enormous Bush deficit his final year in office - the amounts paid back reduce the Obama deficit amounts. Kind of a pay it forward type of thing - but your never hear Obama thanking Bush for helping him out in that regard.

I wonder how much of the deficit was leftover from a war started by a previous President?

Or how much the Obama administration has been funding and bailing out failed companies while ignoring the people.

While he has done some questionable things as far as saving companies that have no business being saved due to fiscal irresponsibility, some of the companies needed saving for our economies sake. Sometimes it is necessary to help those in need (the auto industry for example). Some of those companies stayed alive because of a bailout and because of this families were able to put food on their table. I don’t disagree in that bailouts shouldn’t be handed out like candy to a kid. However, sometimes I think it’s necessary for the sake of the people.

I was referring to the likes of Solyndra, not the auto industry. The auto industry NEEDED it, the likes of Solyndra did NOT.

Comments at the end of this version indicate others aren’t buying into the headline either.

"Deficit streak ends: Obama sees first monthly surplus

The federal government broke its record deficit streak in April, notching its first monthly surplus since the end of the Bush administration, according to preliminary estimates released Monday."…

Blue excerpted from: washingtontimes.com/news/2012/may/7/deficit-streak-ends-obama-first-monthly-surplus/

It’s equivalent to someone saying “Look! I didn’t miss the toilet this time!”

Yet sadly sooooo many will believe it is because they can not see the logic for the BS. excuse me!

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