GOV WARNING OF WORST ECONOMY IN DECADES.......... - Mercedes-Benz Forum

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post #1 of 13 (permalink) Old 07-28-2008, 08:19 AM Thread Starter
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GOV WARNING OF WORST ECONOMY IN DECADES..........

THAT '70S WOE IN RERUN

GOV WARNING OF WORST ECONOMY IN DECADES


A Major part of NYS's budget, hence its deficit, is its Medicaid spending. It has increased during the last few years by about 55% while other states saw their Medicaid spending increase by only 8% on average. In 2006, NYS spent almost $50 billion...

ALBANY - Gov. Paterson, convinced the state faces its worst fiscal crisis since the mid-1970s, will deliver the grim news in an unprecedented special address to New Yorkers as soon as tomorrow night, The Post has learned.

The governor's address - which his aides hope will be televised by public and cable news stations - will say that plunging state revenues will force painful cuts in state services, necessitate a reduction in the state work force, possibly through layoffs, and require other difficult economic measures, source said.

Paterson is also expected to announce that he's ordered state agencies to slash spending beyond the relatively modest 3.3 percent cuts he ordered in late spring.

City 'Kitty' Bound for Crisis Too

Fall Fashions Show Depression-Era Chic

He may also call a special session of the Legislature to propose reducing some of the record-high levels of spending that were approved as part of the state's new budget in April.

"The situation is worse than anyone realizes," said a source close to Paterson.

"The governor has said he's tired of the state going from deficit to deficit, spending like it has a credit card that never has to be paid, and that he's prepared to take action," the source said.

Paterson in recent days has huddled with budget planning officials from the administrations of former Govs. Mario Cuomo and Hugh Carey "to get their ideas on how to manage a fiscal crisis," the source said.

To make his concern even clearer, Paterson will hold a private meeting today with Columbia University's Nobel prize-winning economist Joseph Stiglitz, the former head of the World Bank, who has called the current worldwide financial crisis the worst since the Great Depression.

"The governor has been impressed with Stiglitz's work, and there have been staff discussions leading to the meeting Monday," said an administration source.

Paterson warned last week that Wall Street bonuses - a major source of state tax revenue - will likely drop by 20 percent or more this year.

A day later the state Financial Control Board said New York City's projected two-year deficit had grown by a whopping $4 billion because of Wall Street losses and the economy's overall decline.

The governor's own budget experts are slated to present an updated financial plan with sharply lower projected revenues on Wednesday.

Spendthrift New York City almost went bankrupt in 1975-76 and the state defaulted on some of its bonds at the same time in the worst fiscal crisis to face New York since the Great Depression.

While state and city leaders pledged to assure the prudence of future fiscal practices, that pledge was largely abandoned during the past 20 years as officials ran up state spending at two or three times the inflation rate because of sharp increases in education and health-care spending.

GOVERNOR PATERSON WARNS STATE OF WORST ECONOMY SINCE 1970'S - New York Post
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post #2 of 13 (permalink) Old 07-28-2008, 08:50 AM
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post #3 of 13 (permalink) Old 07-28-2008, 10:09 AM
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Is that because Bush said Wall Street Got drunk? And this is Wall Street's answer to the idiot by showing a heck of a hang over?

If indeed the report is true, I would love to see fucking George Bush foot-in-mouth reaction. God dam that fucking imbecile.

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post #4 of 13 (permalink) Old 07-28-2008, 10:36 AM
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Now we know why Bushie finally admitted to a bad economy. He needed something to blame the worse deficit in history on. Couldn't just be piss poor management from an Administration proven to supply the absolute best piss poor management in American Political history.


Bush administration projects record 2009 deficit
Monday July 28, 12:13 pm ET
By Andrew Taylor, Associated Press Writer
Government officials: 2009 deficit will reach $482 billion, record driven by economy sag

WASHINGTON (AP) -- The next president will inherit a record budget deficit of $482 billion, according to a new Bush administration estimate.

A Bush administration official said the deficit was being driven to an all-time high by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession. A $482 billion deficit approaching billion would easily surpass the record deficit of $413 billion set in 2004.

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Government officials confirmed the $482 billion figure Monday on condition of anonymity because the new estimate had not been formally released. Administration officials were scheduled to do that at a news conference later in the day.

The new figure actually underestimates the deficit, since it leaves out about $80 billion in war costs. In a break from tradition -- and in violation of new mandates from Congress -- the White House did not include its full estimate of war costs.

White House press secretary Dana Perino had no comment on the new deficit number. But she told reporters that the White House and lawmakers acknowledged months ago that they were going to increase the deficit by approving a short-term boost for the slumping economy.

"Both parties recognized that the deficit would increase, and that that was going to be the price that we pay," Perino said.

In fact, the White House had included cost estimates for an economic stimulus bill in its earlier projections, so the new figures represent a considerable deterioration in the government's fiscal health.

The White House had predicted in February that next year's deficit at $407 billion, which puts the increase in the projections since at $72 billion.

Figures for the 2008 budget year ending Sept. 30 will actually drop from an earlier projection of $410 billion to $389 billion, the officials said.

The numbers represent about 3 percent of the size of the economy, which is the deficit measure seen as most relevant by economists. That's considerably smaller than the deficits of the 1980s and early 1990s, when Congress and earlier administrations cobbled together politically painful deficit-reduction packages.

Still, the new figures are so eye-popping in dollar terms that it may restrain the appetite of the next president to add to it with expensive spending programs or new tax cuts. In fact, pressure may build to allow some tax cuts enacted in 2001 and 2003 to expire as scheduled at the end of 2010, with Congress also feeling pressure to curb spending growth.

The deficit for 2007 totaled $161.5 billion, which represented the lowest amount of red ink since an imbalance of $159 billion in 2002. The 2002 performance marked the first budget deficit after four consecutive years of budget surpluses.

That stretch of budget surpluses represented a period when the country's finances had been bolstered by a 10-year period of uninterrupted economic growth, the longest period of expansion in U.S. history.

In his first year in office, helped considerably by projections of continuing surpluses, Bush drove through a 10-year, $1.35 trillion package of tax cuts.

However, the country fell into a recession in March 2001 and government spending to fight the war on terrorism contributed to pushing the deficit to a record in dollar terms in 2004.

House Budget Committee Chairman John Spratt, D-S.C., said the $490 billion figure confirms "the dismal legacy of the Bush administration: under its policies, the largest surpluses in history have been converted into the largest deficits in history."

The figures to be released later will paint a picture of the financial health of the government that President Bush's successor will inherit, as well as updated predictions of the health of the economy.

White House budget director Jim Nussle and Edward Lazear, chairman of the president's Council of Economic Advisors, were scheduled to release the administration's updated forecasts at an early afternoon news conference.

Bush administration projects record 2009 deficit: Financial News - Yahoo! Finance

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post #5 of 13 (permalink) Old 07-28-2008, 10:43 AM
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Definitely the worst I remember in my life.
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post #6 of 13 (permalink) Old 07-28-2008, 12:06 PM
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Hey This is from the NY POST...! AND its ABOUT NEW YORK STATE, not The US Economy, so the Liberal 's go into their Bush Bashing without even reading it.....also, why no DEMONIZING the Article because it's from the NY POST.... ??

C'mon guys,
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post #7 of 13 (permalink) Old 07-28-2008, 12:08 PM
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post #8 of 13 (permalink) Old 07-28-2008, 12:34 PM
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Originally Posted by pcunningham42 View Post
Hey This is from the NY POST...! AND its ABOUT NEW YORK STATE, not The US Economy, so the Liberal 's go into their Bush Bashing without even reading it.....also, why no DEMONIZING the Article because it's from the NY POST.... ??

C'mon guys,
Mainly because Patterson's observations were covered LAST month by the other NY papers and WCBS.

And while it is a "local story", as one of the big three states, NY does have national impact and what Bush does, does impact New York.

I am surprised the headline didn't read "Welcome back to the Seventies". If you were there then, you will know what that means.

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post #9 of 13 (permalink) Old 07-28-2008, 09:54 PM Thread Starter
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Mainly because Patterson's observations were covered LAST month by the other NY papers and WCBS.

And while it is a "local story", as one of the big three states, NY does have national impact and what Bush does, does impact New York.

I am surprised the headline didn't read "Welcome back to the Seventies". If you were there then, you will know what that means.

You mean Stagflation?
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post #10 of 13 (permalink) Old 07-28-2008, 10:32 PM Thread Starter
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Now we know why Bushie finally admitted to a bad economy. He needed something to blame the worse deficit in history on. Couldn't just be piss poor management from an Administration proven to supply the absolute best piss poor management in American Political history.


Bush administration projects record 2009 deficit
Monday July 28, 12:13 pm ET
By Andrew Taylor, Associated Press Writer
Government officials: 2009 deficit will reach $482 billion, record driven by economy sag

WASHINGTON (AP) -- The next president will inherit a record budget deficit of $482 billion, according to a new Bush administration estimate.

A Bush administration official said the deficit was being driven to an all-time high by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession. A $482 billion deficit approaching billion would easily surpass the record deficit of $413 billion set in 2004.

ADVERTISEMENT
Government officials confirmed the $482 billion figure Monday on condition of anonymity because the new estimate had not been formally released. Administration officials were scheduled to do that at a news conference later in the day.

The new figure actually underestimates the deficit, since it leaves out about $80 billion in war costs. In a break from tradition -- and in violation of new mandates from Congress -- the White House did not include its full estimate of war costs.

White House press secretary Dana Perino had no comment on the new deficit number. But she told reporters that the White House and lawmakers acknowledged months ago that they were going to increase the deficit by approving a short-term boost for the slumping economy.

"Both parties recognized that the deficit would increase, and that that was going to be the price that we pay," Perino said.

In fact, the White House had included cost estimates for an economic stimulus bill in its earlier projections, so the new figures represent a considerable deterioration in the government's fiscal health.

The White House had predicted in February that next year's deficit at $407 billion, which puts the increase in the projections since at $72 billion.

Figures for the 2008 budget year ending Sept. 30 will actually drop from an earlier projection of $410 billion to $389 billion, the officials said.

The numbers represent about 3 percent of the size of the economy, which is the deficit measure seen as most relevant by economists. That's considerably smaller than the deficits of the 1980s and early 1990s, when Congress and earlier administrations cobbled together politically painful deficit-reduction packages.

Still, the new figures are so eye-popping in dollar terms that it may restrain the appetite of the next president to add to it with expensive spending programs or new tax cuts. In fact, pressure may build to allow some tax cuts enacted in 2001 and 2003 to expire as scheduled at the end of 2010, with Congress also feeling pressure to curb spending growth.

The deficit for 2007 totaled $161.5 billion, which represented the lowest amount of red ink since an imbalance of $159 billion in 2002. The 2002 performance marked the first budget deficit after four consecutive years of budget surpluses.

That stretch of budget surpluses represented a period when the country's finances had been bolstered by a 10-year period of uninterrupted economic growth, the longest period of expansion in U.S. history.

In his first year in office, helped considerably by projections of continuing surpluses, Bush drove through a 10-year, $1.35 trillion package of tax cuts.

However, the country fell into a recession in March 2001 and government spending to fight the war on terrorism contributed to pushing the deficit to a record in dollar terms in 2004.

House Budget Committee Chairman John Spratt, D-S.C., said the $490 billion figure confirms "the dismal legacy of the Bush administration: under its policies, the largest surpluses in history have been converted into the largest deficits in history."

The figures to be released later will paint a picture of the financial health of the government that President Bush's successor will inherit, as well as updated predictions of the health of the economy.

White House budget director Jim Nussle and Edward Lazear, chairman of the president's Council of Economic Advisors, were scheduled to release the administration's updated forecasts at an early afternoon news conference.

Bush administration projects record 2009 deficit: Financial News - Yahoo! Finance


But how can that be, I thought those tax cuts were suppose to increase business and increase tax reciepts by the govt.?
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