niceporch wrote:maybe you should consider whether this question is best directed toward a guy who shines lights for a living or a recent student of climatology.
your call.
NEW YORK (CNNMoney.com) -- It's officially official.
The Obama administration on Friday said the government ran a $1.42 trillion deficit in fiscal year 2009.
That made it the worst year on record since World War II, according to data from the Treasury and the White House Office of Management and Budget.
Tax receipts for the year fell 16.6% overall, while spending soared 18.2% compared to fiscal year 2008. The causes: rising unemployment, the economic slowdown and the extraordinary measures taken by lawmakers to stem the economic meltdown that hit in fall 2008.
Consequently, the annual deficit rose 212% to the record dollar amount of $1.42 trillion, from $455 billion a year earlier.
As a share of the economy, the deficit accounted for 10% of gross domestic product, up from 3.2% in 2008. As breath-taking as that may be, it's still not in the same stratosphere as the 1945 deficit, which hit 21% of GDP.
Perfect deficit cocktail mix
Fiscal year 2009, which ended Sept. 30, had all the right ingredients for a record-breaking deficit.
While tax revenue overall took a big hit, corporate receipts led the way, falling 55%. Individual income tax revenue fell 20%.
At the same time spending jumped in large part because of the various economic and financial rescue measures undertaken. The Treasury and the OMB noted that the $700 billion Troubled Asset Relief Program and the $787 billion American Recovery and Reinvestment Act, not all of which has been used, accounted for 24% of the deficit total.
As a result, the country is very near to breaching its so-called debt ceiling, currently set at $12.1 trillion. Lawmakers, however, are expected to vote to raise that ceiling this fall.
At the end of September, the country's total debt -- which is an accumulation of all annual deficits to date plus other obligations -- stood at $11.9 trillion.
The long-term view
In August, the OMB projected a 10-year deficit of $9 trillion, assuming President Obama's 2010 budget proposals are put in place.
A deficit of that magnitude means the debt held by the public would approach 82% of gross domestic product. That's double the 41% recorded in 2008
hweight wrote:Dear slim,
Is this winter going to be as wet as this fall has been? I need to know so I can decide whether to kill myself or not.
Thanks,
hweight
Lox wrote:Slim,
Will WB ever stop bitching like a bitchmade bitch?
Inquiring minds want to know...
- Lox
niceporch wrote:You're an ass.
wild beast wrote:lox teaches retards to "make peeepeee" in toilets!!! hail to the non-profit socialist ... umm... whatevers theys ares!!
niceporch wrote:Failure is not tolerated. Meteorologists/climatologists are continually improving forecast accuracy, not only for temp and precip, but for hurricanes, tornadoes, heat waves, and other types of severe weather. We save lives. We save money. We are environmental watchdogs. Most meteorologists, public and private, are required to maintain a high degree of short-term forecast accuracy. For temperature, you would probably need be within +/-3 degrees for day-1, +/-5 for day-2, +/-5 for day-3, etc. If you miss a destructive hail storm. You get canned. We told y'all Katrina was gonna fuck shit up. Government and public response is typically where the failure resides.
My undergraduate research improved on 24-hour computer temperature forecasts by a degree. That's huge. That research is actively being used at a major utility company. My graduate research saves cotton farmers money, helps to replenish aquifers, and decreases pollution runoff.
I know. I know. Applied science isn't as important as the immense amount of "taxpayer funded work you push through internet explorer."
You're an ass. Go berate something you actually know about.
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