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Los Angeles, California, United States
The blog 'Breaking Bread' is for a civil general discussion, like you might have at the dinner table with guests. The posts 'Economics Without the B.S.' are intended for a general audience that wouldn't have to know the difference between a Phillips Curve, a Laffer Curve, or a Cole Hamels Curve. Vic Volpe was formally educated at Penn State and the University of Scranton, with major studies in History, Economics and Finance, and Business; and, is self-educated since by way of books and on-line university courses. His practical education came from fifty years of work experience in the blue-collar trades as well as a white-collar professional career -- a white-collar professional career in production and R&D. In his professional career and as a long-haul trucker, he has traveled throughout the lower forty-eight. From his professional career alone he has visited many manufacturing plants in the United States, Europe and China. He has lived in major metropolitan areas and very small towns in various parts of the United States. He served three years with the U.S. Army as an enlisted man, much of that time in Germany.

Monday, December 31, 2012

The Clinton-Bush Years with data

Economics Without The  B.S.**:

[**  Double entendre intended.]

Apparently Republicans and Conservatives Don’t
So let’s go down some FACTS!
       Fed Govt Revenues                Budget +Surplus/-Deficit        President who
                                                                                                                        Submitted FY budget

FY1999                       $1.8 Trillion                             + $125 Billion                         Clinton
FY2000                       $2.0 Trillion                             + $236 Billion                         Clinton
FY2001                       $1.991 Trillion                         + $128 Billion                         Clinton
FY2002                       $1.85 Trillion                           - $158 Billion                          Bush
FY2003                       $1.78 Trillion                           - $377 Billion                          Bush
FY2004                       $1.88 Trillion                           - $412 Billion                          Bush
FY2005                       $2.15 Trillion                           - $318 Billion                          Bush
FY2006                       $2.4 Trillion                             - $248 Billion                          Bush
FY2007                       $2.568 Trillion(the best year)   - $161 Billion                           Bush
FY2008                       $2.52 Trillion(recession starts)  -$458 Billion                           Bush
FY2009                       $2.1 Trillion(back in the tank)    -$1.4 Trillion                          Bush**
FY2010                       $2.1 Trillion                             -$1.3 Trillion                           Obama
FY2011                       $2.3 Trillion                             -$1.3 Trillion                           Obama
FY2012                       $2.4 Trillion (est.)                    -$1.3 Trillion                           Obama

NOTE:  FY budgets are submitted in February for the fiscal year starting on October 1st following that February – so, in February 2013, President Obama will submit the FY Budget for 2014 (October 1, 2013 to September 30, 2014).

** Bush was in office from October 1, 2008 until January 20, 2009 – and submitted a budget deficit of over $1 Trillion the preceding February (2008).  The day Obama walked into the White House on January 20th, the deficit was $1.1 Trillion.

Source for information:  Office of Management and Budget per Government Printing Office:

Total U.S. Federal Government Debt -- $16 Trillion (approx).
Total U.S. Wealth – over $55 Trillion  (was over $60 Trillion prior to Financial Crisis of 2008)
Federal Government Debt to GDP (as %)
            During WWII – was near 120%
            Currently – just over 100%
            Historically since WWII – 40 to 60% of GDP

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