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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: Jim Willie CB who wrote (19430)	5/21/2003 5:23:38 PM
From: Mannie	Read Replies (1) \| Respond to of 89467

From 4Fig...there are some pretty amazing numbers in here: U.S. deficit running at triple ’02 pace Federal deficit was $201.6 billion in first seven months of ’03 ASSOCIATED PRESS WASHINGTON, May 20 — The government ran up a deficit of $201.6 billion in the first seven months of the 2003 budget year, more than three times the total for the corresponding period a year earlier. THE LATEST FIGURES, released Tuesday by the Treasury Department, underscored the government’s worsening fiscal situation. Record deficits are forecast this year and next. The total deficit so far this fiscal year, from October through April, compares with a shortfall of $64.8 billion a year earlier. Revenues were down by 5.4 percent to $1.06 trillion for the seven months of the 2003 budget year in comparison to that period a year earlier. A big part of the drop stemmed from lowered tax payments flowing into the Treasury, a byproduct of tax cuts and the weak economy. Individual income tax payments totaled $493.8 billion, representing a decline of almost 8 percent from the previous year. Corporate tax payments plunged by 28.7 percent to $62.8 billion. Federal spending for the seven months totaled $1.26 trillion, a 6.5 percent increase from the corresponding period in fiscal 2002. The biggest spending categories so far this budget year are: Social Security (the U.S. public pension system), $291.7 billion; programs of the Health and Human Services Department, including Medicare and Medicaid, $290.8 billion; military, $216.5 billion; and interest on the public debt, $174.7 billion. For the 2002 budget year, which ended Sept. 30, the government ran up a deficit of $157.8 billion, ending four consecutive years of surpluses. The Congressional Budget Office is predicting this year’s deficit to exceed $300 billion, which would mark an all-time high. The CBO’s estimate doesn’t take into account a fresh round of tax cuts being worked on by Congress and advocated by President Bush.

To: Jim Willie CB who wrote (19430)	5/21/2003 5:35:07 PM
From: Sully-	Respond to of 89467

Explosion reported at Yale law school The Associated Press NEW HAVEN, Conn.-- An explosion was reported in a mail room at the Yale University law school, a city spokesman said. Police said a floor of the building may have partially collapsed. James Foye, a spokesman for Mayor John DeStefano, said he had no immediate information about any injuries. The FBI in New Haven said members of the agency's terrorism task force were sent to the scene. Smoke could be seen rising from downtown. The incident came as the nation was on elevated alert for possible terrorist attacks and several hours after President Bush -- a Yale alumnus -- visited the state to speak at the U.S. Coast Guard Academy graduation ceremony in New London. ajc.com

To: Jim Willie CB who wrote (19430)	5/21/2003 6:12:31 PM
From: RealMuLan	Read Replies (1) \| Respond to of 89467

Jim, I hear you, and agree, we are in deep deep trouble<ng> >>in the early 1980's our debt levels rose and interest rates rose to 16% on mortgages the dollar fell almost 50%<< And this time around, the thing might get uglier since the magnitude is much larger. >>Americans never give the $6.4T feddebt a second thought<< That Fed. debt is not quite related to individual live, but what about the personal debt? This is one thing marking the striking difference bet. Chinese culture and American culture. The parents in China always have one thing on their mind: what can they save for their children, and how can they save more for them? They would never go out and borrow themselves to death, and leave a huge debt for their offsprings. While Americans seem having NO problem to leave a huge national/personal debt for their next generation, or next several generations. BTW, how are you going to protect yourself? I mean except buying gold?<g>