We’ve sourced some of the most interesting and thought-provoking Deficit Quotes from Wilbur Ross, Nassim Nicholas Taleb, Franklin Raines, Robert Lighthizer, Marcia Angell. Each of the following quotes is overflowing with creativity, and knowledge.
The United States is the least protectionist country in the world but has the largest trade deficit, while other countries are highly protectionist and have huge trade surpluses. This cannot continue.
The American people will eventually get hurt by this accumulated deficit. That’s the problem. We have too much deficit. We have to find a solution.
If there’s a severe recession, the automatic stabilizers will come into effect, and we will still try to reduce the structural deficit, but we will not try to keep cutting the budget so that we keep worsening a severe recession.
Years of passivity and drift among U.S. policymakers have allowed the U.S. – China trade deficit to grow to the point where is widely recognized as a major threat to our economy.
Unlike the federal government, most states don’t have the option of running a deficit.
Deficit reduction is not an end in itself. It is the means to an end. Canadians must now decide what kind of country they want to build with the hard-won dividend.
Well, the U.S. is running a current account deficit; we are creating lots of investment opportunities in the United States that exceed our own domestic savings rates, so the issue here is to encourage higher savings rates in the United States.
In point of fact, ‘Simpson-Bowles’ has become a symbol, or SimBowl, rather than an actual plan, political shorthand for the process of long-term deficit reduction.
Reconciliation is a special budget procedure to change entitlement and tax laws. It cannot be filibustered and requires only a simple majority in the Senate to be passed. It is primarily intended for deficit and mandatory spending reduction.
This deficit that we have threatens our very way of life, and everything needs to be on the table.
Some of the huge tax breaks that we gave to the wealthiest 1 percent of the population in this country during the Bush era have contributed significantly to the deficit.
The unjustified swelling of the budgetary deficit and the accumulation of public debts are just as destructive as adventurous stock-jobbing.
I’m not a detail guy. I depend on accountants and administrators to do my detail stuff for me, but I do know the overall picture and I know that if you put business people together in a room, not just politicians, they could shrink the deficit tremendously by good business tactics.
Well you know I’m very supportive of what the Tea Party is trying to do. They’re very concerned with spending, the deficit, the bailouts, you know all of those kinds of things. But I really think that the strength of the Tea Party is being a grassroots movement.
It is admitted on all sides that we must equalize the revenue and expenditures. The scheme of borrowing to make up an increasing deficit must, in the end, if continued, prove ruinous.
The way to reduce the deficit is to create jobs and work opportunities so that people will have money with which to pay taxes.
Thanks to former President George W. Bush – remember the compassionate conservative? – I have a good name for the fundamental principle that should guide the Democratic alternative: compassionate deficit reduction.
In the budget, the president will call for a five-year freeze on discretionary spending other than for national security. This will reduce the deficit by more than $400 billion over the next decade and bring this category of spending to the lowest share of our economy since Dwight Eisenhower was president.
I can clear a dinner table in less than 60 seconds, moaning like a dockyard Elijah about the deficit and the inevitable reckoning.
Everyone I know has attention deficit, and they say it with great pride. It’s a bad time to be right.
The war on terrorism has made national security a legitimate concern, and a rising deficit, changes brought on by globalization and even the price of oil have thrown the nation’s economic health into question.
I have saved $1,638,580 over my four years. That may not seem like a lot, faced with our deficit, but multiply it by 435 members of the House – and then the senators get three times as much – and you are adding up several millions in savings.
If you raise taxes, it won’t reduce the deficit. The other team will simply spend the resources.
Establishing a 0.03 percent Wall Street speculation fee, similar to what we had from 1914-1966, would dampen the dangerous level of speculation and gambling on Wall Street, encourage the financial sector to invest in the productive economy and reduce the deficit by more than $350 billion over 10 years.
Children from like 8 and even up to the college age – Spider-Man appeals to a fairly broad demographic but, like I said, a mean age probably of 12 is a good mark – they process information so quickly and it’s not because of attention deficit or short attention span.
Comprehensive immigration reform would reduce the deficit and help grow the economy.
When the country’s indebtedness is so colossal and where the budget deficit is so huge, there is a moral obligation on people to pay their fair and reasonable dues.
We have to learn to be allies to each other. We are in a deficit of financial and social capital, and TransTech aims to help trans people reverse that.
Which European leader today would not relish the wonder-working powers of a Moses? Budget deficit? Unpopular cuts? How about just a little miracle, an overnight increase in gold reserves, a new oil field, or the next world-changing communications technology? Surely that’s not too much to ask.
You know, dramas are much more expensive to do than say a comedy, so any kind of deficit like that is picked up on when it comes time for them to pick up new shows.
The single greatest force for deficit reduction is a growing economy.
The more competitive value of the dollar turned around the trade deficit.
China, frankly, can be an opportunity for Africa based on the huge infrastructure deficit on the continent, but what needs to happen is that governments and citizens have to build internal ownership of the need of good governance, transparency, accountability, for respect for the environment.
Mr. Obama’s choices show how fundamentally unserious he is about deficit reduction and spending restraint.
The three main political parties all agree the UK deficit is high and needs to be brought down. All agree that it is easier to get a deficit down if you have faster growth, cutting unemployment-related costs and raising revenues.
In addition to a soaring stock market, 6.6 million jobs have been created since tax relief measures went into effect in 2003. Our deficit situation has also improved as tax revenues have increased at double-digit rates over the past two years.
In my view, Obamacare is the most existential threat to our economy than anything we’ve ever had since the Great Depression, so I think a little bit of additional deficit is nothing compared to delaying if not repealing Obamacare.
This Constitution does not reflect the thoughts, hopes and aspirations of ordinary people. It does nothing for jobs or economic growth and widens further still the democratic deficit.
With open markets, the nation’s trade deficit with China would shrink as we export more natural gas and agricultural products and as China’s consumers could afford to buy their preferred ‘Made in America’ products.
In 2001, when the economy was strong, the country was able to absorb substantial deficit spending in the wake of September 11 without constricting the Federal Reserve’s flexibility to ease interest rates.
I am fairly certain that our budget deficit was not caused by children with autism or 90-year-old grannies in nursing homes, so why take it out on them by cutting services?
The far more likely Trump scenario is this: Chinese leaders realize they no longer have a weak leader in the White House; China ceases its unfair trade practices. America’s massive trade deficit with China comes peacefully and prosperously back into balance, and both the U.S. and Chinese economies benefit from trade.
In order to truly get deficit spending and federal debt under control, the Trump administration is going to have to eventually address entitlement reform. If not, Trump will not only become part of the Washington status quo on the issue, but will leave burdensome and expensive problems for future generations.
If the U.S. Government was a company, the deficit would be $5 trillion because they would have to account by general accepted accounting principles. But actually they encourage government spending, reckless government spending, because the government can issue Treasury bills at extremely low interest rates.
For the last 4 years, our Federal Government has produced the four biggest deficits in history, and the estimated 2006 deficit of $423 billion is projected to be the largest of all.
America must reduce its fiscal deficit, modernize its infrastructure, and improve its schools.
We had a $10 billion budget deficit when we got here in January of 2003. We cut that budget deficit; we did not raise taxes; we came back in ’05, and we had an $8 billion surplus. That’s how fast it can happen.
The biggest deficit in terms of gender equality at Ozon lay in our IT department. So we made a decision, along with our key IT leaders, to remove all filters and systemically interview all the women who apply.
Unless the trade deficit shrinks, the combination of the trade deficit and the interest and dividend payments to foreigners will grow ever more rapidly.
What we’re discussing privately and publicly, is a budget which is a blueprint for the future which creates jobs, which educates our children, which provides healthcare for all Americans, which takes our deficit down, which gives a tax cut for 95% of the American people.
Tax reform shouldn’t add one penny to our deficit or to the tax bills of middle-class Americans.
For me, there will be no enemies but unemployment, the deficit, excessive debt, economic stagnation and anything else that keeps our country in these critical circumstances.
India’s infrastructure deficit in terms of roads, railways, power, and ports needs to be addressed on a fast-track basis.
One of the cruellest things of all is to have a huge deficit in this country, meaning that everyone’s children will be expected to pay back for our debt today. That is unfair as well.
I’ve, we have in this state, like many other states, we’re experiencing an enormous budget deficit that we’re trying to grapple with. But we will have progress despite the deficits.
As a matter of fact, if you do not take into account, as Congressman Ross just stated, the Social Security surplus, our fiscal deficit, ladies and gentlemen, is over $700 billion today.
The fight against child slavery is the fight against traditional mindset, policy deficit, and lack of accountability and urgency for children across the globe.
Honest talk about the deficit is risky. Voters are more enthusiastic about the abstract notion of deficit reduction than about the painful details of accomplishing it.
The right way to deal with a budget problem that was years in the making is by formulating a credible plan to reduce the deficit over time and as the economy is able to withstand the necessary fiscal belt-tightening. That is what President Obama is doing.
The reason Ronald Reagan gets slammed for having so badly exacerbated the problem of deficit spending is that he so plainly deserves it.
One thing I have been banging on about, we have a dessert deficit in the U.K. We still import a very large proportion of our desserts. I would ask everyone to go out and buy a British dessert.
When Republicans used reconciliation in 2001 for the Bush tax cuts, they used it to increase the deficit. The whole purpose of reconciliation is for deficit reduction!
People like Pete Peterson, the former secretary of commerce and Blackstone and titan of Wall Street, etc., has been writing books for years about the debt and deficit.
To reduce deficit spending and our enormous debt, you reign in spending. You cut the budget. You don’t take more from the private sector and grow government with it. And that’s exactly what Obama has in mind with this expiration of Bush tax cuts proposal of his.
Congress had the opportunity to extend tax relief to working families without increasing the deficit. Instead, we were handed a bill that favors the wealthy and eliminates deductions that benefit the middle class.
There’s a joke in economics about the drunk who loses his keys in the street but only looks for them under the lightposts. When asked why, he says, ‘because that’s where the light is.’ That’s the problem with the deficit.
There was a deficit between what I was earning and what my family needed to live off. I was resigned to the fact that, while I may do the odd night, I was going to have to get a proper job.
I am fighting for those middle-class families who want us to deal with our debt and deficit, but they also want the investments that are critical to our country moving forward.
We have to get the tax revenues up. That means we have to get back to a healthy American economy, grow the economy so that you make more money. I make more money, ordinary Americans make more money, and so does the government. That helps lessen the deficit.
The goal is to reduce the size and scope of government spending, not to focus on the deficit. The deficit is the symptom of the disease.
We should reduce total government spending as a percentage of the economy. The left wants to focus on the deficit so they can take us away from the focus on spending as a percentage of the economy.
Things are going better: there is more growth, less deficit, more competitiveness, better margins for companies, more purchasing power for workers.
Challenges of historic import threaten America’s future. Action on the deficit, economy, energy, health care and much more is imperative, yet our legislative institutions fail to act. Congress must be reformed.
Social Security has nothing to do with the deficit.
At the same time, Republicans are pushing a $70 billion tax package that will overwhelmingly benefit the most wealthy Americans and actually increases the deficit by $16 billion.
While there are no easy solutions to this problem, the Deficit Reduction Act gets us started in the right direction by beginning with the most obvious, commonsense reforms to save taxpayer dollars.
Social Security faces a long-term actuarial deficit, yes.
In fact, I think – our view of this is that while the agreement, the compromise did not achieve the kind of super-sized deficit reduction that we sought, it did end the uncertainty around the perception, the possibility that the United States might default on its obligations for its first time. That was a good thing.
The precariatised mind is one without anchors, flitting from subject to subject, in the extreme suffering from attention deficit disorder. But it is also nomadic in its dealings with other people.
I’ve never been able to get it straight about what these people who are worried about the trade deficit are worried about.
I’ve been dyslexic and had Attention Deficit Disorder at some time in my life. I still read with a highlighter, but I’ve always loved to read.
Cutting the deficit by gutting our investments in innovation and education is like lightening an overloaded airplane by removing its engine. It may make you feel like you’re flying high at first, but it won’t take long before you feel the impact.
If you lose control of your debt and deficit, you get massive cuts in things such as health and education. You get appalling insecurity, jobs lost, firms going overseas.
We can’t have deficit spending in Texas. You have to balance your budget every two years.
Whether they run a record company or a grocery store, every boss will tell you you’re in big trouble if you’re borrowing more than you can ever afford to pay back. Delaying the pain for future generations is suicidal. We’ve got to start getting the deficit down right now, not next year.
I am not worried about the deficit. It is big enough to take care of itself.
Social Security has not contributed to the deficit problem.
The trade deficit always goes up when the economy is strong and plummets when the economy sinks, as it did during both the Great Depression of the 1930s and the Great Recession of 2008-09.
We can reduce our deficit, and do it in a much more balanced way than sequestration, simply by fixing our tax code to get rid of needless giveaways.
Money flows into the US, and inflates US assets, and allows the US to have a monstrous trade deficit. That means we are consuming more than we are producing.
The deficit crisis is real and must be addressed. But it cannot be solved on the backs of the weak and vulnerable.
Tax rates for the wealthy should revert to Clinton-era levels, both because it is necessary for long-term deficit reduction and because fairness dictates it. Moreover, there is no proof that higher marginal rates dissuade investment, all the rhetoric from the Right notwithstanding.
I think where I differ a little bit, we absolutely have to think about the deficit looking down the road. And certainly that’s something the president has said that we need to, as the economy recovers, have a plan in place for getting it down.
But the debt limit obviously is something that needs to and will be passed. That is not inconsistent with a process and a belief that we have to get significant deficit reduction.
Deficit, deficit, deficit. The political and media elites are obsessed with the D-word.
Of course we have to address the deficit if we win.
We are worried about the size of the deficit, which is why the president is pleased that the House and Senate have followed his lead in cutting the deficit in half over the next five years.
The best time to make deficit reduction a priority is when the inflation rate and the bond market give you some indication that you are headed for a dangerous inflationary spiral.
The only justification for repressive institutions is material and cultural deficit. But such institutions, at certain stages of history, perpetuate and produce such a deficit, and even threaten human survival.
Neoconservative Republican President George W. Bush took office determined to aggressively export American democratic values through conflict. The Iraq war, a misdirected response to 9/11, tacked trillions of dollars on to the deficit while further destabilising the Middle East.
The body responds to a calorie deficit by slowing down the metabolism and burning muscle tissue. That leads to weakness, sluggishness, slow times. In girls, it can also result in cessation of menstrual periods, which in turn leads to loss of bone density and frequent stress fractures.
Social Security is legally prohibited from contributing to the deficit. It cannot use debt to pay out benefits.
The biggest problem with the deficit is programs that are unconstitutional and wasteful.
Everybody has to agree that the best thing we can do to start reducing the deficit in this country is to put people back to work.
If people want capital gains taxed more like the highest rate on income, that’s a good discussion. Maybe that’s the way to help close the deficit.
Countries with deficit don’t want to pay the bill, and they want to get more loans, and countries with superiority, they don’t want to help the countries with problems, and they just want them to tighten their belts.
When you’re talking about long-term deficit reduction, $4 trillion worth, entitlement reform needs to be part of it.
Many textbooks fail to present students with both sides of an issue. Students are being pushed toward an education that demonizes free enterprise while advocating top-down government, deficit spending and class warfare.
How does one leave Social Security and Medicare untouched, grow defense by more than $50 billion, slash taxes, launch a $1 trillion infrastructure program – and not explode the deficit and national debt?
My highest priority is to make sure we get Americans back to work. And that we have rising incomes again and that we have a deficit reduction program in place that convinces the world that we’re on track to having a balanced budget.
While the deficit and debt are serious problems, I oppose solving these problems by raising taxes.
In the past, proactive fiscal polices almost always meant just more investment and an increase in the fiscal deficit.
I was diagnosed with attention deficit hyperactivity disorder (ADD/ADHD) and obsessive-compulsive disorder (OCD) as an adult, but I don’t remember a time when I didn’t have them. Back in the 1960s, when I was growing up, my symptoms didn’t have a name, and you didn’t go to the doctor to find out.
Our platform calls for a balanced deficit reduction plan where the wealthy pay their fair share. And when your country is in a costly war, with our soldiers sacrificing abroad and our nation facing a debt crisis at home, being asked to pay your fair share isn’t class warfare – it’s patriotism.
Only one thing can save this country, and that’s to get a handle on this deficit and debt issue.
Various economists and experts had suggested increasing government spending to fight COVID-19, to help the poor survive. On the other hand, businesses were helped so that the jobs are protected. As a result, the fiscal deficit may look slightly high.
The immediate effect of the deficit is to make you feel good, like when you go on a trip and pay later. You feel good, and then you get a hangover. The deficit makes you feel good – until you pay later.
I was diagnosed with a severe temporal spatial deficit, a learning disability that means I have zero spatial relations skills. It was official: I was a genius trapped in an idiot’s body.
Addressing governance issues are important because whichever silo you work in, be it education, microfinance, sanitation, food or health, you would eventually hit governance deficit.
My being a black woman is not a deficit. It is a strength. Because I could not be where I am had I not overcome so many other barriers. Which means you know I’m relentless, you know I’m persistent, and you know I’m smart.
It is vital that we get these policies right as we take forward our plans to drive down the deficit and transform our economy.
We’ve got to start worrying about America. And if we don’t start dealing with the debt we have and the deficit spending we have in Washington, politics doesn’t matter, because the American people do realize that they have to balance their budgets.
Well, a deficit reflects an imbalance between spending and revenue, and so narrowing it requires acting on one, the other or both.
What is the biggest public forum in the United States? We were told it’s the Super Bowl. The ad shows kids working at blue-collar jobs, and the final statement is just written text: Who’s going to pay for the trillion dollar deficit?
Now fiscal responsibility is generally a good thing, and so a centrism mindlessly focused on tweaking legislation away from deficit spending has its uses.
In fact, our monthly trade deficit figure is so huge it equals the entire annual budget of our Department of Veterans Affairs. Veterans fought to make us free from foreign tyranny, but the new tyranny is taking a different form.
I do think our challenge is to balance credibility and a clear message about how we would reduce the deficit with boldness about the choices that we put before the public.
Most mental health professionals, including clinicians and researchers, endorse the deficit theory. They’re convinced that we wage war simply because we don’t know how to make love. We desperately want loving, satisfying relationships but lack the skills we need to develop them.
Economically, long-term joblessness means fewer dollars for consumption. For deficit control, it means fewer taxpayers contributing to government revenues and tens of billions more spent on unemployment insurance.
When the economy is growing, there’s a lot that can be done to deal with the deficit.
It’s much more powerful to say I’m working to reduce spending, deal with our nation’s deficit, push back on the federal government, and give specifics for that rather than just say, ‘I’m a conservative.’
We have a serious structural deficit problem. And it needs to be addressed. The president is trying to address it through reforms of Social Security, but the problem is there with other entitlement programs like Medicare and Medicaid.
India’s trade deficit is because of excess of import over exports.
One thing everyone seems to agree on is that Republicans face a perceived compassion deficit.
The debt and the deficit is just getting out of control, and the administration is still pumping through billions upon trillions of new spending. That does not grow the economy.
Obama and the Democrats’ preposterous argument is that we are just one more big tax increase away from solving our economic problems. The inescapable conclusion, however, is that the primary driver of the short-term deficit is not tax cuts but the lack of any meaningful economic growth over the last half decade.
So if the euro, if Euroland is to become a reserve center, if the euro is to become a reserve currency, Euroland will have to have a deficit in its overall balance of payments.
Obama did inherit a deficit when he came into office. Why this fact justifies racking up vastly more debt and bigger deficits is a logical mystery.
We’re in a trade war. We’ve been in a trade war for decades. That’s why we have the deficit.
To create employment, we need to stimulate the economy, and to stimulate the economy, we need to cut spending and reduce the deficit.