If a government resorts to inflation, that is, creates money in order to cover its budget deficits or expands credit in order to stimulate business, then no power on earth, no gimmick, device, trick or even indexation can prevent its economic consequences.— Henry Hazlitt
Delightful Budget Deficit quotations
Thanks to decades of accumulated federal budget deficits and, more significantly, imprudent Medicare and Social Security policies, we've stolen almost $60 trillion from our children.
Pennsylvania is facing challenging economic times, a multi-billion dollar budget deficit, and negative cash flow projections. My Budget Deficit and Fiscal Stabilization Task Force will get to work to determine the scope of the challenges facing Pennsylvania and begin to discuss how we can get Pennsylvania's fiscal house in order.
It is a paradoxical truth that tax rates are too high and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now Cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.
If you took every single penny that Warren Buffett has, it'd pay for 4-1/2 days of the US government. This tax-the-rich won't work. The problem here is the government is way bigger than even the capacity of the rich to sustain it. The Buffett Rule would raise $3.2 billion a year, and take 514 years just to pay off Obama's 2011 budget deficit.
Conservatives were brought up to hate deficits and justifiably so.
We've long thought there are two things in Washington that are unbalanced - the budget and the liberals.
There's a stability and growth pact which was agreed for the eleven countries which tries to limit the size of budget deficits among the eleven countries.
At times of recession, running a budget deficit is highly desirable.
Once the economy begins to recover, you have to balance the budget. But it will also need additional revenues. Should the government not receive them, we will all get punished with higher interest rates.
Democrats were quick to point out that President Bush's budget creates a 1 trillion dollar deficit. The White House quickly responded with 'Hey, look over there, it's Saddam Hussein.'
Deficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level.
Budget cuts if you're not rich, tax cuts if you are.
Less money for those who don't have any and more to those who do. That's how President Fredo says we're going to get out of the giant deficit hole he's dug. You can't put it any more simply. Rich people richer. Poor people poorer.
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.
American's greatest deficit is no longer found in the federal budget.
It is a moral deficit, and it may be found in a polluted and poisoned culture that has become the great enemy within.
If you look at the studies coming out of the Congressional Budget Office, the number one thing that's going to blow a hole in the deficit as we go forward 20, 30 years is government spending on healthcare.
I said we are going to balance an $11 billion budget deficit in a $29 billion budget, so by percentage, the largest budget deficit in America, by percentage, larger than California, larger than New York, larger than Illinois. And we're going to balance that without raising taxes on the people of the state of New Jersey.
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.
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.
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.
The federal budget deficit is the biggest single impediment to revitalizing the American economy.
The United States has a huge budget deficit so taxes are going to have to go up and I certainly agree they should go up more on the rich than everyone else. That - that's just justice.
The American people want a balanced budget.
They want Congress to stop this barbaric practice of perpetual deficit spending. It really, if you think about it, is a form of taxation without representation. We fought a war over that issue and we won that war.
I served at a time when we had a strong economy, when we had deficits that we would die for today. I was able to propose a balanced budget, not over ten years, but over five years. I'm proud of that record.
Governing isn't as easy as you think.
Many of you have taken pledges that are contradictory - to balance the budget and cut taxes, for example. You must be honest about the numbers, since our annual deficit now exceeds all discretionary spending combined.
The only way America can reduce the long-term budget deficit, maintain vital services, protect Social Security and Medicare, invest more in education and infrastructure, and not raise taxes on the working middle class is by raising taxes on the super rich.
Europe is right to tell us to reduce this [France's budget] deficit and spend less. Europe is right to demand this of us but cannot at the same time demand us to increase our dues.
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.
Fourth, to assure every entrepreneur and every job creator that their investments in America will not vanish as have those in Greece, we will cut the deficit and put America on track to a balanced budget.
When I introduced my economic plan for the first time, people had mixed views because it's the largest cut in the history of Israeli budgets. We have a big deficit caused by the fact that the former government took upon itself too many obligations.
A hundred welfare programs, spending more and more billions, lead to chronic budget deficits, which lead to increased paper-money issues, which lead to higher prices.
The poor have been sent to the front lines of a federal budget deficit reduction war that few other groups were drafted to fight.
Yes, deficits are a problem. I've been saying so for more than a quarter of a century now. But the problem is not the size of the deficit, it's the size of government's claim on our economy.
We are committed to achieving the fiscal deficit target announced in the budget.
Mr. Obama denounced the $2.3 trillion added to the national debt on Mr. Bush's watch as "deficits as far as the eye can see." But Mr. Obama's budget adds $9.3 trillion to the debt over the next 10 years. What happened to Obama the deficit hawk?
We can't have deficit spending in Texas. You have to balance your budget every two years.
Well, I think what we need to remember is that budget deficits can impede economic activity.