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View Full Version : Obama's Economic Plan To Set A Record



duane1969
02-14-2011, 11:00 AM
President Barack Obama is sending Congress a $3.73 trillion spending blueprint that pledges $1.1 trillion in deficit savings over the next decade through spending cuts and tax increases.

Obama's new budget projects that the deficit for the current year will surge to an all-time high of $1.65 trillion. That reflects a sizable tax-cut agreement reached with Republicans in December. For 2012, the administration sees the imbalance declining to $1.1 trillion, giving the country a record four straight years of $1 trillion-plus deficits.


How is it that the Obama plan is supposed to be about saving money and cutting spending yet it sets a record for consecutive years with $1 trillion in defecit spending?


Senior administration officials, who spoke on condition of anonymity in advance of the formal release of the budget, said that Obama would achieve two-thirds of his projected $1.1 trillion in deficit savings through spending cuts including a five-year freeze on many domestic programs.



Note that the freeze is at current spending rates which are already over the top. Freezing domestic spending is not cutting spending, it is keeping it at it's current excessive rate.

Do not be deceived by the spin...

http://www.msnbc.msn.com/id/41575850/ns/politics-white_house/

shortking98
02-14-2011, 11:25 AM
Maybe the plan is to run up a bunch of trillion dollar deficits so $900B starts looking cheap?

OnePimpTiger
02-14-2011, 12:29 PM
Maybe the plan is to run up a bunch of trillion dollar deficits so $900B starts looking cheap?

Yeah, I love how MSNBC says it will results in $1.65 trillion next year, then "drop sharply to $1.1 trillion." To only $1.1 trillion...they make it sound like he's Grand Champion of Budgetary Dominance by cutting the deficit to just $1.1 trillion. :smash:

baseballphr3ak17
02-14-2011, 03:14 PM
asdf

pghin08
02-14-2011, 03:41 PM
Yeah, I love how MSNBC says it will results in $1.65 trillion next year, then "drop sharply to $1.1 trillion." To only $1.1 trillion...they make it sound like he's Grand Champion of Budgetary Dominance by cutting the deficit to just $1.1 trillion. :smash:

I love how no politician, Democrat or Republican, is willing to cut to the meat of our financial problems- Social Security, Medicare, and to a lesser degree, the Defense Budget. Tea Partiers can posture all they want, but until they start calling for reforms of those three, it's all hot air.

shortking98
02-14-2011, 03:50 PM
I love how no politician, Democrat or Republican, is willing to cut to the meat of our financial problems- Social Security, Medicare, and to a lesser degree, the Defense Budget. Tea Partiers can posture all they want, but until they start calling for reforms of those three, it's all hot air.

Agreed, all of the proposals I see exclude those 3 areas from their cuts when that is where the problems lie

tylermckinzie
02-14-2011, 09:18 PM
Agreed, all of the proposals I see exclude those 3 areas from their cuts when that is where the problems lie

Not too hard to figure out- touching any of them is political suicide. No congressman, president, or anyone is going near those. Even if accomplished, the cuts would alientate too large a portion of voters.

INTIMADATOR2007
02-14-2011, 09:37 PM
It's all Bush's Fault !!

OnePimpTiger
02-14-2011, 09:48 PM
I love when people try to understand complex economic interactions by relating it to their own experiences.

It would be pretty awesome if you guys thought about the repercussions of cutting whatever you're suggesting be cut. What exactly are you suggesting be cut again, I missed it.

To control the deficit, Obama should tax all firearms that are not muzzle loaded and require black powder. Handguns should carry a 200% tax upon purchase and a yearly 10% tax on value.

Capital gains on foreign investment should be taxed at 40%.

Wealth over 300K should be taxed at 30-50%.

I love when people try to assign beliefs to people based on 1-2 comments per person without actually trying to find out just what they base their comments on or what they actually do believe.

It would be pretty awesome if you actually tried to find out what we believe and why we do so before throwing out the holier-than-thou attitude instead of constructively contributing to the conversation.

The repercussion of the cuts I would like to see is people would actually be required to provide for themselves and be fiscally responsible rather than live irresponsibly and expect the government, aka everyone else, pay for their poor decisions. I know, obviously you'll disagree with personal responsibility...how dare I suggest someone actually be responsible for their self!

Speaking of trying to understand complex economic interactions, apparently you're one of the people who don't understand the consequences of high tax rates on the wealthy and especially capital gains? I'll go out on a limb and guess you support high corporate tax rates as well? And then are the first to complain when the "evil, rich corporations" take their "greedy" capital investments to another country?

OnePimpTiger
02-14-2011, 09:50 PM
I love how no politician, Democrat or Republican, is willing to cut to the meat of our financial problems- Social Security, Medicare, and to a lesser degree, the Defense Budget. Tea Partiers can posture all they want, but until they start calling for reforms of those three, it's all hot air.

True Tea Partiers do call for that...but, as we all know, "politicians" and "true" do no belong in the same sentence. In their current incarnations, I would almost say "Tea Partier" and "politician" are oxymorons.

pghin08
02-14-2011, 11:02 PM
True Tea Partiers do call for that...but, as we all know, "politicians" and "true" do no belong in the same sentence. In their current incarnations, I would almost say "Tea Partier" and "politician" are oxymorons.

Agreed.

limitedplay50
02-14-2011, 11:15 PM
I love when people try to understand complex economic interactions by relating it to their own experiences.

It would be pretty awesome if you guys thought about the repercussions of cutting whatever you're suggesting be cut. What exactly are you suggesting be cut again, I missed it.

To control the deficit, Obama should tax all firearms that are not muzzle loaded and require black powder. Handguns should carry a 200% tax upon purchase and a yearly 10% tax on value.

Capital gains on foreign investment should be taxed at 40%.

Wealth over 300K should be taxed at 30-50%.


Taxing firearms wont happen PERIOD.

I dont really understand why foreign investment should be raised people will just make their investments premanent resulting in ZERO percent tax.

Taxing wealth over 300k or whatever other random number people think of will only decrease the tax base and lower tax revenue and investment.

JUST ADMIT THAT OBAMA RAN ON A ANTI-BUSH PLATFORM ONLY TO EXCEED ON ALL OF BUSH'S POLICY.
HE'S A PRINT AND SPEND LIBERAL. HES THE ELITES FORM OF POLITICAL PROPOGANDA DURING TIMES OF WAR. NOBODY BELIEVES WHAT THEY SAY ON THE NEWS SO THEY FOUND THIS GUY TO CREATE SUCH A POP SENSATION THAT THEY COULD PEOPLE TO BUY INTO THE PROPAGANDA.

pghin08
02-14-2011, 11:41 PM
Taxing firearms wont happen PERIOD.

I dont really understand why foreign investment should be raised people will just make their investments premanent resulting in ZERO percent tax.

Taxing wealth over 300k or whatever other random number people think of will only decrease the tax base and lower tax revenue and investment.

JUST ADMIT THAT OBAMA RAN ON A ANTI-BUSH PLATFORM ONLY TO EXCEED ON ALL OF BUSH'S POLICY.
HE'S A PRINT AND SPEND LIBERAL. HES THE ELITES FORM OF POLITICAL PROPOGANDA DURING TIMES OF WAR. NOBODY BELIEVES WHAT THEY SAY ON THE NEWS SO THEY FOUND THIS GUY TO CREATE SUCH A POP SENSATION THAT THEY COULD PEOPLE TO BUY INTO THE PROPAGANDA.

Uh, what?

SteakNchop
02-15-2011, 01:14 AM
It's all Bush's Fault !!
I'm guessing that's sarcastic, but yes, I agree.

tutall
02-15-2011, 01:24 PM
First off, as said before I think by Tyler, Cutting anything remotely related to people who dont work is political suicide as these people have ample time to go out and vote. Medicare, Medicaid, Social Security, Food Stamps, SSI, Wic, Heating Assistance, etc.... It just isnt going to happen. Barack just needs to admit the is in over his head. He has no idea what to do on foreign policy, he speaks of "most economists" but never defines any of them he has actually spoken to, and makes promise after promise he cannot keep. It isnt really his fault as it is the role of president at least since I have been following politics (since the late Clinton years) to do this. Tell the American population what they want to hear so you can keep your job. No one is actually willing to make the tough decisions, understandable as it isnt the easiest market to find a job in, to make this country get back to work. Until someone is willing to do this racism, taxes, deficeits, and gay rights will continue to be issues as all politicians need something to run on and something to spark the bases.



Here ya go SteakNChop....

sanfran22
02-15-2011, 02:11 PM
I'm guessing that's sarcastic, but yes, I agree.
Lol, sure............

INTIMADATOR2007
02-15-2011, 10:41 PM
I'm guessing that's sarcastic, but yes, I agree.
Everything else is so why not spending another 3.7 trillion we don't have .. Obama is making things way worse than Bush could have dreamed of. I put Obama up there with our enemies !

Star_Cards
02-16-2011, 11:25 AM
I love when people try to understand complex economic interactions by relating it to their own experiences.

It would be pretty awesome if you guys thought about the repercussions of cutting whatever you're suggesting be cut. What exactly are you suggesting be cut again, I missed it.

To control the deficit, Obama should tax all firearms that are not muzzle loaded and require black powder. Handguns should carry a 200% tax upon purchase and a yearly 10% tax on value.

Capital gains on foreign investment should be taxed at 40%.

Wealth over 300K should be taxed at 30-50%.


creating more tax is not a way to balance a budget. It's about spending only what you bring in already. The reason politicians typically go over budget is because they can usually just increase taxes rather than take a hard look at why they are spending so much. I get at times there is need for increases due to economical situations and price increases, but the waste in washington is everywhere. If they were more responsible with the money they already get they wouldn't have to create new taxes.

I'm not a gun guy, but the fact that you think they should tax them 200% of the value at the time of purchase and then 10% every other year after that is quite extreme to say the least. Besides if they cross that line to taxing property other than cars and land, they'll have reason to tax anything that we already own and have paid tax on already.