Obama's Economic Plan To Set A Record

[duane1969]

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...s-white_house/

[shortking98]

Maybe the plan is to run up a bunch of trillion dollar deficits so $900B starts looking cheap?

[OnePimpTiger]

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.

[baseballphr3ak17]

asdf

[pghin08]

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.

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]

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]

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]

It's all Bush's Fault !!

[OnePimpTiger]

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]

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.