Its funny watching the way Obama operates, supposedly starting next year he is going to trim the deficit by 400 billion, so if we just give him another term, he is going to get real aggressive on it, forgive me if I dont hold my breath. More kicking the can down the road, and bullshit political games.
Here comes Obamaâs magic budget
After creating more debt than all presidents from George Washington to Bill Clinton combined, President Obama will unveil a budget Monday that will create millions of jobs, take a $1 trillion bite out of the federal debt and magically solve all of Americaâs problems.
Not.
The presidentâs budget will be filled with gimmicks and accounting tricks as he strives to be all things to all people â or at least all the people heâs hoping will vote for him again in November. Despite three straight years of $1 trillion-plus deficits, Mr. Obamaâs budget â even with the massive new spending â will cut the 2013 fiscal year deficit to just $901 billion.
How? Like this: âTo achieve his debt-reduction goal, Obama would rely on an accounting maneuver that permits him to claim about $850 billion in savings over the next decade by ending the wars in Iraq and Afghanistan, a move Republicans have rejected as a gimmick. Obama would use a portion of those savings to finance new road and rail projects, rather than dedicating the full sum to lower deficits,â according to The Washington Post.
So, Mr. Obama will âsaveâ $850 billion â money America was going to borrow, most likely from China â and then spend the âsavingsâ on more transportation projects: yes, the very same ones he has been pushing to no avail since taking office. Just like the last $800 billion âstimulus,â he will again press to spend hundreds of billions of taxpayer dollars to create jobs: $350 billion in short-term job spending, along with $475 billion for road and rail projects. In addition, he will call for spending $60 billion to refurbish 35,000 schools.
How will the president pay for all this? With more taxes, of course: $1.5 trillion in new taxes, to be precise. Hit hardest will be the families making $250,000. (When did that suddenly become ârichâ? A couple each making $125K and raising a few children â most likely just outside a large city â already pay one-third of it in taxes; how much more does the government want?)
Whatâs more, most small businesses pay taxes under the personal tax code, so any little company will fall under the $250,000 cutoff. Republicans, at least, know that.
âThis unserious budget is a recipe for debt, doubt and decline,â said Michael Steel, a spokesman for House Speaker John A. Boehner. âIt would make our economy worse by imposing massive tax increases on small business and still pile up enormous debt that stirs greater economic uncertainty.â
Still, Mr. Obamaâs got all kinds of great ideas on whom to tax: For instance, he wants to hit airlines with a â$100-per-takeoff feeâ â hmm, think that will get passed on to fliers? On top of that, the budget will call for a 10-year, $60 billion âfinancial crisis responsibility feeâ on the nationâs biggest banks. No way that new cost gets passed on to customers, right? Oh, and Mr. Obama wants to add tens of billions of dollars in fees to oil and gas companies. Those never trickle down, do they?
In the end, the presidentâs ânewâ budget isnât new at all. Most of his recommendations already have been rejected by Republicans. So the blueprint is really more about bashing a âdo-nothing Congress,â highlighting the differences between a president who wants every American to be beholden to the federal government for nearly every service and a Republican House that wants to sensibly cut spending while keeping burdensome taxes low.
And all the Obama proposals will lead to a White House-predicted unemployment rate in 2012 of â wait, 8.9 percent. Even higher than what it is today? Sounds about right.
Of course, under the new plan, things will get worse â again â before they get better. The presidentâs plan would push this yearâs deficit to $1.33 trillion. But wait, great news: A senior administration official said the budget predicts that the deficit will drop to $575 billion in 2018.
That will be two years after Mr. Obama has sold his Chicago house and moved to Honolulu.
http://www.washingtontimes.com/news/2012/feb/12/curl-here-comes-obamas-magic-budget/
Here comes Obamaâs magic budget
After creating more debt than all presidents from George Washington to Bill Clinton combined, President Obama will unveil a budget Monday that will create millions of jobs, take a $1 trillion bite out of the federal debt and magically solve all of Americaâs problems.
Not.
The presidentâs budget will be filled with gimmicks and accounting tricks as he strives to be all things to all people â or at least all the people heâs hoping will vote for him again in November. Despite three straight years of $1 trillion-plus deficits, Mr. Obamaâs budget â even with the massive new spending â will cut the 2013 fiscal year deficit to just $901 billion.
How? Like this: âTo achieve his debt-reduction goal, Obama would rely on an accounting maneuver that permits him to claim about $850 billion in savings over the next decade by ending the wars in Iraq and Afghanistan, a move Republicans have rejected as a gimmick. Obama would use a portion of those savings to finance new road and rail projects, rather than dedicating the full sum to lower deficits,â according to The Washington Post.
So, Mr. Obama will âsaveâ $850 billion â money America was going to borrow, most likely from China â and then spend the âsavingsâ on more transportation projects: yes, the very same ones he has been pushing to no avail since taking office. Just like the last $800 billion âstimulus,â he will again press to spend hundreds of billions of taxpayer dollars to create jobs: $350 billion in short-term job spending, along with $475 billion for road and rail projects. In addition, he will call for spending $60 billion to refurbish 35,000 schools.
How will the president pay for all this? With more taxes, of course: $1.5 trillion in new taxes, to be precise. Hit hardest will be the families making $250,000. (When did that suddenly become ârichâ? A couple each making $125K and raising a few children â most likely just outside a large city â already pay one-third of it in taxes; how much more does the government want?)
Whatâs more, most small businesses pay taxes under the personal tax code, so any little company will fall under the $250,000 cutoff. Republicans, at least, know that.
âThis unserious budget is a recipe for debt, doubt and decline,â said Michael Steel, a spokesman for House Speaker John A. Boehner. âIt would make our economy worse by imposing massive tax increases on small business and still pile up enormous debt that stirs greater economic uncertainty.â
Still, Mr. Obamaâs got all kinds of great ideas on whom to tax: For instance, he wants to hit airlines with a â$100-per-takeoff feeâ â hmm, think that will get passed on to fliers? On top of that, the budget will call for a 10-year, $60 billion âfinancial crisis responsibility feeâ on the nationâs biggest banks. No way that new cost gets passed on to customers, right? Oh, and Mr. Obama wants to add tens of billions of dollars in fees to oil and gas companies. Those never trickle down, do they?
In the end, the presidentâs ânewâ budget isnât new at all. Most of his recommendations already have been rejected by Republicans. So the blueprint is really more about bashing a âdo-nothing Congress,â highlighting the differences between a president who wants every American to be beholden to the federal government for nearly every service and a Republican House that wants to sensibly cut spending while keeping burdensome taxes low.
And all the Obama proposals will lead to a White House-predicted unemployment rate in 2012 of â wait, 8.9 percent. Even higher than what it is today? Sounds about right.
Of course, under the new plan, things will get worse â again â before they get better. The presidentâs plan would push this yearâs deficit to $1.33 trillion. But wait, great news: A senior administration official said the budget predicts that the deficit will drop to $575 billion in 2018.
That will be two years after Mr. Obama has sold his Chicago house and moved to Honolulu.
http://www.washingtontimes.com/news/2012/feb/12/curl-here-comes-obamas-magic-budget/
