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Obama budget slated for $3.8 trillion – David Rogers –

by on February 13, 2012

Mr. Obama’s spending spree with taxpayer money has eroded the American Dream. $5 Trillion in spending in under four years, deficits which climb and climb with no end in sight, gross national debt which for the first time in history exceeds national GDP, a 2012 budget with a $1.6+ Billion deficit including $1.4+ Billion tax increase, and he has the nerve to say he has the solution for andimming Akerican Dream? He has got to go. I don’t care who the Republican nominee is. This election, every vote has got to be AGAINST Obama.

The bottom line is a fourth straight year of $1 trillion-plus deficits and only marginal improvement in 2013 when the shortfall will narrow to $901 billion—still a far cry from what the president had promised when he took office in 2009.

Indeed, even if Obama were to win a second term and prevail on his entire tax agenda, the budget tables show that the deficit won’t fall back below 3 percent of GDP until 2018—after he will have left the White House.

That said, this is a budget plainly constructed to light a spark after all the economic troubles of recent years, fleshing out a political narrative which Obama hopes will inspire even as his critics despair of the debt being accumulated by Washington. “It’s morning again in America,” was Ronald Reagan’s pitch seeking a second term after hard times in the 1980’s. Obama leapfrogs back to the post-World War II era, evoking the glory years of American manufacturing and a period when the GI bill embodied a confidence in education and shared sense of opportunity to move up economically.

“America was built on the idea that anyone who is willing to work hard and play by the rules, can make if they try—no matter where they started out,” Obama says, in his opening budget message to Congress. “But for many Americans (today), the basic bargain at the heart of the American Dream has eroded.”

One Comment
  1. Obama: “The truth is, you can’t solve our deficit huiwott cutting spending. But you also can’t solve it huiwott asking the wealthiest Americans to pay their fair share”MSNBC. co-host Mika Brzezinski criticizing Republicans for not caving on tax increases to make a debt-limit deal: “I think the Republicans look stupid and mean. I’m sorry, this is stupid. This is a no-brainer in terms of a deal. This is a no brainer and they look mean and they look difficult and they’re going to lose this.”Adam Green, co-founder of the Progressive Change Campaign Committee: “Today for the first time, President Obama made clear that he’s considering benefit cuts – even for Americans that currently depend on Medicaid and Medicare. Even Paul Ryan didn’t say that much publicly. President Obama needs to support the overwhelming will of the American people. Our position is the position of the overwhelming majority of Americans: It’s time to raise taxes on the rich.”The projected cost of continuing the Bush tax cuts for those rich people(the top 5%), is in the neighborhood of $700 Billion over ten years. On average, that is $70 Billion per year, and that is being generous in the first few years of that decade long period. It is more likely that the figure is only$60 Billion or so, initially, and goes up from there, based on projections of the economic growth. But for the sake of argument, we will use the $70 Billion figure. What does this mean? Well, if the government was to raise taxes on that top 5%, the government’s increase in revenues would be $70 Billion more per year, at a time where the deficit is projected to be over $1.3 Trillion this year, and average around $1 Trillion over the next decade.Did these people fail their math courses in school? Even if the ENTIRE Bush tax cuts were rescinded, the figure only comes to $3.4 Trillion or so over 10 years. That is roughly $340 Billion a year, which would take the deficit this year down to roughly $1 Trillion, and average, over the course of that 10 years, a deficit of roughly $660 Billion. And what kind of spending cuts have they actually talked about? Nothing of substance. Everything, to them, is raise taxes now and put off the spending cuts til later.Reply

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