Filed under: Capitalism, Economy, Freedom, History, Politics, Taxes | Tags: Balanced Budget, Budget Deficits, Federal Debt
Ronald Reagan in 1975, on Johnny Carson’s “Tonight Show.”
Filed under: Capitalism, Democrat Corruption, Domestic Policy, Economy, Politics, Taxes | Tags: Budget Deficits, Massive and Steady Tax Hikes, Unserious Democrats
President Barack Obama’s monthly budget deficit for February is the largest in history. We spent $223 billion more than we took in. Republicans have proposed $61 billion in spending cuts for the remainder of this fiscal year, which ends in September. Horrified Democrats have offered to cut $6 billion, or 1/37th of what the U.S. Treasury is now borrowing each month.
Senator Jeff Session (R-AL) ranking member of the Senate Budget Committee takes on the unserious Democrats.
—Minority Leader Nancy Pelosi (D-SF) suggests we keep on spending: “Nothing brings more to the treasury than investing in education,” she told reporters last week
—Sen.Dick Durbin (D-IL) says anything more than the Democrats’ $6.5 billion is literally impossible.”I think we’ve pushed this to the limit.”
—Majority Leader Harry Reid says the GOP’s initial plan to cut $32 billion was “draconian”and “a non-starter.”
—President Obama said he was prepared to do more, but Joe Biden who is supposed to be spearheading the budget negotiations is off to Finland, Russia and Moldova.
—Demos, a Liberal think tank, proposed a second stimulus package worth more than $380 billion to create 8 million government jobs over 2 years.
—The New York Times said that Democrats should just go ahead and shut the government down.
James Capretta says in a column today that the Democrats have secret plans to solve the budget problem with 1st) massive and steady tax hikes including the return of “bracket creep” and 2nd) stiff government cost controls on the entire health sector, not just on public insurance programs. The Congressional Budget Office (CBO) says the total tax hike over the next ten years will exceed $800 billion. Most of these tax hikes are to be found in ObamaCare.
If you thought that Obama had promised not to raise taxes on the middle class. Nevermind. You probably will want to read this whole article. This is long-term budgeting, Obama style. A sneaky perpetual cash machine designed to withdraw directly from your wallet.
Filed under: Economy, Progressivism, Taxes | Tags: Budget Deficits, Democrat Corruption, Projections for Future Years
President Obama has an unpleasant habit, left over from the campaign, of beginning every speech with a (don’t blame me) reference to the deficit he inherited or the worst crisis or something of the sort. Whatever it is, it’s not his fault.
The Bush administration spent too much. We agree. There was 9/11, Katrina and a War in Iraq, but President Bush didn’t veto some things he should have, and opted for some expensive programs. Congress spent too much. But, let’s face some facts.
For each year of Obama’s term, deficits are projected to be larger than in any year that Bush was in office.
Each color represents the difference between the projected deficits at different points in time. The purple bars represent the numbers as they were projected back in September 2008, the black and red bars represent the differences at other points in time. The orange bars represent the actual deficit numbers during President Clinton’s last year in office (fiscal 2001), and President Bush’s two terms.
President Obama promotes what he calls “a new ethic of responsibility.” The chart above is based on Congressional Budget Office (CBO) data. It shows a projection of deficit numbers for each year until fiscal year 2018.
Obama rightly notes that he inherited a large deficit in fiscal 2009, but he is responsible for growing the deficit beyond all expectations in 2009 and thereafter. The black bars represents the TARP spending, which Obama voted for in the Senate. The red part is all Obama’s.
Obama’s deficits are frightening. Every month that goes by adds to the deficit. His budget is astounding, and he keeps adding personnel,more Czars and more programs.The August 2009 projections contain no health care spending, assume that “temporary” stimulus spending will stop in 2011, and contain no expenses for cap-and-trade, the proposed new energy grid, the Midwest high-speed rail plan, or any of the other big changes he wants to bring to America.
The stimulus funds spent so far have been largely wasted, and subsequent stimulus is not expected to create jobs. The big investment in Government Motors is no longer expected to produce any pay-back for taxpayers.