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Subscribe to RSSA new estimate from congressional economists says the government will run a $1.2 trillion deficit for the budget year ending just a few weeks before Election Day. It would be the fourth straight year of trillion dollar-plus deficits.
The almost $100 billion spike from earlier projections for the fiscal 2012 deficit comes almost exclusively because Congress passed legislation recommended by President Barack Obama to renew a 2 percentage point cut in payroll taxes and jobless benefits for people languishing on unemployment rolls for more than six months.
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Last year's deficit registered $1.3 trillion.
The Congressional Budget Office report is just the latest confirmation of the government's severe fiscal problems. While the official CBO forecast predicts the deficit sliding to just 1 percent of the size of the economy within a few years, that estimate relies on revenues averaging about $500 billion a year over the coming decade — mostly from expiration of Bush-era tax cuts on income, investments, large estates and for families with children.
But Obama and Republicans alike agree on extending the bulk of the Bush-era tax cuts when they expire at the end of the year. A battle is set, however, on whether to extending income tax rate cuts on income in excess of $200,000 a year for individuals or $250,000 a year for couples.
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If the Bush tax cuts are renewed, CBO says, and if automatic spending cuts mandated by last year's budget and debt pact are waived as seems possible, annual deficits would average more than $1 trillion a year over the coming decade and would, economists says, eventually spark an economic crisis.
While the short-term deficit mess is largely a product of the recent recession and slow recovery, the long-term crisis is a result of the impact baby boomers will have on federal retirement programs and the large projected increases in health care inflation.
"The aging of the population and rising costs for health care will push spending for Social Security, Medicare, Medicaid, and other federal health care programs considerably higher," the report said. "If that rising level of spending is coupled with revenues that are held close to their average ... the resulting deficits will push federal debt to unsupportable levels."
The budget office estimated somewhat lower costs for covering the uninsured under President Barack Obama's health care overhaul law, as well as slightly fewer people gaining coverage.
Assuming the Supreme Court does not overturn the law, it would reduce the number of uninsured by 30 million in 2016, or 2 million fewer people than estimated last year. Total costs from 2012-2021 are about $50 billion lower than estimated last year. That's due to a combination of factors, including overall health care costs rising more slowly than in the recent past.
The CBO report comes as Republicans controlling the House are preparing for this year's budget debate, which is sure to spill over into the presidential campaign as the two sides quarrel over Medicare, taxes and cuts to the Pentagon budget.
The budget plans of the leading GOP presidential candidates each call for new, significantly larger tax cuts that would add even more to projected deficits, according to independent analysts.
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Of course we still have trillion dollar deficit, The Bush taxcuts are 1/2 of it, Afghanistan is about 1/4th of it
The taxcuts will end in 2013 ($500B) Obama has called for a pull out of Afghanistan in 2013 ($250B)
The "failed" deficit commitee ($120B) Corporate subsidies ($200B)
Add em up, We're looking at a balanced budget next year
Republicans refused to pay for the payroll tax cut with a tax on millionaires, so they are also responsible for the extra $100B added to the deficit this year.
I say end ALL taxcuts, End ALL Federal Aid, End ALL wars, Close tax loopholes, Balance the budget and THEN see what we have to spare, Until we end all of Bush's insanities we will have no idea where we stand.
"The aging of the population and rising costs for health care will push spending for Social Security, Medicare, Medicaid, and other federal health care programs considerably higher," the report said. "If that rising level of spending is coupled with revenues that are held close to their average ... the resulting deficits will push federal debt to unsupportable levels."
Yet Obama's proposed Budget for 2013, which makes projections through 2022, doesn't even address the biggest problem with the Deficits - Entitlements. A real leader would at least make an attempt to address these looming problems, but nothing but silence from Obama - A WEAK LEADER INDEED.
Bo-1925019 "Of course we still have trillion dollar deficit, The Bush taxcuts are 1/2 of it, Afghanistan is about 1/4th of it"
Gee, under Bush we had both wars (Iraq & Afghanistan) AND the Bush Tax Cuts, yet his average Deficit for his 8 years (2001-2008) was only $251 Billion per year.
So what's changed? Oh yes, Obama is now President, and spending is way up and business/jobs are way down, thanks to Obama's anti-business, anti-fossil fuel policies.
Bo-1925019 "I say end ALL taxcuts, End ALL Federal Aid, End ALL wars, Close tax loopholes, Balance the budget and THEN see what we have to spare"
Are you sure? over 80% of the 'taxcuts' went to the poor and middle classes.
Just ending all of the tax cuts would save almost $4 Trillion over 10 years, but the Democrats will never allow that.
When you read posts by the uninformed making outrageous statements like those by this thread starter, it is any wonder Obama got elected. Obama panders to the uninformed, but the day of reckoning will come and then the world will hear a collective 'whoops.'
Somehow the Bush tax cuts that were a total of 1 trillion over 10 years now cost half that each year. Our wars, voted on and committed by both Republicans and Democrats are also over stated. We have a Teflon president, and nothing bad sticks to him.
beachbum12 "Roy, Rather than buy into the liberal talking points, have you considered the massive debts created by the Obama administration? And I agree with you, I would like to see improvement in the tax code, but the free-wheeling spending Progressives would never end the cow that funnels their social engineering agenda."
To be fair, the massive increase in Deficits is a combination of increased spending AND decreased revenues. I analyzed the increase in the 2009 Deficit and about 62% was the result of increased spending by Obama, and the balance reduced revenues from the recession. I do think that revisions to the tax code to do away with 'credits' would help raise more revenues, and eliminate some of the 'loopholes' used by the 'rich' to minimize taxes, but from a practical matter, the additional revenues will be a small fraction of the solution.
We have to raise taxes on everyone AND cut spending, and it's silly that 50% of the people pay NOTHING towards the cost of running the government. The average American gets about $12,000 per year in Federal benefits ($3.7 Trillion in spending for 310 million people) - EVERYONE should pay something towards those benefits.
What part of $ Trillion+ annual budget deficits are unacceptable and unsustainable do our politicians not understand?? It is past time to start addressing this storm cloud on our and especially our children and grandchildren's horizon !!!
Obama TRIED to cut deficits by half over 10 years with a combination of tax cuts and revenue increases, but the GOP said no because 25% of the savings were in higher taxes. So why don't you start blaming the GOP for this mess???
And FWI: I say end tax cuts FOR ALL AMERICANS. Except about $1.1 trillion over the next few years for the poor and the middle class, but remove them when the economy is better. Check my proposal below and see if its good:
I. Reduce the debt by $8 trillion over 10 years.
I am not joking. Check (http://www.cbpp.org/cms/index.cfm?fa=vie… Just removing 90% of our tax code's loopholes and tax expenditures would save $947 billion a year. Maybe we ought to do that and simply reform entitlements and we'd have practically no debt by the mid-to-late 2020s.
II. Economic Recovery Package
OBAMA BIDEN 2012
Freshiee - A couple of problems with your theory. First you say that what you propose will reduce the budget by a savings of $737.1 billion a year. This still doesn't address the deficit. The government is running deficits of $1.2 - $1.4 trillion. Your proposals only cover close to 56% of what the government over spends each year. The national debt will continue to rise, albeit at a slower pace.
The second problem I see is what are you going to do with all the unemployed federal, state and local government employees? Attrition won't account for the amount of lay-off's you show.
The third problem I see is with Obama himself. He want's government to grow and he'll have none of the reductions you propose.
To answer your first problem, the $737.1 billion a year (times 10) in extra revenues are only one part: tax reform. You would still have to add the remaining $680 billion in cuts and revenue increases every year (times 10).. Add them together and multiply by 10, and you have approximately $14 trillion in deficit reduction, and compared to the $8 trillion deficit over the next 10 years, we will be able to pay off at least $6 trillion of the debt.
As for the second problem, most of the laid off military will be placed on reserve, while the civilians will most likely be transferred to the Department of Tourism (a new agency to increase tourism in America). And I won't be laying off any state or local employees, although there may be some layoffs due to my policies.
And for the third problem, I see that too. However, Obama isn't necessarily going to opposed some of my cuts. I can see how he might have issues with the entitlement cuts (even though many of the savings are going to come from increased entitlement revenues), but recently he offered trillions in cuts in his deficit reduction program, somewhere in the line of my cuts. And I must also say that the Republicans will have none of the revenue increases that I propose, excluding tax reform. But even then, they will demand that rates be lowered, while I wouldn't do that. Obama would have a problem with my deal, but he might be bought over by a specification of the entitlement savings. And he will have less a problem with my plan than the anti-tax anti-government obstructionists in the GOP. What say you?
BO>don't know
Freshieee.....
ANY source of increased revenue will be used by the Progressives~Liberals to SPEND more than the revenue received.
1. Your math does not figure in all the Progessive~Liberal spending for Mr. Obama's "Go Green" initiatives and all the other Pork barrel spending. Any revenue generated WILL NOT GO towards reducing the deficit, the Liberals will make sure that does not happen.
2. Your "laid off military" will become UNEMPLOYED, even though they will be subject to recall over a certain number of years (nothing new here). The "civilians" going to the Department of Tourism ? Yep, keep them on the government payroll. What a joke.
3. Those pesky entitlement programs and the DOD budget. Whay not focus on Fraud, Waste, and Abuse in ALL government agencies ?
Your policies and "dealing wheeling" stated in #1.13 is nothing more than Liberal rhetoric since the main Obstructionist sits in the Senate Leadership seat.
If Mr. Obama is good at anything it is using his "American Deficit" credit card.
Didn't Obama offer to cut 4 trillion from the deficit for the next ten years and that included SS and medicare reform?? But you had all the republicans in congress say NO!!
1.42 trillion deficit left by Bush. Deficits add to debt.
2009 bush last budget 3.517 trillion dollars.
Minus 185 billion for ARRA, thats "Obama spending".
Bush had requested 3.11 trillion dollars for fiscal year 2009
This also included appropriations for the war that weren't plan of the the budget, Obama made sure they were added.
In the end we end up with 3.517 trillion budget for 09.
Minus 187 equals 3.332 of total Bush budget for 09 187 billion is Obama spending in the 09 budget.
http://www.whitehouse.gov/omb/budget/Historicals Table 1.3
2010 Obama budget 3.456 trillion
2011 Obama budget 3.603 trillion
2012 Obama budget 3.795 trillion
(187 b in 09 for ARRA) + 3.456 + 3.603 + 3.795 = 11041 / 3 = 3.680 trillion dollars average a year.
3.680 minus 3.330 = 350 billion average Obama spending in hes first term every budget.
A total of 1 trillion added to the debt under Obama for 3 budgets.
Bush added 6.1 trillion and left a 1.42 trillion deficit.
Left a 1.42 trillion deficit Left
Left a 1.42 trillion deficit Left
Left a 1.42 trillion deficit Left
Left a 1.42 trillion deficit Left
Left a 1.42 trillion deficit Left
The 2013 budget has a deficit of 900 billion. A 520+ billion cut while creating 4,000,000 million jobs and a growing economy.
ARE YOU GOING TO START WITH YOUR TWISTED AVERAGES SO EARLY IN THE MORNING ALREADY???
Bush left a 1.42 trillion deficit.
2002 157
2003 377
2004 412
2005 318
2006 248
2007 160
2008 458
2009 1,412 yes the 2009 budget is a Bush budget. Why do you forget that ROY??? Obama added 187 billion for ARRA.
157+377+412+318+248+160+458+1412 DIVIDED BY 8 YEARS EQUALS 442.75 DEFICIT EVERY YEAR IN OFFICE.
How do you get 251? i though you told me you work in finance??
Revenues are coming back... Remember that in 2008 the US lost almost 600 billion in revenue.
For all the Republican griping here, it's clear that all of the Republican candidate's plans for the economy raise the deficit. At least Obama is trying to balance the economic come back with debt reduction.
It seems as always that Republicans talk a good game when they don't have a clue.
"And FWI: I say end tax cuts FOR ALL AMERICANS. Except about $1.1 trillion over the next few years for the poor and the middle class, but remove them when the economy is better."
Wouldn't it be easier just to regurgitate the liberal talking point of "tax the rich more?"
We keep flushing taxpayers money down the military toilet at a record pace...
Oh let's regurgitate the Republican talking point of getting the poor and middle class to pull themselves up by their bootstraps (aka cut all entitlements).
Alex, even the CBO said Obama's 4 trillion was half gimmics that they didn't score. Their actual scoring was closer to 2 trillion, and that's using the overly optimistic GDP growth in Obama's budget that the CBO is required to use.
Obama stated that 1 trillion of that 4 trillion was from the wind down of Iraq. This policy was already in effect, his budget did not change anything.
Likewise close to 700 billion was from Medicare/caid savings that have no policy efforts behind him as well as savings from not having the doctor fix in both programs (btw, the doctor fix was already passed so this savings no longer exists at all and is a cost).
Obama's budget was nothing but budget tricks to pretend he was cutting spending. All it really did was raise taxes a bit.
Repealing only the Bush Tax Cuts on the wealthy would save roughly 40 billion a gear in deficit reduction, a far cry from the 1 trillion currently over budget. This is a talking point, at best.
Currently Government spending, not including fees/state spending, is 24% of GDP. Once state spending is added government spending is roughly 42% of GDP. To put this in perspective, the only higher spending point in history was WW2 which reached roughly 47% GDP spending. Post World War II during reconstruction spending was reduced to around 23% total.
It's the spending that is the problem.
Max, half of the military spending is on pay/housing for the Military. The military has already reduced nearly 40 billion from budgetary waste. Where else do you want them to cut? Do you want them to start firing people, reduce military benefits? R&D is only 13% of the Military budget, the rest is to support and maintenance.
Jesse: "Max, half of the military spending is on pay/housing for the Military."
This is pure bunk. Most of the US military spending goes to private contractors.
Good breakdown of numbers here: http://www.usgovernmentspending.com/year_spending_2012USbn_13bs1n_3031_051#usgs302
But regardless of the numbers, US military is not producing anything - it is money unproductively spent and mostly without social value. This country can easily defend it's territory at 1/10 the actual spending. Russia is actually spending on defense less than 10% ($60B) of what US is spending ($900B). That is totally SICK!
BO you sound like you should be on Ron Paul's bandwagon. Obama cannot fix the deficit with his horrible spending habits.
Hey alexcali -
Having a budget deficit of $900 billion is great news! But that infers that Democratic congress in the Senate ACTUALLY proposed a budget. Yeah, that'll be the day. Not one budget has been passed since Obama took office, the one budget he did propose got shellacked 97-0. Also remember, budget votes are filibuster proof, its a straight up and down vote for budget proposals. Refute that, I dare you.
Reform Social Security and Medicare now before it is too late. These two programs alone account for the majority of federal government expenditures. We could also easily afford to cut more from the military. Let the Bush tax cuts on the rich expire and make it so the Social Security payroll tax is no longer regressive. End all the subsidies to industries that do not need them (ie oil companies, GE, etc). Reform the tax code so there isn't a billion loop holes for big corporations to walk through.
Would you people shut the hell up with your "he said, she said" finger pointing @!$%#? No wonder nothing can get done in this country. We are too busy blaming each other instead of focusing on solutions. This is democracy is it not? In a democracy you find common ground. You do not argue over crap that has already happened and try to place the blame. You look at it and say, "Well we messed up here but how can we fix it next time?" Until the American people start caring about solutions instead of who is right/who is wrong, this country will never be fixed. We are just going to keep spending money that we don't have. Bickering will get us nowhere real fast and judging by the content on these threads, I can gurantee that is where we will be going.
Gee, under Bush we had both wars (Iraq & Afghanistan) AND the Bush Tax Cuts, yet his average Deficit for his 8 years (2001-2008) was only $251 Billion per year.
So, by that measure, 8 years X $250B = $2T in debt increase over Bush's 2 terms!
BZZZZT! Wrong! Bush racked up over $5T in debt increase over his two terms. Just go to any of the government sites that track national debt and look at the numbers from 2001-2009. How did he do this? Well, the spending for two wars, much Homeland Security spending and a whole buncha Republican pork was never put on the budget under Bush. They were all funded with Emergency Spending Measures.
So, although budget deficits only showed $250B per year, Bush and his Republican cronies spent one helluva lot more than that!
Another Obama catastrophe. "Oh no! I've spent 3 & 1/2 years with the left over Bush burden -- reelect me and I'll blame Bush for another 4 years. I'm perfect. Nothing is my fault. A couple of trillion today, a couple tomorrow, it's all Bush's fault as will be a few trillion here and a few there each year if I'm reelected. God Save America".
And the Dems just voted today for another $109 BILLION in stimulus spending to continue masking the true state of the economy through election day:
Senate passes $109 billion transportation bill
"A $109 billion transportation bill won approval Wednesday from the Senate but still faces likely political wrangling in the House....Senate Majority Leader Harry Reid, D-Nevada, hailed the measure as a jobs bill and urged the Republican-led House to quickly pass it."
http://www.cnn.com/2012/03/14/politics/senate-transporation-bill/index.html
Americans, you are officially nothing more than a piggybank for Dems to use purchasing political power. Your future means nothing and is worth less than a political seat today.
P.S.
How many billions are going into Buffets railroads? hasn't he spewed enough propaganda to get his paycheck?
74-22 Senate vote...
I think Mitch McConnell has setup Boner again...
Time to make boner look like a fool again in front of the whole country.
funny how no one here is talking about the IDIOTS that pass laws and don't have any idea of cost or effect.
We need to find out what state Bo-1925019 hails from, since they don't seem to be doing well in math. Somehow the Bush 1 trillion dollar tax cut over 10 years equates to 500 Billion per year. That would be a 5 trillion dollar tax cut Bo and not the 1 trillion it was. The worst deficit of the Bush administration was 460 billion, and that included his tax cuts and two wars. So how come it didn't stay at 460 billion under Obama? Wait I get it, Obama more then doubled the deficit with increased spending all of his own doing. It must be really easy to get an 'A' at a liberal college when obviously nothing has to make sense.
Re-Elect Obama 2012 "Republicans refused to pay for the payroll tax cut with a tax on millionaires, so they are also responsible for the extra $100B added to the deficit this year"
So you think the government should just keep spending more and more, and make the 'rich' pay for everything?
What happens when there are no more 'rich' to pay for it, and they decide it's not worth the risk to continue to create jobs and hire people?
You could confiscate ALL of their income, and we would still have big deficits under Obama's spending plans.
The only sensible course is a combination of tax increases AND spending cuts.
The rich are paying for everything??? HA! They don't even pay their fair share in taxes. Romney wants to lower their taxes even more, and lower every ones taxes. HOW can you expect to balance the budget with fewer taxes. Cut spending on everything. And who gets to pay for all this cutting and less taxes?NOT the rich they paid to much already. And jobs, where are the jobs, can't hire more people to many regulations now.
Pray tell, what is their 'fair share'?
Who would have thought that being successful in this country would become a curse?
Dont use credit, dont buy things you DONT need, save your money, invest.
Hell, Dave Ramsey for President 2012 or ABO 2012! Get the progressives OUT!
Are you freaking serious?!!! WOW!! This is coming from ROY??
Are you in danger of agreeing with the president?
I love Romney, "If Obama is elected Iran will have a bomb", and then he goes along that he wouldn't rule out military force and enforce sanctions.....WHICH IS THE SAME THING OBAMA IS DOING !!!
And he gets thunderous applause....... (rolls eyes).
Iran will have a bomb because Obama is refusing to agree with Isreal's desire to destroy their nuke facilities.
When you rule out another country's military force you certainly aren't seriously considering using your own. Iran knows they have free reign until November, they know B.O. will not risk his personal political power to stop them from reaching world-destroying capabilities.
How old are you man?? Iran has been trying to get a nuclear weapon for the last 30 years and suddenly in less than 7 months you think they are going to get it?? Dude chill the f@#$ down!!!
""world-destroying capabilities"" Calm down man!!
alex cali
This President is so completely corrupt, examples, government bailouts for his political supporters (Solyndra, General Motors, and Unions for a few examples), hires a czar who then outsources his companies jobs to China, fails to address government waste, refuses to listen to a bi-partisan commission that he appointed on how to address the fiscal mess.
http://articles.latimes.com/2011/nov/01/news/la-pn-super-committee-20111101
http://www.whiteoutpress.com/articles/wach/jobs-czar-sends-american-jobs-to-china571/
Obama speaks nothing but lies, promoting class warfares.
http://thewesternexperience.com/2011/08/20/will-increasing-taxes-on-the-wealthy-affect-the-debt-and-deficit/
When 50% of Americans do not contribute income to the Federal Debt or Deficit, America has a problem.
http://blog.heritage.org/2012/02/19/chart-of-the-week-nearly-half-of-all-americans-dont-pay-income-taxes/
When Americans are conditioned to ignore a Federal Debt and Deficit of over ONE TRILLION PLUS PER YEAR under this Administration, America has a problem.
http://www.huffingtonpost.com/2011/11/16/congress-government-accountability-office_n_1096200.html
http://www.cagw.org/newsroom/waste-watcher/2011/April/more-than-it-mends.html
http://www.whatthefolly.com/2011/11/14/simple-answers-but-difficult-choices-facing-super-committee/
When Social Security runs out of "payers" in 2015, America has a problem.
http://www.factcheck.org/2011/02/democrats-deny-social-securitys-red-ink/
When Congress has a 10% approval rating, and a President that does not know how to lead or compromise, but would rather promote a healthcare agenda that can not be paid for, America has a problem.
Obama is a social worker that has no idea how to address the Federal Budget, Debt and Deficit, Foreign Policy, America has a problem! Enough with this experiment. Next!
Well in the next six months we will have something done about it I'm pretty sure.
The rational minds can only hope that this failed 'social experiment' ends in November.
ABO 2012!
It was a failed neocon experiment that got us here. Obama is just fixing it. Now Republicans don't have a plan as all candidates on that end have tax plans that RAISE THE DEFICIT.
LOL @ Eric -
A 'neo-con' that was re-elected. How do you explain that?
Yes, and see what happened when Bush was re-elected.
Spending money we don't have for stuff we don't need.
Your right. We don't need wars in godforsaken countries, Medicare Part D, or the Bush tax cuts. Unfortunately, thanks to the GOP they were put in place and we went bankrupt. I assure you that if we elect the GOP in 2012, they will bankrupt this nation. GUARANTEED. Check out their tax plans and come back to me.
OBAMA BIDEN 2012
Freshieee - Your indignation doesn't make any sense. How could you deny Medicare Part D to the seniors and the indigent while saying absolutely nothing about welfare and food stamps? Your rant is a bit uneven. Seems you want to focus all your angst and hatred towards republicans while ignoring the entitlement programs the democrats have put into place... and are growing them. What say you?
Welfare and food stamps are a MUST. Personally, I'm not sure whether Medicare Part D is effective for helping seniors. If it is, I'd raise taxes to cover the cost. If not, then I'd repeal it.
As for welfare (food stamps are part of it), they are necessary to help the economy. And besides, the spending on Medicare Part D is FAR more expensive than domestic spending. Welfare is a part of discretionary spending, which is only a minority of the budget. And the ONLY reason why they are growing (or were growing) was because of the recession, which has since ended. Unfortunately, people are still using them because times are tough. I am not raging against entitlements; only unfunded ones.
FWI: I am not in favor of repealing current entitlements. Just reform (not privatize) them.
OBAMA BIDEN 2012
Freshieee- Yes Medicare D is extremely effective for helping seniors. Thankfully, Obama addressed the "donut hole." I know first hand working extensively with that population, and saw too many seniors fall through the cracks and go without essential meds.
Problem is, Bush got us so tied up in unnecessary wars and had to bankrupt critically needed help to our own elderly citizens.
A society/nation is reasonably judged by how it treats the needs of its elderly and children.
At least Obama is trying to get back on track despite the vitriolic lies and obstructionism.
And definitely agree about not privatizing the programs. Just a another greedy middleman taking tax payer money. I am all for capitalism, especially start up companies, but it is sickening Big Pharma and the HMOs have a stranglehold on health care. They do not have any interest in the well being of US citizens, just bonuses and and how they tout their earnings for shareholders. Make a decent profit....fine. R&D costs money. But for once I wish they would put true patriotism first before they get their outrageous $ on the backs of sick,young, middle aged, and elderly.
Unpopular opinion. Fine. I am old and experienced enough to take the unprecedented vitriol.
The republican plan has always been to reduce revenues via tax cuts and go into deficit spending to have a financial crisis by which to cut entitlements.
It's called "starve the beast". http://en.wikipedia.org/wiki/Starve_the_beast
How could you deny Medicare Part D to the seniors and the indigent while saying absolutely nothing about welfare and food stamps?
Only like 12% of entitlement spending goes to the poor. The rest goes to senior citizens. The majority of federal expenditures are entitlement programs aimed at the elderly (social security, medicare).
And the Dems just voted today for another $109 BILLION in stimulus spending to continue masking the true state of the economy through election day:
Senate passes $109 billion transportation bill
"A $109 billion transportation bill won approval Wednesday from the Senate but still faces likely political wrangling in the House....Senate Majority Leader Harry Reid, D-Nevada, hailed the measure as a jobs bill and urged the Republican-led House to quickly pass it."
http://www.cnn.com/2012/03/14/politics/senate-transporation-bill/index.html
Americans, you are officially nothing more than a piggybank for Dems to use purchasing political power. Your future means nothing and is worth less than a political seat today.
P.S.
How many billions are going into Buffets railroads? hasn't he spewed enough propaganda to get his paycheck?
One interesting statement came out of the CBO today,,, All of Obama's billions of $ spent on Green Technologies like Solyndra, Sun Power, Abound Solyndra,,, Battery Plants that are now closed,,, produced 3000 jobs,, some of which are no longer there... but the interesting part is the CBO stated that 20% of all new jobs were created by Oil and Natural Gas companies over drilling and processing,, NOW LIBERALS,, this is a Total Indictment of Obama and his agenda,, DEFEND OBAMA at your own risk,, and when I say your own risk,, I am saying Obama will destroy you too,,,
What was Obama's experience in Private Industry beside being the attorney for Acorn ??????
Record High Gas Prices, Foreclosures Raging, $ 4 Trillion in new Debt and Unemployment over the 8% Obama promised we would not see,,,, His Afghan military policy in shambles,, He gave Iraq to Iran,, he claims 4 million of new jobs creation ,, but there are 4. 2 million fewer people working than the day he took over,,
Obama is a Train Wreck,, he is killing our economy, killing the future for college students,, wrecking Health Care, attacking states that oppose him ,, now he focuses on rigging the elections by harrassing Alabama, Georgia, Texas and any state that he knows opposes him,, and he will lose all of these in court,, the Surpreme Court has already ruled more than once that the States have the power to set the election requirements in their States,, Holder is a clown , a politician not an Attorney General,,
The Liberals are eating all the stupid chow that Obama and the Dem Progressives keep feeding them and they look incredibly stupid defending Obama.
Now Obama is plunging in the polls with women who are NOT buying the " War on Women ",, which is total bs.
Occupy Wall STreet has disappeared after being started and funded by the Democrats,,
Each day I am amazed at the stupidity of the Obama Administration and the incredible lies they spin because they think Americans are so stupid they will believe anything Obama says,, but only the Liberal Progressives are that stupid !
Look how successful the stimulus bill was. Before the bill was passed, Obama's administration produced a report that predicted unemployment versus time assuming that the bill was passed and assuming that the bill was not passed. According to the report, unemployment has been only a little worse than if the stimulus bill were never passed. Only a little worse. I think that we can thank private enterprise for the unemployment situation not becoming any worse than it already is. We should be thankful that we have a President that is against deficit spending. The federal deficit for 2008 was 458.55 billion dollars and the President vowed to cut it in half by the end of his first administration. 2012 is the last full year of Obama's first administration so for the President to keep his promise, the 2012 federal deficit must not exceed 229.27 billion dollars. I can understand the deficit ballooning in 2009 because of bail outs. the stimulus "spending bill", and the rapid increase in unemployment but what about the huge annual deficits since 2009. Where has all of the money been going?
ARRA didnt get spent in 2009 ONLY 187 billion got spent in 2009. it will happen over ten years. The reason the deficit is so high in 2009 and its coming down slowly is because of REVENUES.. Almost 600 billion lost in 2008. Th rest of the money is going for wars, medicare part D, and unemployment benefits.
Record high gas prices came under Bush. We are not there yet.
4 trillion new debt... Bush left a 1.42 trillion deficit, mostly because of the almost 600 billion lost in revenue in 2008. How would you erase such a high deficit without hurting the economy?
Show us a direct quote of Obama saying the unemployment wouldn't rise over 8%??? It was a report written by one of the staff before Obama even took office. The 787 billion stimulus was shorter than the one the report was basing the 8% unemployment. This has been debunked many times.
Iran Iraq??? who cares.
Its not a claim its a fact. plus he never mentions that more than 500,000 government jobs have been eliminated.
4.2 million people not working?? I haven't looked at this claim but im pretty sure you can show me some links??
alexcali.."Show us a direct quote of Obama saying the unemployment wouldn't rise over 8%??"
us?? you got a turd in your pocket.? along with your fuzzy math?
you must have a cheat sheet with media matters talking points..
ABO 2012
Alright, ron. How 'bout you put your money where your mouth is and show us the damn link. And don't give me some BS faux news one; give us one from a RELIABLE source.
Oh and alex cali has been around for a while. I know. Plus I can guarantee that his math is correct. We lost hundreds of billions in lower revenues and higher expenses because of the recession; add that on top of approximately $200-300 billion from the Bush tax cuts, and you have over a trillion dollars. Come on, ron. Play the man. We shall this day light such a candle, by God's grace, in all of America, as I trust shall never be put out. Light your candle. Until then, your facts are as credible as the devil's.
OBAMA BIDEN 2012
US?? What?
My fuzzy math? in post 1.18 i have a direct link to my claims.
Freshieee, i guess we are still waiting for that link from Ron...............
Alex -
How about this? Is the economy not the result of the massively wasteful stimulus?
Obama - "This is Obama's Economy? That's Fine. Give It To Me."
http://www.youtube.com/watch?v=7Wq2y5OdQw8
Now show us the video of when "Obama got Osama" or how about from when he rescued Somali pirate hostages. Or how about an exact link to a witness who saw him do it?
Noooo!!!! the economy is not the result of a wasteful stimulus spending..
The economy is the result of an idea that somehow if the ones on the top get to have all these tax breaks and loopholes that somehow the money will trickle down into the rest of us. It is a failed idea and for the last 3 decades the rich have bombarded us with propaganda saying that the "next" tax break was going to rescue the country. Thirty years later we have falling infrastructure, failing schools, rampant joblessness, broken social programs, etc.. And the only thing that's changed is millionaires became billionaires.
So what if he said that????? Thats all you got? You people seem to forget what happened in 2008??? We almost had a financial breakdown of massive proportions... It will take years to recover from it. Thats why i believe you people will loose bad in November... because you guys are planning to go back to the same failed policies that got us into this mess. And i believe our president will use this to hes advantage. Look at who is your top nominee? a guy who hid money in foreign bank accounts to keep from paying hes fair share. One thing i cant wait for is the debates between Obama and Romney. Our president will destroy Romney on the economic side, on social issues it might be 50/50... but who cares about social issues right now? all we care about is the economy. and despite all the rights talking points it is getting better.
alex cali
What country do you live in? "all we care about is the economy. and despite all the rights talking points it is getting better"
Let me help you out a little, care to address these
http://bottomline.msnbc.msn.com/_news/2012/03/09/10626408-5-states-drowning-in-underwater-mortgages
record foreclosures, with millions more foreclosures in line, states that can not make their state budgets, due to the loss in state taxes due to the foreclosure/housing mess, cities cutting government employees contracts because those contracts can not be met, (or the city will go bankrupt) gas/oil on the rise due to Obama's economic and foreign policies, food and heating costs on the rise with no stop in sight, due to Obama's economic and foreign policies.
Obama's approval rating just hit a new low, 41% disapprove. Independents are moving towards Romney, and if the election were held today, Romney would win!
http://www.cbsnews.com/8301-503544_162-57395703-503544/poll-obamas-approval-rating-sinks-to-new-low/
Government has grown too big, too many rely on government to survive. Government gets their money from the PRIVATE SECTOR, not the other way around. Cut, Cap, Balance!
Obama one and done, enough of the social workers experiment!
The same poll 41% disapprove but 51% approve...
What do you think our socialist president tell the banks to do to stop foreclosures? Didn't Romney say "let it hit bottom"?
Independents are moving towards Romney, and if the election were held today, Romney would win!
In one poll man!!! relax!
alex cali
Typical Lib, lacking reader comprehension!
Just 41 percent of Americans approve of the job Mr. Obama is doing as president,
according to the poll, conducted from March 7 to 11. Another 47 percent
disapprove of his performance, up from 41 percent last month.
well alex lost some cred on that exchange.
I meant overall a 51% approval... you're right i used a bad choice of words there.
alex cali
Alex, you failed to address these "little problems" addressing the "Obama solutions", quanatative easing is what the FED and Obama called it. (rewarding the crooks who caused this fiscal mess)
Let me help you out a little, care to address these
http://bottomline.msnbc.msn.com/_news/2012/03/09/10626408-5-states-drowning-in-underwater-mortgages
record foreclosures, with millions more foreclosures in line, states that can not make their state budgets, due to the loss in state taxes due to the foreclosure/housing mess, cities cutting government employees contracts because those contracts can not be met, (or the city will go bankrupt) gas/oil on the rise due to Obama's economic and foreign policies, food and heating costs on the rise with no stop in sight, due to Obama's economic and foreign policies.
Note the headlines today regarding New York cutting future pensions for state workers (which will soon read, cutting those NOW COLLECTING)
Government has grown too big, too many rely on government to survive.
Government gets their money from the PRIVATE SECTOR, not the other way around. Cut, Cap, Balance!
Enough of this "social worker" experiment as President, next! (and I am not a huge fan of Romney)
Neither Political Party is addressing the issues for America to surive long term.
But pray tell, where are ALL the Trillions of dollars going??? In peoples pockets? In someones bank account? Overseas?? Money going to SS, Medicare, Health insurances, pay for wars, buying gas, etc.. BUT WHERE IS THE MONEY???People buying things, spending money on food, clothes, gas. SOME ONE HAS TO HAVE THE MONEY IT JUST DOESN'T DISAPPEAR.
Just look at our huge trade deficit and that will account where a lot of the money has been going.
How can this be? Our President is against deficit spending. Without conditions, the President promised that the 2012 federal deficit would not exceed 229.27 billion dollars and he always keeps his promises for after all, he is the President. Gitmo is still closed is it not? I estimate that the 1.2 trillion dollars will end up costing the tax payers more than 10 trillion dollars to pay it all back in 170 years. I guess that using both sides of a piece of paper rather than just one side is not saving enough money to solve all of our debt problems. The President needs to tell the American people how he is going to keep his promise.
The President needs to be reminded of some words of wisdom that were spoken back in March of 2006. The words were as true then as they are today.
"The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the US Government cannot pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies. Increasing America 's debt weakens us domestically and internationally. Leadership means that, "the buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better."
~ Senator Barack H. Obama, March 2006
Don't get pissed at the President. Get mad at businesses for not hiring. Deficit spending occurs most when the private sector sits on their hands.
Second. Where's Bush's burn down the house debt? You can't burn down the house and expect to pay for a re-building job with cheaper dollars.
Bush's debt is going to cost the country more in the long run.
Spending under Obama is actually less than under Bush. It really is.
The added debt is from a massive drop in revenue.
Jon: Check your facts:
http://zfacts.com/p/318.html
http://www.tableausoftware.com/public/gallery/spending-president
http://en.wikipedia.org/wiki/National_debt_by_U.S._presidential_terms
For graphics:
http://www.google.com/search?q=spending+by+presidents&hl=en&client=firefox-a&hs=JLC&rls=org.mozilla:en-US:official&prmd=imvns&tbm=isch&tbo=u&source=univ&sa=X&ei=er9gT9GWIqHE0AG2noGVBw&ved=0CHUQsAQ&biw=1920&bih=934
Robo99,
You have it backwards. The beginning of debt is bad but the adding on of debt compounds the issue. It makes it more difficult to resolve. It's the numbers. The higher they go, the harder bringing them down so a country doesn't eventually enter the 3rd world arena.
We're quickly on our way ir-regardless of the responsible parties. A 3rd world country with nukes.
And the spending spree continues.... Dems just voted today for another $109 BILLION in stimulus spending to continue masking the true state of the economy through election day:
Senate passes $109 billion transportation bill
"A $109 billion transportation bill won approval Wednesday from the Senate but still faces likely political wrangling in the House....Senate Majority Leader Harry Reid, D-Nevada, hailed the measure as a jobs bill and urged the Republican-led House to quickly pass it."
http://www.cnn.com/2012/03/14/politics/senate-transporation-bill/index.html
Americans, you are officially nothing more than a piggybank for Dems to use purchasing political power. Your future and the country's future means nothing and is worth less than a political seat today.
P.S.
How many billions are going into Buffets railroads? hasn't he spewed enough propaganda to get his paycheck?
Mississippi and Alabama and your dog's rear end
These are Louisiana are the most hypocritical of all the states
They hate the federal government but don't mess with their federal funds and the net gain they make from federal taxation.
See the movie "my cousin vinny."
You guys crack me up! Love your use of movies as facts. No wonder you are so misinformed on issues.
Hollywood creates movies like "my Cousin Vinny" in their effort to destroy and under-mind.
We all have to live together in this world so why not stop bickering. Pull together and take your opinions on how to deal with the deficit and forward them to the candidate of your choice or the present president. We all live it, work it and breathe it on a daily basis and sometimes it takes 'US' to help other people see.
Will Hass;
As far as the deficit is concerned, last summer President Obama and House Speaker Boehner were first working on a roughly $3 or $4 trillion deficit reduction deal - $2 or $3 trillion in cuts over 10 years and just $1 trillion in new taxes. Everyone would have contributed, untilt he Tea Party said "No new Taxes" and the deal fell apart. Dont blame the President for failing to offer solutions, blame Republicans and the Tea Party for failing to listen to them and work for the good of American. The Tea Party's goal is to choke the federal government to death, even if they kill our country in the process. Sad, but true.
Yeah lets give the libaturds more money to pass out to their friends and supporters.
There is plenty more money where that came from.
Go Obama! Spend! Spend! Spend! This joker is the worst possible choice for a president. Apparently community organizers just waste money...
Lets see which party is responsible for our national debt: http://tinyurl.com/3rdeaac
Lets see under which party the economy does better under…. http://tinyurl.com/3q87g9
Which party was in power in the White House when these occurred?
THE GREAT DEPRESSION 1929 (stock market crash led to Depression)
BLACK FRIDAY 1987 (stock market crash led to Recession)
THE GREAT RECESSION 2007 (stock market crash led to Recession)
(hint: GOP)
Hint..... getting your facts from Rachel again. Who repealed Glass-Stegall? (Hint Bill Clinton). Who defended CDO'S and CBOs as instruments to make the market safer and who attacked ant dissent (Hint Clinton Treasury Secretary Larry Summers who is now Obama's Economics Adviser)? Who defend Fannie Mae and Freddie MAC from auditors and shot down all repeal legislation (Hint Maxine Waters, Barney Frank and Shirley Jackson Lee all Democrats.)? Who made millions while running Fannie Mae into the ground (Hint: Franklin Raines.. now Obama's Number 2 Economics Adviser?
Only liberals thank their Master for their slavery.
All of these were under a democratic Congress.
Correction: the repeal of Glass Steagall occurred under a Republican Congress. Check the facts.
Lets keep spending and buying votes. That is what America needs.
A vote for your buddy will equal that.
Anyone but O
What should concern us all is that neither party has a strategic plan to address the deficit.
Our total debt in this country including Federal Government is $57 trillion.
And none of our so-called leaders have the balls to address that fact.
They all talk and talk but none of them propose any meaningful solutions because to do so would eliminate their chances of being re-elected.
Alan
At first I thought your number was high, but with credit card debt before Christmas at $13.2 trillion, the National debt at a little over $15.4 Trillion, with student loan debt reaching $1 trillion than combine it with all the other debt Americans have, I believe your figure of $57 trillion might be low. What is the Mortgage debt amount?
"annual deficits would average more than $1 trillion a year over the coming decade and would, economists says, eventually spark an economic crisis."
We pay these morons at the CBO, you got to be kidding. We been in a debt crises since Obama created one at the beginning of August, 2011. How many stories have we read where Obama has gone before Congress to get the debt ceiling raised so he could keep his government operating, continue with his uncontrolled spending and attempt to buy his reelection with money he doesn't have.
When Obama took office each families share of the national debt was $45,000.00. In only 2,75 years when Obama's debt crises began, he had grown each families share of the National debt to $122,303.00. That's an average increase to the national debt of $3,821.97/month. Its been seven months since the Obama debt crises began which adds another $26,753.78 to each families share of the National debt.
You don't need half a brain to know what that is doing to our economy, its destroying it.
Why would any American let a man do this to his family?
If you think Obama or democrats alone are responsible, you've been asleep for the last 30 years.
Same if you think republicans alone are responsible.
Mark Thomas
Are you a moron? Who the hell cares about the past or who is responsible. Its happening today and it Obama's responsibility as president to make it better, not worse. That is what he was elected to do.
He was even given democratic control over Congress to make it better and still failed.
Tax reform is major issues in this years campaign for Obama's reelection is it not? Well, he made it a major issue in his first campaign didn't he?
So answer this one question. When Obama could have passed and signed into law tax reform as easily as he passed the Affordable Heath Care Act, why didn't he propose tax reform to congress. If fact, not a word about tax reform was spoken when he had the power to implement it.
Once he lost the power with the republicans getting majority control over the House, Obama started to squealing like a stuck pig about tax reform and how the republicans were blocking him from getting it passed.
Its time for Americans to start to thinking like an adult.
That's the attitude. Scream and yell.
You're no different than the coward politicans who got us into this mess. They too are best at blaming each other for their own mistakes.
Read some hisotry, you may learn something. I could cite chapter and verse why both parties are to blame but I doubt it would make any diference to you.
maybe some of the problem is no hope from lack of change. next....
Simply put, revenues need to be raised and spending needs to be cut. The payroll tax cut is a terrible idea - this is the only means that many pay a nickel in federal taxes. We need to steeply increase the payroll tax and raise federal income taxes on the low to middle income folks who currently don't pay anything. This cannot be a country where public services, welfare, etc., are paid nearly entirely by less than 1% of the population.
Regarding taxes in general, I believe that when considering the totality of all taxes paid (income [federal, state], local, sales, capital gains, etc), everyone should roughly pay the same effective rate. We have millions of lucky duckies who can afford to pay federal income taxes but scandalously do not!
Putting the burden solely on the middle class won't fly. The middle class would pony up I think if the rich would as well, but not unless that happens.
Bottom line, a lot of things have to change in a big, big way, which of course won't happen.
The time has come when tax reform, real tax reform is needed. No more BS in the tax code. A simple graduated flat tax based on income. No more exemptions, deductions etc.
You make so much, you pay so much.
Then you go over every program, agency in the federal government and start eliminating the pork barrel, ear marks and other fluff that is drowning this country in debt.
Do we really need to be funding art and cultural programs in foreign countries?
That is what this country needs to be done, but we don't have a leader who is willing to say it.
With 46% of all Americans living in or at the edge of poverty and it getting worse, its no wonder we are becoming a 3rd world nation.
Yep. That family of 4 making 50,000 a year getting money back from the IRS is a shame. What is their 'Fair Share'?
As a libertarian, I think I can safely say that you cannot possibly be a libertarian if you advocate higher taxes.
Slodon
A family of 4 making $50,000.00 a year shouldn't have a tax rate withdrawling money from their salaries each pay period that's so high that they get money back from the IRS. Do you have any idea how much it costs the taxpayers each years to issue all the refunds?
Wouldn't a lower tax that gives that family more take home pay every pay period be better for the family than having the government hold that money for a year. Hell, if they want the government to hold their money, then why not give them more so they could buy US Saving Bonds and at least get some interest on it.
You people amazing me with your lack of ability to think like an adult.
Larry
I'm not any of the above. I'm an American who is sick of seeing our country being turned into a 3rd world nation by people who have lost the ability to think like mature adults.
what happened-
I didn't address any comments to you. I was responding to the poster who has the name libertarian2011
I'm not trying to offed anyone but get them thinking about how divided our citizens have become and what the politicians are doing to our country.
We need a leader like Martin Luther King to come forward to unite us as one people and lead peaceful protests at all levels against what both the democratic and Republican parties are doing to this country in their quest to gain power at the expense of of freedoms and liberties that the Constitution afford us.
They are turning this country into a 3rd world nation because they have successfully divided the people of this country. They have been passing laws that strip us of our Constitutional Protection and there hasn't been one word or action of protest about it.
SAD, for soon we will be mourning the loss of our country.
I'm am definitely mostly libertarian-minded but am pragmatic politically. The pie-in-the-sky notions of "anti-tax" are not realistic. In general, I support much lower spending and minimalist government involvement in most things. Our debt is so high and our fundamentals so out of whack (nearly all the tax burden is shouldered by a few folks) that reforming our current system (instead of nearly zero chance of just tossing it completely out) is the realistic course I think. Very liberal socially, capitalism-loving, but I also support government-funded science and education (two major exceptions). A single 'pure' philosophy is doomed to fail given the complexities of mapping action to the wildly diverse political, economic, and cultural ecosystems that exist in our society, and our current culture itself is a mixture of aspects of Aristotelian virtue thinking (religious folks for example), utilitarianism (many liberals), and libertarianism. I favor a mix of the three, say 80% libertarianism, 10% virtue, and 10% utilitarian.
Deficit and debt are 2 separate items. No matter how much we want to blame Bush (and yes he deserves a lot of blame for a lot of stuff), this is a hard one to push on anybody not in power (President & Congress) since 2009. Article says this is the 4th straight year we ran a deficit. Deficit = took in less than we spend. Current President came to office in Jan 09 - the first year of 4 consecutive years of spending more than we took in. He, along with Congress, are responsible for the last 4 years of spending more than we took in. The "Bush made me do it" excuse is wearing thin.
John
This report is telling us its time to end the blame game and deal with the realities of today. Everyone knows what this country needs to do to end the situation where our country is being turned into a 3rd world nation, but most American aren't mature adults willing to do what is needed to right this country.
Both the Democratic and Republican party are showing us they no longer function for the people or the good of the country with their struggle to gain or keep power. They are both willing to put this country at risk to obtain that power.
That is what is going on in this country today with the people allowing them to strip us of our Constitutional protections from right under our own noses because we are a divided people.
I'm not telling people to wake up, I'm telling people to grow up and start thinking like mature adults.
This chart says it all. Data compiled from US Government figures.
Irony... Obama promises all this extra spending and deficit will give everyone a "fair" opportunity, of course with some exceptions.
1) if you continuously fail at your opportunities, don't worry because the Obama government will prop you up with free health-care and food stamps indefinitely until you die or more unlikely, you get the gumption to make something of yourself to pay your own taxes and bills.
2) If you are too successful with your opportunity and actually become rich, then you will shamed by Obama and society for being too successful and your wealth will be taxed more than anyone else's. Success is not an option! You must remain average or government dependant!
I agree. Its such a bummer that being successful in this country has become a curse. The poor liberals would just as soon string you up by your toes and take your money for even thinking of becoming part of the *gasp* 1%.
Who would have thought we would see the day when a U.S. president willingly spent his nation's future and cursed productive members of society all to secure his own power by pandering to the unwashed masses grasping for "free" handouts? It must not be a big deal when you know you have the money to send your own children to another country when it all collapses.
Yo you "Bush Tax Cuts increased the deficit crap"-
IRS Documented Revenue to the Federal Govt: source www.usgovermentrevenue.com
FY2001 - $1.991 Trillion - (2001 Surplus - $128 billion) -
FY2002 - $1.853 Trillion - (2002 Deficit - $165 billion) -
FY2003 - $1.782 Trillion - (2003 Deficit - $377 billion) -
FY2004 - $1.880 Trillion - (2004 Deficit - $412 billion)
FY2005 - $2.153 Trillion - (2005 Deficit - $312 billion)
FY2006 - $2.406 Trillion - (2006 Deficit - $248 billion)
FY2007 - $2.568 Trillion - (2007 Deficit - $160 billion)
FY2008 - $2.524 Trillion - (2008 Deficit - $458 billion) - First Year of Congressional Democrat's "Budget"
FY2009 - $2.105 Trllion - (2009 Deficit - $1.412 Trillion) - Obama's First Year (He was Senator befor)
FY2010 - $2.162 Trillion - (2010 Deficit - $1.294 Trillion)
FY2011 - $2.302 Trillion - (2011 Deficit - $1.299 Trillion)
So, for those of you challenged with numbers, the revenue to the federal government went up AFTER the Bush tax cuts and the economy was doing well. Once the housing bust, caused primarily by government intervention and greed (by the people that couldn't afford the loans they agreed to pay back as well as bankers...and both got bailed out), the revenues decreased.
So, stop saying the Bush tax cuts caused the deficit. His spending caused the deficit (and Obama has his foot on the throttle), not the tax cuts...
The Bush tax cuts were most certainly part of the problem, as were the two discretionary wars and expansion of Medicare under Bush. That the economy grew as baby boomers hit their peak earning years doesn't mean that the Bush tax cuts had any affect approximating the cost to the deficit.
Taxes were higher under Clinton and the economy was doing just fine.
BTW, aside from the Stimulus, which likely avoided even greater pain to the economy and tax receipts, Obama has implemented no policies that so far have materially affected the deficit.
Paul, you don't get it. Bush did not spend a dime in 2010, 2011, or 2012. President submits a budget, Congress approves and appropriates. Congress controls the purse strings, they determine what to take in and what to spend it on. Blame him all you want, but Bush hasn't been in that loop in a while.
Hey Mark-
Did you enjoy the extra money in your paycheck after the Bush tax cuts? If you were that worried about the deficit, why didn't you send in more money?
I love it that you cherry-pick items such as the Baby Boomers reach their peak earning years? For only 3 years? I don't recall salaries going up that fast? I just know everyone was working. Pretty nice way to analyze the data. Bush had 9-11...remember that? The impact on the economy was huge. I fley a lot and no one, I mean no one travelled for a good year after that. Major hit.
BTW, to counter your argument, what has Obama done to reduce spending, other than offer up a budget that increased the debt by about $15 trillion and was shot down 97-0. About the ONLY thing the Senate has fully agreed with in it's entire history was the absurdity of the Obama FY2011 budget last year....and you still defend the bafoon....
John-
I think you meant to call out Mark. I'm not blaming Bush for anything per se. You are correct though. Congress controls the purse springs. My only point was after the tax cuts, revenues to the feds actually increased. Once the Dems took over Congress and the housing bubble burst, they were too stupid to reduce spending commesurate with revenues...
But, at least any proposed Bush budget never got only goose eggs from the Senate...
Paul. we all love more money.
That being said, why would anyone send back their tax cut when the remaining 100m working people don't?
Not cherry picking, just providing examples of why tax receipts increased in spite of tax rate cuts.
Don't get me wrong, democrats are just as bad. But republicans are certainly no better. AS gingrich said last year, democrats tax and spend, republicans just spend. On that, he was right.
Actually, the best solution is to make the management of each government agency somewhat accountable for their spending. If you actually work with the federal government, each agency wastes so much money it's sick. It's the baseline budgeting that basically adds 7.5% to whatever was spent the year before. So, there is incentive for budget directors and governement management to actually spend money they don't have to so they get their budget for the next year. That happens in the private sector, and the company goes out of business. Government does it and they just tax us more...just plain stupid. But, you are right...everyone's fault. That's what's nice about the Tea Party...actually want to cut spending...
Paul T party is correct that spending must be cut, but we cannot cut spending enough to solve the deficit. Taxes must be increased, or at least returned to where they were 10 years ago.
Google "Bush Speech in Atlanta, June 2002." The Bush Administration pushed the housing bubble to "stimulate" the economy, rather than ask for the repeal of their earlier tax cuts, following 9/11.
The original 2001 tax cuts were predicated on government surpluses, which as the figures show, were never achieved.
No one in their right mind, cuts taxes and then takes the country to war. If the war is a necessity, you raise taxes to fight the war.
And the spending spree continues.... Dems just voted today for another $109 BILLION in stimulus spending to continue masking the true state of the economy through election day:
Senate passes $109 billion transportation bill
"A $109 billion transportation bill won approval Wednesday from the Senate but still faces likely political wrangling in the House....Senate Majority Leader Harry Reid, D-Nevada, hailed the measure as a jobs bill and urged the Republican-led House to quickly pass it."
http://www.cnn.com/2012/03/14/politics/senate-transporation-bill/index.html
Americans, you are officially nothing more than a piggybank for Dems to use purchasing political power. Your future and the country's future means nothing and is worth less than a political seat today.
P.S.
How many billions are going into Buffets railroads? hasn't he spewed enough propaganda to get his paycheck?