Obama Doesn't Have a Clue

[Meister]

CBO estimates Obama 2013 budget will hit economic growth:

The nonpartisan Congressional Budget Office said Friday that President Obama’s 2013 budget will hurt the economy in the long term, arguing the larger deficits it would produce would reduce the amount of capital available to businesses.

After five years, the CBO says, the Obama proposals would reduce economic output by between 0.5 percent and 2.2 percent. The new CBO report complements a March estimate that Obama’s budget would add $3.5 trillion to deficits over 10 years compared to current law. That report did not try to capture any effects on economic growth.

The White House, using a different baseline than CBO, has claimed its budget would reduce deficits by $3.2 trillion over 10 years.
CBO estimates Obama 2013 budget will hit economic growth - The Hill's On The Money

Anyone see this coming?

 

[toomuchtime_]

The nonpartisan Congressional Budget Office said Friday that President Obama’s 2013 budget will hurt the economy in the long term, arguing the larger deficits it would produce would reduce the amount of capital available to businesses.

After five years, the CBO says, the Obama proposals would reduce economic output by between 0.5 percent and 2.2 percent.

Larger deficits caused by the budget would cause the government to issue more bonds, sucking up private capital to finance its debts and thereby reducing the funds businesses could use to expand and hire, the CBO said. An increased tax on capital gains included in the president's plan would also tend to reduce private capital, it says.

The 2013 Obama budget proposes continuing the Bush tax rates for the middle class and enacting elements of a short-term Jobs Act stimulus. In the near term, actions such as these could increase growth by as much as 1.4 percent, CBO says.

The new CBO report complements a March estimate that Obama’s budget would add $3.5 trillion to deficits over 10 years compared to current law. That report did not try to capture any effects on economic growth.

The White House, using a different baseline than CBO, has claimed its budget would reduce deficits by $3.2 trillion over 10 years.

Taking economic effects into account, Obama’s budget could add as much as $3.9 trillion in deficits by 2022, CBO estimates. Slower economic growth tends to increase deficits by reducing tax collection and increasing spending on items like unemployment insurance.

CBO estimates Obama 2013 budget will hit economic growth - The Hill's On The Money

The choice is clear: four more years of Obama's failed presidency or economic growth and more jobs.

 

[Nova78]

It is to late for this Country, to many problems , to far gone-socially-financially and who knows what Else, we are doomed to be a third world Country it is not a matter of if ,it is a matter of when.

 

[jillian]

cool... raise revenues...

oh wait...

grover norquist would get cranky

 

[KevinWestern]

It is to late for this Country, to many problems , to far gone-socially-financially and who knows what Else, we are doomed to be a third world Country it is not a matter of if ,it is a matter of when.

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Wow, giving up already?

The USA is a wonderful place. Right now all we need are some leaders to take the steering wheel and get us back on track, and part of achieving this goal is to drop the cynicism.

Sure, China's on the up and up, and you can be certain that we probably won't be the singular world economic power-force anymore (naturally). But have you ever checked out China's GDP per capita lately?

I don't think people appreciate how wonderful of a country the United States is. To give up on our nation at the first sign of trouble, and jump ship is a sad thing. Learned helplessness, I suppose.
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[sfcalifornia]

The nonpartisan Congressional Budget Office said Friday that President Obama’s 2013 budget will hurt the economy in the long term, arguing the larger deficits it would produce would reduce the amount of capital available to businesses.

After five years, the CBO says, the Obama proposals would reduce economic output by between 0.5 percent and 2.2 percent.

Larger deficits caused by the budget would cause the government to issue more bonds, sucking up private capital to finance its debts and thereby reducing the funds businesses could use to expand and hire, the CBO said. An increased tax on capital gains included in the president's plan would also tend to reduce private capital, it says.

The 2013 Obama budget proposes continuing the Bush tax rates for the middle class and enacting elements of a short-term Jobs Act stimulus. In the near term, actions such as these could increase growth by as much as 1.4 percent, CBO says.

The new CBO report complements a March estimate that Obama’s budget would add $3.5 trillion to deficits over 10 years compared to current law. That report did not try to capture any effects on economic growth.

The White House, using a different baseline than CBO, has claimed its budget would reduce deficits by $3.2 trillion over 10 years.

Taking economic effects into account, Obama’s budget could add as much as $3.9 trillion in deficits by 2022, CBO estimates. Slower economic growth tends to increase deficits by reducing tax collection and increasing spending on items like unemployment insurance.

CBO estimates Obama 2013 budget will hit economic growth - The Hill's On The Money

The choice is clear: four more years of Obama's failed presidency or economic growth and more jobs.

....brought to us by Romney?

No, I don't think so.

But if he does, it will be because he flip-flopped and picked up where Obama left off.

 

[SniperFire]

We are at the tipping point, folks.

 

[FloridaGirl]

We are at the tipping point, folks.

I think some people just don't care, scary but true......or they are in denial....

 

[Trajan]

cool... raise revenues...

oh wait...

grover norquist would get cranky

if they cut spending, I would be on board with that ( in which you mean raise taxs, yes?) , but, if there is one thing we know so far, there will be no let up in spending. We are still borrowing 40 cents of every dollar the gov. spends, we are not even close to living with in our means.

 

[Trajan]

Merged

 

[The T]

CBO estimates Obama 2013 budget will hit economic growth:

The nonpartisan Congressional Budget Office said Friday that President Obama’s 2013 budget will hurt the economy in the long term, arguing the larger deficits it would produce would reduce the amount of capital available to businesses.

After five years, the CBO says, the Obama proposals would reduce economic output by between 0.5 percent and 2.2 percent. The new CBO report complements a March estimate that Obama’s budget would add $3.5 trillion to deficits over 10 years compared to current law. That report did not try to capture any effects on economic growth.

The White House, using a different baseline than CBO, has claimed its budget would reduce deficits by $3.2 trillion over 10 years.
CBO estimates Obama 2013 budget will hit economic growth - The Hill's On The Money

Anyone see this coming?

I see that his policies will add more people on to welfare, and those left in the workforce will bear the burden for it.

Shrinking taxpayer rolls...Larger debt is NOT a model I'd want to be part of.

 

[Foxfyre]

Going to the thread title, "Obama doesn't have a clue", that may be the case. Or he is dumb like a fox and everything is carefully calculated for a specific goal and purpose. At this time, based on experience, we know we cannot trust what he says about much of anything, but he is either the most ignorant President we have ever had or the most calculating. From what I've seen so far, that could go either way.

At any rate I agree that we are at the tipping point. We already have about half the population dependent on some kind of free stuff provided by the Federal government. And if the government is successful in increasing that and eroding the economy to the point that most of us are dependent on government, the government will then have full power to assign what rights we will have and how we will or will not live our lives.

And when that happens we will again have a 'monarchy' or authoritarian government that the Founders fought a bloody war and fought through myriad adversity to give us a Constitution intended to free us from that very thing.

To accomplish a gpal of making us all subservient to government, they have to control the message (media), they have to control education, and they have to bring the economy to its knees. They are well on their way to accomplishing all three objectives.

 

[Nova78]

An Overview of the United States National Debt

The Current Outstanding Public Debt of the United States is:

$15,615,590,975,022.37

Last Updated: Saturday, April 21st, 2012 (updated daily)


Every man, woman and child in the United States currently owes $51,397 for their share of the U.S. public debt


Good job Obama , you have effectively Screwed the American citizen.....

 

[Foxfyre]

An Overview of the United States National Debt

The Current Outstanding Public Debt of the United States is:

$15,615,590,975,022.37

Last Updated: Saturday, April 21st, 2012 (updated daily)


Every man, woman and child in the United States currently owes $51,397 for their share of the U.S. public debt


Good job Obama , you have effectively Screwed the American citizen.....
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And that debt is growing at $5 billion per day. There was a time, in my lifetime, when a deficit of a few hundred million was considered devastating.

I think most people shrug off the total disaster that our current debt is creating is because they are incapable of understanding just how much money a billion dollars is, let alone 15+ trillion. They are incapable of understanding how such debt limits our progress, our possibilities, our freedoms now and for generations to come, and how it is increasingly putting us at the mercy of a government that has demonstrated in spades that it is interested only in its own interests, and not those of the rank and file American. How it is putting us increasingly at the mercy of foreign powers who absolutely do not have our interests at heart and won't hesitate to take everything we have once they have power to do so.