Obama's Budget -- What Was He Thinking?

Discussion in 'Politics' started by ScreamingEagle, Feb 2, 2010.

  1. ScreamingEagle
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    ScreamingEagle Gold Member

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    If you favor higher taxes, support more government spending and would like to see our national debt increase, then you're going to love the new Obama budget!

    With the usual Beltway fanfare, President Obama released his FY 2011 budget this morning. What does it say about where the country is going under the Obama-Pelosi-Reid leadership? What’s going to happen with taxes? Has the president learned any lessons from his party’s electoral defeats in November and January?

    Let’s start with the basics. Historically (meaning, since 1960 or so), federal taxes have averaged about 18 percent of our economy. Spending has averaged about 21 percent. The result has been an average deficit of 3 percent of gross domestic product (GDP). That basic framework has been the story of U.S. budgets from JFK, to Nixon, to Reagan, to Clinton, to Obama.

    Sometimes, these numbers jumped around (higher spending under Carter, higher taxes under Clinton, etc.), but this has been the gravitational pull that we seem to keep coming back to.
    Under the Obama budget, taxes are scheduled to rise from 14.8 percent of GDP in 2009 to 19.6 percent of GDP in 2020 (higher than the historical average of 18 percent). Spending is scheduled to fall slightly from 24.7 percent of GDP in 2009 to 23.7 percent in 2020 (much, much higher than the historical average of 21 percent of GDP). The national debt will hit over 77 percent of our economy in 2020, which would be the highest level since 1950, when we were paying off World War II.

    What does all that tell us? It says that the budget deficit is not caused by a deficiency of tax revenue. Taxes are expected to be higher—substantially higher—than their historical average. Rather, the budget deficit is a spending problem. Spending is far higher than its average of 21 percent of GDP throughout the budget window. If you are concerned about the deficit, you only need to look to one side of the budget ledger. Spending is out of control. That has led to spiraling deficits and debt without end.

    President Obama hasn’t gotten that message, or at least, if he has, it doesn’t show up in the budget.

    FOXNews.com - Obama's Budget -- What Was He Thinking?
     
  2. Xenophon
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    Xenophon Gone and forgotten

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    He thinks we are all stupid.

    After all his talk about addressing the deficiet, he sends out a budget that is ONE AND A HALF TRILLION over what the government takes in.
     
  3. Claudette
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    Claudette Gold Member

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    Gee. I'm not that good in math, but that looks like a no brainer to me. Jeeze. These guys are a bunch of clowns.
     
  4. ScreamingEagle
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    ScreamingEagle Gold Member

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    Oh I think liberals are sitting smugly in approval....they don't want the gravy train to stop....and the idea is to soak the rich anyhow doncha know?

    Wonder what the top tax rate will become......90%?
     
  5. ScreamingEagle
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    ScreamingEagle Gold Member

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  6. Sinatra
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    Sinatra Senior Member

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    Exactly - there are not enough "rich" Americans to foot this Obama budget bill.

    In fact, if he continues with this attack on individual wealth-producing freedom, these wealthy will simply relocate, and the taxing pool will diminish even further.

    Obama is hitting up the middle class - and HARD. He has lied and continues to lie over his claims of not raising taxes on the middle class by "one dime"

    This budget is absolute MADNESS. It is perhaps the single most irresponsible budget to have been sent from the White House in our lifetimes. Anyone who thought Bush was bad - well, Obama is simply doubling down on that same stupidity.

    The Obama budget comprises of more taxes - and even MORE spending.
     
  7. ScreamingEagle
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    ScreamingEagle Gold Member

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    If taxing the rich isn't going to work....and the budget is absolute madness.....then what is Obama thinking?

    I believe he is thinking to destroy our economy.....to destroy capitalism....
     
  8. masquerade
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    masquerade positivity

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    Mr. Obama should incorporate some common sense and mathmatics into his daily routine.
     
  9. VaYank5150
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    VaYank5150 Gold Member

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    HAHAHAHAHAHA....capitalism? Unemployment hovering arounf 10%. Banks not lending. Banks, insurance agencies and car makers begging the government to keep them from going belly up. How's that capitalism working out for us?
     
  10. Big Fitz
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    Big Fitz User Quit *****

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    A trillion here... a trillion there.... Sooner or later we're talking about real money. :rolleyes:

    That said... I think it's a bit of a ropadope. I think he's pushing it that high so he gets ONLY a smaller increase.

    I cannot believe he'd be so goddamn dumb. I mean even if he's arrogant to push something like this, I can't beleive he's stupid enough to believe it'll pass.

    So his purpose must be something else.
     
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