1.75 TRILLION OBAMA DEFICIT BUCKS - THE BUDGET
Barack Obama has introduced his first budget as President for the 2010 fiscal year. While telling the American people that he plans to cut the deficit in half by the end of his term, Obama's budget projections call for 1.75 trillion in 2009, more than the last FIVE Bush deficits combined, and trillion dollar deficits through budget year 2012 which is the last year of his term. So much for telling the truth.
Spending is planned to increase by 24% which includes the socialist spending bill passed two weeks ago. The National Debt , which once again is something that Obama has pledged to cut actually almost doubles in Obama land from 8.4 billion to 15.4 billion by 2019.
The lie being perpetrated that no one earning less than 250 thousand dollars will experience a tax increase is revealed in stark form as Obama's budget includes tax increases that effects every American from small business, to everyone who drives a car or uses electricity.
Obama's Universal Health Care plans get a hefty dose of Obama bucks calling for 634 billion dollars as, in Obama's own description, a "down payment," for his socializing health care in America. Also included are a 7% annual increase for Medicare and 6% for Medicaid.
After all of the Obama hoopla concerning transparency with the 700 billion dollar TARP funds passed last year, his budget includes an additional 750 billion dollars in TARP spending with absolutely no description as to how, why, where or who will receive the additional funds.
After all of Obama's rhetoric lately about boosting pay for military personnel and the cry during his address to the joint session of Congress about a large pay increase being necessary and deserved for the brave men and women who defend this Nation, Obama's budget only allows for a scant 2.9% pay raise which is the MINIMUM that the law requires.
Massive spending, record deficits, huge taxation increases, and budgetary socialization of America. So much for Obama's transparency and fiscal responsibility. How dare he continue to lecture Wall Street and the American people about responsible financial action. Barack Hussein Obama, the ,"don't do as I do, do as I say," President.
Ken Taylor
Spending is planned to increase by 24% which includes the socialist spending bill passed two weeks ago. The National Debt , which once again is something that Obama has pledged to cut actually almost doubles in Obama land from 8.4 billion to 15.4 billion by 2019.
The lie being perpetrated that no one earning less than 250 thousand dollars will experience a tax increase is revealed in stark form as Obama's budget includes tax increases that effects every American from small business, to everyone who drives a car or uses electricity.
Obama's Universal Health Care plans get a hefty dose of Obama bucks calling for 634 billion dollars as, in Obama's own description, a "down payment," for his socializing health care in America. Also included are a 7% annual increase for Medicare and 6% for Medicaid.
After all of the Obama hoopla concerning transparency with the 700 billion dollar TARP funds passed last year, his budget includes an additional 750 billion dollars in TARP spending with absolutely no description as to how, why, where or who will receive the additional funds.
After all of Obama's rhetoric lately about boosting pay for military personnel and the cry during his address to the joint session of Congress about a large pay increase being necessary and deserved for the brave men and women who defend this Nation, Obama's budget only allows for a scant 2.9% pay raise which is the MINIMUM that the law requires.
Massive spending, record deficits, huge taxation increases, and budgetary socialization of America. So much for Obama's transparency and fiscal responsibility. How dare he continue to lecture Wall Street and the American people about responsible financial action. Barack Hussein Obama, the ,"don't do as I do, do as I say," President.
Ken Taylor
posted by The Liberal Lie The Conservative Truth | 12:02 AM
22 Comments:
You don't seem to understand basic government budgeting. The $1.75 trillion for this year (2009) is what Bush left him with.
Obama's first budget is the 2010 budget.
Please at least recognize the most basic reality of government spending and budgeting.
The fourth quarter GDP fell by 6.2 percent.
So Obama inherits a $1.75 trillion deficit from Bush, a $16 trillion national debt, a $700 billion trade deficit, and an economy that is shrinking significantly.
That is reality. Blaming Obama for these figures is just fundamentally wrong.
That said, if things do not significantly improve over the next several years with the budget, economy, deficits, etc. Obama should not be re-elected. But you have to understand the baseline from where he starts.
Rob - Why is it whenever I state points that disagree with you it is always that I don't understand ?
The inherited deficit was around 500 billion by White House figures. Obama has added the rest throught the pork spending bill and other expenditures since he entered office. He has increased spending without even before the Omnibus, at a reate of 36 billion dollars a day since he entered office.
So the deficits that are now being projected are his and it will not shrink with the plans he has placed forth. The 2% who he claims will pay for this debacle won't even come close even if they were taxed at 100%.
Bush was a spender but Obama makes Bush look thrifty by comparison. Obama thinks that government is the only solvant and he is going to spend every dollar we are taxed and every dollar the treasury can make to prove it and it is doomed to failure.
Mark my words. Hyperinflation and growing unemployment as those who create jobs will be punished by massive taxation. You can bet you bottom dollar that the 2% will not be the end of tax hikes. It has to continue down the line to make up for the short fall and find the cash.
Also those who are not in the 2% will be taxed by Obama's energy tax uncreases that cover everything from driving to electricity. And incidently the Bush tax rate cuts that Obama claims went only to the rich were cuts at ALL levels of wage earners. So when they are eliminated everyone across the board will be taxed at a higher rate.
You wanted him my friend and you got him. Just hold you wallet because he is after yours mine and everyones elses!
Let's be honest about the National Debt. When Bush took office the total national debt was at $5.7 trillion and we were actually paying it down because we had a budget surplus for the final three years of Clinton's term. When Obama took office the national debt was $10.6 trillion.
But the reality is that the national debt is now about $5-6 trillion higher than that figure because the taxpayers now are responsible for half the mortgage loans in this country. This is because Bush nationalized Freddie Mac and Fannie Mae. So the total national debt that Obama came to office with is more like $16 trillion.
As for some tax increase on all Americans - I still have no idea what you are talking about. If you make less than $250K, what tax do you believe you are now facing?
First Rob, we were not referring to the national Debt but the budget deficits. ANd the numbers that I gave in my last comment are correct. The trillion dollar deficits are Obama's and not Bushes. In fact Obama's deficit is larger than the last five Bush deficits combined!
The projected 2009 deficit was around a little less than 500 billion for 09. Obama has increased that to 1.75 trillion in a little over 30 days. So this is not Bush it is OBAMA!
Second, as I mention if the 2% that Obama calls the rich who are going to get a definate tax increase are taxed at 100% the money does not even come close to what he is calling for in spending.
Also look at his energy taxes which affect electricity etc. That affects everyone. If you drive, Obama's budget has tax increases in one form or another that affects all drivers.
Plus eliminating the Bush rate cuts raises every wage earners tax rate to the pre - Bush rates. Which is a tax increase to all wage earners.
Finally when push comes to shove he is going to have to print a lot more money causing hyperinflation and/or increase taxes to a whole lot more than the 2% because someone is going to have to pay for his spending and the only place to get the bucks is from tax payers across the spectrum.
The reason I say you don't understand is that I believe YOU DON'T UNDERSTAND. It is either that or you are just plain wrong. I'm giving you the benefit of the doubt that you are not purposely providing false numbers.
Take for example your $500 billion inherited deficit figure - that is just flat out wrong. It is not even debatable. In the fourth quarter or last year, we got the $700 billion TARP, the Fed loaned out more than $2 trillion, and GDP shunk by 6.2 percent (this killed off tax collections). Those three factors blew up the 2009 budget deficit before Obama took office.
Even if you take the $787 billion stimulus - which is the only major spending bill that he has actually signed into law, it is an amount that effects the economy over a multi-year term. Only about $100 billion of it will hit this fiscal year.
Please explain to me two things. If the deficit was only going to be $500 billion, how in the heck has it grown to $1.75 trillion for this year when the only spending bill that has been signed into law is the stimulus bill?
Second, what 2 percent energy tax are you talking about? Please tell me where that comes from. Frankly, I think you are mistaken, but if you can show me where it comes from I'll believe you.
Obama has been very clear - the Bush tax cuts are only going to expire on high income folks (those making $250K or higher).
It is pretty straight forward.
Ken, if you want to make up numbers and believe that Obama did not inherit the enormous 2009 budget deficit, that is fine with me. But, you are wrong and you clearly do not understand how government budgeting and how the government's fiscal year budgeting works.
Obama has not proposed a 2009 fisccal budget, the budget document that was announced yesterday is the 2010 budget. That is just a simple fact.
Taxing the rich at 100% won't pay for Obama's budget. The Wall Street Journal has reported that taxing the rich at 100% won't pay for Obama's budget. Barack Obama promised not to raise taxes on anyone making under $250,000 per year. Where is he going to get the money? The numbers indicate Obama will need to take 100% of the income of everyone making over $75,000.
Your comment demonstrates a fundamental level of ignorance about how government operates. Do you seriously think there is any possibility of Obama even proposing to take 100% of anyone's income? Jeez, you are either an idiot or are engaging in some odd form of hypothetical speculation - either way I can assure you that your fear of massive taxation will never materialize.
Do you know what deficit spending is? Do a little reading about how Reagan paid for his massive deficits?
If you don't want to go back too the 1980s, just do a little research on how Bush paid for his massive spending increases.
Clinton's final annual budget when he was in office was about $1.7 trillion. Bush's final budget was about $3.2 trillion. Clinton left office with a $237 billion budget surplus. Bush left us with a massive $1.6 trillion budget deficit.
We need fiscal discipline, but you don't fix the problem in one year - it is going to take years to fix the hole in the economy that Bush created.
Rob,
You don't understand. Bush didn't create the problem. The liberals who refused to do something about Freddie Mac and Fannie Mae did, along with the terrorist attack on 9/11 that Clinton refused to prevent after the prior WTC attack. Bush made it worse when he spent like a drunken sailor and did the first bailout.
You said: "So Obama inherits a $1.75 trillion deficit from Bush, a $16 trillion national debt, a $700 billion trade deficit, and an economy that is shrinking significantly.
Regardless of the 'figures and where they originated', you must remember, Obama thinks that he can fix it by SPENDING TONS MORE. Does that make sense to you?
The left was salivating when Bush did the first bailout because they can now go full tilt boogie with their spendulus plans and then blame Bush, and the mindless people who drink the liberal koolaid will believe it.
This comment has been removed by the author.
By the way, we should have never had a $237 Billion budget surplus. That wasour money. We should always break even or have a small deficit, but NEVER a surplus that large.
Oh please, spare me the nonsense. Excuses, excuses. Everything is Clinton's fault. Right!
In four years, if the deficit isn't shrinking, the economy isn't growing, and things are worsening, I'm not going to say, "It's Bush's fault."
The idea that Bush isn't responsible for where we are now is simply ludicrous.
Clinton's budget surplus was used to pay down the U.S. national debt and shore up Social Security and Medicare. That was the responsible thing to do. The national debt is our responsibility - the American people. Every year we have to pay interest to service the debt - about $340 billion per year now. Paying it down made sense with the surplus.
What do you think Clinton was doing with the surplus? He certainly did not significantly grow the size of government over his 8 years.
All this bickering is not getting us anywhere. If you want a history lesson I will give it to you.
First,Clinton signed a permanent free trade agreement with China in the late 90's that basically sold our country to China and destroyed competition for American companies who can not compete with a country that pays their industrial workers 40 cents an hour. Second, Clinton pushed for minority home ownership which gave the home loans to the people who made our housing market collapse. So, if you want to blame Bush for something you can blame his for not fixing what Clinton messed up. I'll give you that he had eight years to do it, but with the liberally controlled congress he could not do much when it really mattered. Republicans called Clinton out when he started this mess back then, but nobody listened. Let's just hope Obama uses a little more sense than is his fiscal twin; Clinton.
P.S. The national debt grew at the steepest incline it has ever raised in the last two years of Clinton's presidency.
You don't know what you are talking about. Permanent Free Trade Agreement? WTF? Even if that were true, you think Bush could not have changed it?
Your post script just proves how little you know.
God Clinton really screwed us all, and Obama/Pelosi/Reid are the nails in the coffin.
No Rob, you don't have a clue.
...the Congress was controlled by Republicans for 6 of the 8 years Bush was in office.
Some history lesson.
This is one of the saddest blogs ever...
When you subsidize something without having actual money to pay for it, you will without doubt receive funding deficits as a result. Obama needed to CUT taxes to re-balance the Bush's 500 billion budget deficit levels yet he choosed to SPEND more and contribute to the national debt. The national debt is 13 trillion dollars today and Obama has contributed to it. He didn't reduce any of it. He even raised taxes through Al Gore's proposed Carbon Tax/ Cap & Trade bill. Won't raise taxes on people under the 250,000 salary level? My ass, what simply stupendous and utterly spouted nonsense pile of hot smoking bullshit. You get what you voted for. Bush screwed everything up and Obama exponentially increased the effect. You must be an idiot to not understand this fact. I'm only in High School too.
White, Southern, hillbilly, lies, and lies and lies and wait, some more lies.
Stupidity is as stupidity is, no point in wasting time on ignorance, follow the truth, which is nowhere to be found on this site.
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