Obama to slash the deficit in half!

[PLC1]

Official: Obama plans to slash deficit in half

Obama will touch on his efforts to restore fiscal discipline at a White House fiscal policy summit on Monday and in an address to Congress on Tuesday. On Thursday he plans to send at least a summary of his first budget request to Capitol Hill. The bottom line, said an administration official Saturday, is to halve the federal deficit to $533 billion by the time his first term ends in 2013. He inherited a deficit of about $1.3 trillion from former President George W. Bush.

Somehow, the phrase "cut the deficit in half in four years" has a familiar ring to it. Isn't that the same thing that Bush said during the campaign in '04? We know the results now, of course, and the goal now is a puny little half trillion plus deficit, whereas it would have been a mere couple of hundred billion four years ago. If Obama is as successful in reducing the deficit as his predecessor, we'll be seeing multi-trillion deficits in four more years. I wonder just how much longer deficit spending to that degree can go on before the government collapses entirely?

 

[Mr. Shaman]

Somehow, the phrase "cut the deficit in half in four years" has a familiar ring to it. Isn't that the same thing that Bush said during the campaign in '04?

'Tis true.....but, George Bush was a (documented) LIAR.​

If Obama is as successful in reducing the deficit as his predecessor, we'll be seeing multi-trillion deficits in four more years.

How 'bout....seeing-as-how a bulk of Obama's economic-advisors are ex-Clinton-economic-advisors....we reference The Idiot SON's predecessor.

Whatta concept, huh?

​

"Not only was the entire national deficit eliminated after raising taxes on the wealthy in 1993, but the economy grew so fast for the remainder of the decade that many conservative economists thought that the Fed should raise the prime interest rate in order to slow it down."

 

[BigRob]

Official: Obama plans to slash deficit in half



Somehow, the phrase "cut the deficit in half in four years" has a familiar ring to it. Isn't that the same thing that Bush said during the campaign in '04? We know the results now, of course, and the goal now is a puny little half trillion plus deficit, whereas it would have been a mere couple of hundred billion four years ago. If Obama is as successful in reducing the deficit as his predecessor, we'll be seeing multi-trillion deficits in four more years. I wonder just how much longer deficit spending to that degree can go on before the government collapses entirely?

Maybe he is planning to just spend so much this year, next year when he only spends half as much he can say "hey, I cut it in half."

 

[Mr. Shaman]

Maybe he is planning to just spend so much this year, next year when he only spends half as much he can say "hey, I cut it in half."

Nahhhhhhhhhhhhhhh.....you're thinkin' of Manatee-Math.

​

"On the December 8 edition of Fox News' Hannity & Colmes, co-host Sean Hannity stated, "We had a good six and a half years with the economy." He later added: "We created 10 million new jobs, lower unemployment than in the last four decades' average." However, Hannity's claim that "10 million new jobs" have been created during the Bush administration is false."

 

[chestnut]

Raising taxes on wealthy and businesses will be disastrous.

all the talk and hooblah about how Obama is taking on these financial issues modeled somewhat after FDR.

He should be modeling the solution it more after Ronal Reagan after Carter left office.

1. Lower corp tax rates - Keep businesses in us
2. Cut across the board taxes for all income levels.

He's also planning on cutting the military as well. Well that means more people un-employed.

The military sometimes is the only vendor for many American coroprations. So when the miliatary stops spending, that's more jobs lost.

The problem is Obama has no expereince at all in this arean. He is in way over his head and it shows everytime he talks.

He has never run a corporation or owned a business so he just doesnt' understand how it all works.

It's so laughable that he thinks he does... with that smug look on his face.

 

[pocketfullofshells]

Raising taxes on wealthy and businesses will be disastrous.

all the talk and hooblah about how Obama is taking on these financial issues modeled somewhat after FDR.

He should be modeling the solution it more after Ronal Reagan after Carter left office.

1. Lower corp tax rates - Keep businesses in us
2. Cut across the board taxes for all income levels.

He's also planning on cutting the military as well. Well that means more people un-employed.

The military sometimes is the only vendor for many American coroprations. So when the miliatary stops spending, that's more jobs lost.

The problem is Obama has no expereince at all in this arean. He is in way over his head and it shows everytime he talks.

He has never run a corporation or owned a business so he just doesnt' understand how it all works.

It's so laughable that he thinks he does... with that smug look on his face.

please show me where he ever said reduce the amount of troops.

 

[Andy]

please show me where he ever said reduce the amount of troops.

"Most of the savings will be realized from winding down the war in Iraq as well as increased revenue from Americans making more than $250,000 a year, said the official. The Times said Obama will propose letting President George W. Bush’s tax cuts for the wealthy lapse in 2010."

I'm guessing "winding down the war in Iraq" means to reduce troops?

I'd also guess "tax cuts for the wealthy lapse" means I can expect a tax hike.

 

[Mr. Shaman]

Raising taxes on wealthy and businesses will be disastrous.

<Yaaaaawwwwwnnnnn....>

BEEN there.​

"The tax increase will…lead to a recession…and will actually increase the deficit." — Rep. Newt Gingrich (Republican, Georgia)

​

 

[Andy]

<Yaaaaawwwwwnnnnn....>

BEEN there.


​

But it did Shaman. So Newt was right.

 

[PLC1]

I'm guessing "winding down the war in Iraq" means to reduce troops?

Not if they're sent to Afganistan instead.

I'd also guess "tax cuts for the wealthy lapse" means I can expect a tax hike.

If you're wealthy, then you can expect a tax hike fairly soon. If not, then you can expect one when t he deficit spending chickens finally come home to roost.

 

[Andy]

Not if they're sent to Afganistan instead.

Exactly! Obama double talk is everywhere. He says he's going to redeploy to Afghanistan, but then claims he'll cut the deficit in half, in part through cutting troops. So which is it?

If you're wealthy, then you can expect a tax hike fairly soon. If not, then you can expect one when t he deficit spending chickens finally come home to roost.

I don't know about that.... Despite the claims of the idiot left, I personally got a tax cut from Bush, during a time when I made just over $17K a year.

So if that tax cut was the "tax cuts for the wealthy" that Obama is referring to, and I assume it is give it was the only tax cuts Bush ever passed... then I can expect a tax hike in the very near future, as well as when Overspend-Obama's deficit chickens hatch.

 

[The Scotsman]

Exactly! Obama double talk is everywhere. He says he's going to redeploy to Afghanistan, but then claims he'll cut the deficit in half, in part through cutting troops. So which is it?

I think its to do with juggling money........he can say that he is cutting down on Military expenditure because the US mission in Iraq is exactly that; a US operation funded from DofD etc. Afghanistan is a NATO-ISAF operation thus US Forces are under a UN Security Council mandate not funded directly out of DofD etc. This is why the US is sending envoys round the world drumming up cash so that the US tax payer does not end up footing the entire bill through its NATO/UN contributions - which currently run into the tens of billions

 

[Pandora]

I wonder if I tried this at work I could get away with it.

I have a budget, If I spend 50 times my budget but tell my boss that I am going to cut my budget in half next year (so it will only be 25 percent bigger than it is now)

will he buy it?

Isnt that sort of what Obama is doing?

 

[Dr.Who]

I think it is impossible for him to cut spending in half. He is at heart a big spender. He must be planning to rake in a lot of income (read taxes) for the fed or to actually print more money. If he lowers taxes on 95% of the people but raises taxes on enough other (those other people being the 5% plus the ones that get both a tax cut and a tax increase) people to reduce the deficit that will kill the economy. If he monetizes the economy that will kill it too. Sure both of those would half the deficit but at a much higher cost than having the deficit costs us. Of course the cost of that would hit the poor hardest and would "justify" more programs.