Sunday, February 22, 2009

Billions In Spending AND Cutting The Deficit

President Obama is reportedly preparing to outline a plan to cut the federal deficit in half by the end of his first term.

Now, I admit that I have trouble even balancing my check book. But it seems to me that you can't spend the billions of dollars earmarked for the economic stimulus plan, increase the number of troops in Afghanistan and cut the deficit at the same time.

To understand how staggering this issue is: the deficit on the day Obama took office was more than $1 trillion. By comparison, the deficit when President Clinton took office was $404 billion.

An Associated Press story previewing the president's plan quotes an anonymous official as saying Obama will do this by restoring spending integrity, reducing the troop level in Iraq and by eliminating temporary tax breaks instituted by the Bush administration.

But with companies closing, people losing their jobs, tax revenues reduced, federal stimulus and bailout money being handed out like candy on Halloween, one has to really wonder how the president plans to cut the deficit in half in four years. We should be listening very closely as he unveils his plan to accomplish this in the next several days.

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Dani said...

To be honest, I feel nervous and a little uneasy about the state of the global economy at the moment. I look forward with great interest to see Mr Obama pull a few white rabbits out of his hat and see how he intends to shrink the US deficit.

woody said...

I never trusted Obama and was told that was wrong but Obama has lied to the American People.
Where is he getting the $$$ just ask our children and grandchildren.

stevedtrm said...

I knew Obama was just another Bush months ago. I'm not only expecting nothing more than theatre- I'm SURE of it.

And it isnt just me saying that.

Afghan families ripped to shreds by US ordinance should be grateful that Obama and not Bush minced their family?

Bob McIlvaine should be grateful Obama is now pretending Afghan war was because of 9/11, instead of piublishing the 9/11 evidence that would even further reinforce the proof that the US government perpetrated the crime. (watch blueprint for truth 2008).

No. This is just a new freindlier face on US imperial murders.

And the economic policies are the same too - currency printing that will lead to inflation and steal from the poor.

I dont even have to look at the details of this supposed plan to know that it amounts to deceit and propaganda.

If they can blow 2000 people to bits in broad daylight and have people wandering around beleiving Arabs did it, getting away with this theft is small change.

Gary's intelectual mediocrity is flagrant and nothing new from mainstream media hosts. Interview Schiff, Finklestein, Vidal, Chomsky, Nader, Ward Churchill, Phillips (project censored) or even well meaning simpleton heroes like Ron Paul to expose the media shams that pretend to be "economic analysis".

Theres no end to the number of intellectuals available to expose the superficiality of mainstream media doctrines Gary reads out regarding Iran, Palestine, Iraq, 9/11 (Richard Gage, William Rodriguez, David Ray Griffin, Steven Jones, Kevin Ryan) but I see a generally controlled indoctronation on Garys show with some hardcore fascist massacre apologism thrown in for good measure.

Who knows if those presenting it know that is what they're presenting or being covertly paid for their services.

Anonymous said...

As Dani says......... it will take either a magician or a miracle to resolve things in that short a time. It might have been more prudent to play the "I am savibg you from the ravages of the last administration" card - far safer!!
Gordon Brown, who faces a similar problem in the UK believes it will take 20 years to recover fully, and he has some financial know how!

Anonymous said...

Economists looked at Obama's tax plan when he was campaigning. Their figures (reported in Parade and Washington Post) showed that the tax cuts given to middle class and poor were more than paid for by rescinding the Bush tax cuts to the rich (over $200,000).

So, the tax cuts in the stimulus package should be more than offset by letting the Bush tax cuts expire next year. I think that's how Obama will reduce the deficit by that much by the end of his first term. Doesn't that make sense?

Anonymous said...

"one has to really wonder how the president plans to cut the deficit in half in four years. We should be listening very closely as he unveils his plan to accomplish this in the next several days."

No. We shouldn't. We already know Obama is an apologist for the federal reserve. His speeches and votes already included support for Bushes' bailout AND other policies.

Given that Baack has allowed and voted for the banks to escape with trillions and no attached accountability, why do we need to wait for him to steal more from the US population? We don't. any waiting for this thief to steal more is just wasted time.

This is just Gary trying to convince you that Obama needs more time and that alarm is not already warranted- typical mainstream government apologism.

Just wait for the inflation to mkae prices rise even further as result of Obamas policy decisions.

Ron Paul (and Peter Schiff) is far more honest in economic areas, but to find fundamental economic solutions you have to return to "Henry George".

Even if this money was being legitimately spent, why pay for troops surges in Afghanistan which never attacked or had the capabaility to attack the US?

and why do the businesses and employees taxed by Obama for this appropriation deserve to go bust so that other less competitive businesses don't?

Gary's blog post is just mindless intellectual mediocrity, and if I need to say so to help him pretend attacking opinions isnt atacking individuals that hold them - here it is: I would say the same no matter who the blogger was. Theres a whole better class of commentator out there (Chomsky, Finklestein, Schiff, Phillips, Richard Gage, David Ray Griffin, John Forbes Nash, fascists like Kissinger amd many many many more).

They speak when they have something to say, not on an employers schedule.

Andrea - JD9587_Jr said...

"...restoring spending integrity, reducing the troop level in Iraq and by eliminating temporary tax breaks instituted by the Bush administration."

1. There has yet to be evidence of spending integrity - examples: bank and auto maker bailouts; along with bailouts of millions of homeowners who took out bad loans they couldn't afford. NO reduction..

2. The reduction of troops in Iraq can not occur immediately nor en masse without the complete collapse of the fragile Iraqi government. In addition he just ordered 17,000 additional troops to Afghanistan. Again NO reduction...

3. Eliminating Bush Tax cuts... you know the ones that benefited the middle class and businesses who were providing jobs for Americans. What socialists don't realize if you make everyone "equal" and tax business to death, people will become disenchanted and demotivated to succeed.

Yes the answer to economic rebound and cutting the deficit is to punish those who achieve and succeed and put all in squalor. But hey we will be equal right?

Thank you Obama.