Obama's Promise: I Will Cut The Deficit In Half

[JDoors]

Easy enough: Triple the deficit during your first term, then promise a budget next time that'll cut THAT number in half.

The guy's math skills are impeccable.

*****

edit: but my spelling skill's are not

Edited March 2, 2009 by JDoors

[isteve]

Cut the deficit in half or cut the spending in half?

[Matt]

Cut the deficit in half or cut the spending in half?

Yeah, you're getting terms confused JDoors.

[jcl]

Cut the deficit in half or cut the spending in half?

Deficit.

Yesterday, I held a fiscal summit where I pledged to cut the deficit in half by the end of my first term in office.

[JDoors]

Cut the deficit in half or cut the spending in half?

Yeah, you're getting terms confused JDoors.

He's spending so much it'll triple the deficit, which he will then cut in half (or so he promises), I'm not sure where I'm wrong.

*****

Edited March 3, 2009 by JDoors

[Matt]

He's spending so much it'll triple the deficit, which he will then cut in half (or so he promises), I'm not sure where I'm wrong.

"A budget deficit occurs when an entity spends more money than it takes in." ... "An accumulated deficit over several years (or centuries) is referred to as the government debt. Government debt is usually financed by borrowing".

http://en.wikipedia.org/wiki/Deficit

Since 100% of the spending so far put forth by Obama is financed by taxes, not borrowing from other countries, the national deficit isn't affected.

[jcl]

Since 100% of the spending so far put forth by Obama is financed by taxes, not borrowing from other countries, the national deficit isn't affected.

The proposed FY 2010 budget has a deficit of $1.7 trillion dollars: $2.2 trillion in revenue and $3.9 trillion in spending. That apparently doesn't include the stimulus ($787 billion) or the spending bill passed last week ($410 billion).

For comparison, the deficit for FY 2009 is around $450 billion: $2.5 trillion in revenue and $3 trillion in spending. I don't believe that includes the ~$250 billion spent under TARP.

[Edit: Figures corrected.]

[Edit: This is amusing. The proposal would cut the deficit by 2/3rds by the end of Obama's first term by increasing revenue to $3.1 trillion. That's fine, I suppose, as long as the recession doesn't drag on, but the budget projects that GDP will increase by only ~$2.2 trillion, to ~16.5 trillion. So, the government expects a 15% increase in GDP to translate into a 40% increase in revenue.]

[bozodog]

What taxes? Who has jobs to pay taxes? If the top 2% (those making over 250k) paid in ALL they earn, it still wouldn't cover the debt. We Need Rich People

You forget, tax me more and I'll be spending less. Who's funding TARP? CitiMortgage Who is funding things like this?

So the big question is: How has Obama gotten away with racking up more expenses in his first 30 days in office than all the presidents combined since the founding of our republic did in theirs? Economic Chaos

“President Obama delivered to Congress yesterday a $3.6 trillion spending plan that would finance vast new investments in health care, energy independence and education by raising taxes on the oil and gas industry, hedge fund managers, multinational corporations and nearly 3 million of the nation’s top earners.â€

Not content with spending $787 billion before interest on the economic debt expansion package disguised as a stimulus and another $400 billion in supplemental spending, he's now introducing a $3.5 trillion budget that next year alone will result in the highest annual budget deficit in U.S. history and consume 12.3% of the nation's gross domestic product, the highest percentage since World War II. He even has the gall to title his budget "A New Era of Responsibility" while continuing his campaign-style attacks on deficit spending under the Bush Administration. If deficit spending was irresponsible under President Bush, why is it suddenly responsible under President Obama? in office for 41 days

* Provides an 8 percent discretionary spending hike for the second consecutive year;(who got an 8% raise last year?)

* Combines with the "stimulus" bill for a staggering 80 percent increase in these discretionary programs;(who spent 80% more last year?)

* May contribute to a permanent $2,000 per-household tax hike;

* Contains 9,287 pork projects at a cost of nearly $13 billion;

Just a Sample

You really need to read something other than the leaflets falling from the sky...

How about Stimulate Me!

[isteve]

Meanwhile another of his cabinet appointees is accused of not paying taxes.

[JDoors]

Meanwhile another of his cabinet appointees is accused of not paying taxes.

ANOTHER? I haven't filed my taxes yet, should I follow the example set by our politicians?

To the IRS: This is sarcasm. A joke. I will file. I will ensure my tax burden has been met. If I do so I am told there that by definition there cannot be a Federal deficit. That would be good (though I'm not against running a deficit, just not a ridiculously stupendously large one that'll never ever be paid back).

[hitest]

Meanwhile another of his cabinet appointees is accused of not paying taxes.

ANOTHER? I haven't filed my taxes yet, should I follow the example set by our politicians?

To the IRS: This is sarcasm. A joke. I will file. I will ensure my tax burden has been met. If I do so I am told there that by definition there cannot be a Federal deficit. That would be good (though I'm not against running a deficit, just not a ridiculously stupendously large one that'll never ever be paid back).

We just filed our taxes up here in Canada. On an unrelated note the bank of Canada just dropped its key lending rate by half a percentage point so I'm going to my bank and see if I can renegotiate the terms of my mortgage. I'm going to use my tax refund to help pay down my debt.

Interesting times ahead.

On a side note. Do Republicans hope that Obama will fail? To me it is inconceivable that people listen to that gas-bag, Rush L.

[isteve]

I think republicans hope obama fails in turning our government socialist. I don't think they feel that the government should have to run privet corporations. Obama is giving failing companies money and dictating how much people can get paid and who can and can't be fired.

[hitest]

I think republicans hope obama fails in turning our government socialist. I don't think they feel that the government should have to run privet corporations. Obama is giving failing companies money and dictating how much people can get paid and who can and can't be fired.

I think it is going a bit far to say Obama is trying to turn the government into a socialist regime. In my opinion Obama is doing what he is compelled to do. He is not satisfied to let the private sector and the banking system sort things out on their own as the economy is teetering close to complete collapse.

I can imagine what the GOP would say if Obama did nothing and he let the market collapse. With the market at 1997 levels Obama knows that he must do something.

[JDoors]

... On a side note. Do Republicans hope that Obama will fail? To me it is inconceivable that people listen to that gas-bag, Rush L.

If you got your news from a balanced source you'd know Rush said a lot more than just "I hope Obama fails," but instead you got that teensy sound-bite.

The left has been attacking Bush for almost eight years, hoping everything he was even slightly involved with would fail, or claiming it has already failed even when it has not, or fighting tooth-and-nail to MAKE it fail, but Rush says he hopes this country doesn't turn socialist and somehow this is "shocking" to people.

[JDoors]

I think it is going a bit far to say Obama is trying to turn the government into a socialist regime. In my opinion Obama is doing what he is compelled to do. He is not satisfied to let the private sector and the banking system sort things out on their own as the economy is teetering close to complete collapse.

I can imagine what the GOP would say if Obama did nothing and he let the market collapse. With the market at 1997 levels Obama knows that he must do something.

It would be an exaggeration to say Obama wants to create a Socialist Regime, but his past and current words and actions are obviously socialist in nature. It's also an exaggeration to imagine what would happen if Obama "did nothing." The problem is that everything he has done so far has resulted in the market collapsing even further.

[Matt]

If you got your news from a balanced source

What, like Fox News?

The left has been attacking Bush for almost eight years, hoping everything he was even slightly involved with would fail, or claiming it has already failed even when it has not

And yet, its ok when people do that to Obama now...

Bush had eight years, and they sucked. A lot. Obama hasn't been in office for 2 months yet. Seems like a double standard to me.

The problem is that everything he has done so far has resulted in the market collapsing even further.

You genuinely believe that the market would have stayed up had Obama done nothing... despite the approval ratings of his actions are at an all time high? Really?

[isteve]

I was never a Bush supporter but in two months Obama has spent about one half as much as Bush did in eight years. This is money we don't have, and won't be able to pay back. This I hope will not continue. Just in case I think I'll learn to speak Chinese.

[jcl]

And yet, its ok when people do that to Obama now...

Bush had eight years, and they sucked. A lot. Obama hasn't been in office for 2 months yet. Seems like a double standard to me.

It's not a double standard. Partisan politics is partisan.

You genuinely believe that the market would have stayed up had Obama done nothing... despite the approval ratings of his actions are at an all time high? Really?

Bush had an approval rating of 71% a month into the Iraq War.

[hitest]

It would be an exaggeration to say Obama wants to create a Socialist Regime, but his past and current words and actions are obviously socialist in nature. It's also an exaggeration to imagine what would happen if Obama "did nothing." The problem is that everything he has done so far has resulted in the market collapsing even further.

Don't forget that the economy was in free fall before Obama took office! Remember McCain suspending his campaign to go to Washington to save the economy? Obama has been in office for a very short time; he has a lot of work to do to correct the errors of his predecessor. Bush had 8 years to fix things.

[JDoors]

If you got your news from a balanced source

What, like Fox News?

The left has been attacking Bush for almost eight years, hoping everything he was even slightly involved with would fail, or claiming it has already failed even when it has not

And yet, its ok when people do that to Obama now...

Bush had eight years, and they sucked. A lot. Obama hasn't been in office for 2 months yet. Seems like a double standard to me.

The problem is that everything he has done so far has resulted in the market collapsing even further.

You genuinely believe that the market would have stayed up had Obama done nothing... despite the approval ratings of his actions are at an all time high? Really?

Did you hear Rush's speech or not? Why is it OK to disagree with everything Bush did but it's not OK to disagree with anything Obama does? Your opinion of the last eight years is either an exaggeration or I had a hell of a lot better eight years than you did, lucky me! (I even made money in the stock market, ha!) In two months Obama has made many absolutely mind-boggling commitments, just how much does he have to do before we have your OK to express an opinion? And I won't speculate as to what "might" have happened had Obama "done nothing" as Obama doing nothing is an imaginary scenario. Why not speculate as to what would have happened had the Republicans been successful in reigning in FM&FM as they tried to do year after year instead of being repeatedly blocked by the Democratic majority? Would we have the problems with the economy we see now? Who knows? If you're just going to reimagine the past, ANYTHING could have happened. What the heck, I'll give it a shot: FM&FM would have been forced to be held accountable, the economy would have continued it's decades-long upward climb, and John McCain would be President (whoa, I scared myself on that last one!).

[Matt]

It's not a double standard. Partisan politics is partisan.

Good call.

Did you hear Rush's speech or not?

Yes I did. If you notice, I haven't made any comments one way or the other about it.

Why is it OK to disagree with everything Bush did but it's not OK to disagree with anything Obama does?

I agree with that statement. In fact, I made it in the converse (see my post above).

Your opinion of the last eight years is either an exaggeration or I had a hell of a lot better eight years than you did, lucky me! (I even made money in the stock market, ha!)

Correct me if I'm wrong, but I recall everyone being very upset about the economy these past eight years. Not as bad as they feel now, but quite upset. Gas prices anyone? I'm not blaming that directly on Bush, I'm just making a statement.

Besides, the economy isn't the only measurement of how good things are, contrary to popular belief. I could talk about the two wars we're in, but that would go in a different thread.

just how much does he have to do before we have your OK to express an opinion?

Who said you couldn't express an opinion? Just because I disagree with you doesn't mean you should take it personally.

...and John McCain would be President (whoa, I scared myself on that last one!).

You scared me too

[JDoors]

...

Your opinion of the last eight years is either an exaggeration or I had a hell of a lot better eight years than you did, lucky me! (I even made money in the stock market, ha!)

Correct me if I'm wrong, but I recall everyone being very upset about the economy these past eight years. Not as bad as they feel now, but quite upset. Gas prices anyone? I'm not blaming that directly on Bush, I'm just making a statement.

Besides, the economy isn't the only measurement of how good things are, contrary to popular belief. I could talk about the two wars we're in, but that would go in a different thread.

...

...and John McCain would be President (whoa, I scared myself on that last one!).

You scared me too

The economic numbers belie your perception. Well, up to the crash.

As much as I disagree with the left/liberal/Democrat position on most everything, McCain was NOT the answer!

[hitest]

McCain was NOT the answer!

I am in total agreement with you, JDoors.

[Carnevil]

McCain was NOT the answer!

I am in total agreement with you, JDoors.

That doesn't mean Obama is the answer either.

[bozodog]

Stocks plunge, Dow falls 281