We could fill the universe with what this clown DOESN’T know about the economy!
For instanbce, he also confuses "taxes" with "revenue".
Revenue is what is derived from taxes but it doesn't necessarily follow that raising taxes increases revenue.
In many, if not most cases, raising taxes DECREASES revenue.
Ubama knows perfectly well what the rich do with their money. He's one of them.
You can't get into one of his dinners without a tie and a check for 40,000 dollars.
Now he's selling access to himself for 500,000 dollars.
His bestest buddy and big toe, Warren Buffett, heads up an investment firm, Berkshire Hathaway, that sells a single share of its stock for 185,000 dollars.
He's a control freak, plain and simple.
Five years into his presidency, and the economy is still deep in the crapper; clearly, Obama knows nothing about economics.
On the contrary, what he “knows” is all wrong, and it’ll be another four years and a different president before the American economy turns around - if it ever does.
Best to hang on to those nickels and dimes and dig in for the long haul.
Yes, Obama’s inflation will render them nearly worthless, but it’s better than starving.
2. Baseline Budgeting: is an accounting method the United States Federal Government uses to develop a budget for future years. Baseline budgeting uses current spending levels as the "baseline" for establishing future funding requirements and assumes future budgets will equal the current budget times the inflation rate times the population growth rate.
3. Sequestration is a 2-3% decrease in the increase of baseline budgets.
4. No Dept will have less than they are currently operating, they all will have more money.
I'm afraid that Obama thinks like that. To his Marxist mindset no one gets "rich" other than through exploiting someone else. So the government must spread the wealth around. To Obama the perfect world is where an all powerful government controls every aspect of people's lives. However, Obama is also a hypocrite as he himself is "rich" and so are many of his supporters.
Vote democrat
Higher taxes, more spending, more debt.
Democrats, not just Obama, fear spending cuts because government spending thru entitlements is the main motivator for the majority of the voter base. They have no idea how to win votes thru ideas, only by buying them with other peoples’ money.