Posted on 02/02/2015 9:06:17 AM PST by SeekAndFind
President Obama sent Congress an ambitious budget plan Monday that includes a half-trillion-dollar public works program and an array of tax increases meant to fund a host of other agenda items -- in what Republicans are ripping as a tax-and-spend document that does little to restrain the soaring $18 trillion debt.
The president's $4 trillion budget hinges on what Obama calls "middle-class economics," seeking tax breaks for many Americans while imposing increases on top earners, corporations and particularly the financial sector.
Referring to proposed spending on everything from roads to education initiatives, Obama said, "We can afford to make these investments while remaining fiscally responsible."
"We would be making a critical error if we avoided making these investments, " he added. "We can't afford not to."
But House Ways and Means Committee Chairman Paul Ryan has accused the president of exploiting "envy economics."
And the president's budget shows the red ink flowing indefinitely. Administration officials say their goal is to hold the deficit to a small percentage of the total U.S. economy -- but not necessarily to eliminate it.
The fiscal 2016 budget proposal would leave a deficit of $474 billion. Obama's budget plan never reaches balance over the next decade and projects the deficit would rise to $687 billion in 2025.
(Excerpt) Read more at foxnews.com ...
Thieves have no qualms about "investing" the loot.
the onion can’t out-parody reality anymore.
If anyone believes that I have a bridge in Brooklyn to sell you.
Curious regarding the interest the US pays to the private owners of the Federal Reserve; the money they print and circulate at the request of the US Treasury, are those owners taxed on that interest income and at what rate? Or has orchestrated legislation given the owners a pass on taxes of the now $trillions they have loaned to the US government?
Obama’s BUDGET?.. What does Congress do.?..
He provides a budget, makes “law”, enforces “IT” with IRS, FBI, CIA, NSA.. the military?..
Oh! and the Justice Department?..
I see......... the US does NOT have 50 States it has ONE STATE....
What could go wrong?..
The way you help the middle class is to create jobs. And you do that by raising the import tariffs on cheap foriegn goods, which will give American companies a chance to compete for our home market.
RE: And you do that by raising the import tariffs on cheap foriegn goods
How does making the manufacturing of goods more expensive help the middle class?
It helps the middle class by creating jobs. Create enough jobs and real wages will increase.
It's better to have a job where you can afford expensive American goods, than to not have a job where you can't even afford cheap Chinese made goods.
Creating jobs does a lot of positive things:
RE: You’re not making the manufacturing of goods more expensive. You’re making it more expensive for foriegners to sell their goods in our markets.
It helps the middle class by creating jobs. Create enough jobs and real wages will increase.
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Since we are all consumers of good foreigners sell to our markets, why isn’t it another way of saying it’s making it more expensive for American consumers to BUY goods from foreigners?
As for creating jobs, Let’s say they start to assemble TV’s and other stuff here in the USA, would it not be the case that manufacturers will now have to PAY American wages, healthcare, payroll taxes, property taxes, etc. in the USA, thus driving up the cost of goods?
How does that help the middle class consumer?
It is. But your first post didn't say that, it said making cost of manufacturing more expensive. Tariffs, don't affect manufacturing costs. At least not directly.
And while an increase cost of goods does have a negative effect on the consumers, putting Americans to work will more than off set that.
The price of those cheap imports is only part of the real cost of those imports. You have to add to that the tax burden and national debt burden of supporting unemployed Americans.
At the very least the import tariffs should reflect the same tax burden that domestic manufacturers have plus the cost of unemployed Americans.
There are other strategic reasons to raise the import tariffs.
RE: And while an increase cost of goods does have a negative effect on the consumers, putting Americans to work will more than off set that.
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That sounds like the triumph of hope over experience to me. I’m not ready to bet our laws on that. Not yet.
Let’s look at it another way....
Tariffs are taxes imposed on imported products that raise the price of the goods. That, of course, can hurt the sales of foreign producers. But people in the country imposing the tariff can be hurt, as well.
While local producers might benefit from a tariff that weakens foreign competition, consumers lose by paying more for imported products. And the negative impact could be exacerbated if the foreign government retaliates with a tariff of its own.
Collectively, the cost of tariffs is very large. The World Bank estimates that the elimination of tariffs would make the global economy $1 trillion larger than it is today.
And note: Most small businesses, the ones that employ most Americans, don’t share any of the benefits from tariffs. Because many compete only with other local businesses, tariffs don’t make their products cheaper than those of competitors. After all, taxis, barbershops, dry cleaners and the like don’t face competition from abroad.
But tariffs sometimes can be detrimental to a small business and make it less competitive. Take, for example, a retailer that sells imported clothing but competes with other stores that stock only locally produced clothing. Even though neither retailer faces direct competition from stores in other countries, tariffs will make the import seller’s merchandise more expensive and likely drive customers to the local competitors.
Even in industries where small businesses do face foreign competition, such as machine tools and auto parts, tariffs aren’t necessarily helpful. True, tariffs raise the cost of foreign goods and help local companies compete. But governments often take a tit-for-tat approach to tariffs: You impose a 50 percent duty on imports of my country’s products and I will impose a 50 percent duty on imports from your country.
This situation is obviously bad for American entrepreneurs who export. They become less competitive overseas if they get slammed with a 75 percent tariff in Japan or Italy simply because the U.S. government imposed a 75 percent tariff on Japanese or Italian products.
It’s not as simple as we think it is.
BTW, why are we discussing tariffs in a thread whose subject is the BUDGET and the DEFICIT and the DEBT. Maybe if we want to help the middle class, we can start with those first...
this magic negro sure do have a slow learning curve.
The Lame Duck has two years left to hurt this country. The pace of his efforts prove he is going for broke.
Tax breaks for the middle class who don’t have jobs means very little. And those who do have jobs are paying more for everything else.
0bama Budget:
D.O.A.
Just say no to all gmint spending not military, defense..no more taxes for the greedy aholes, no more gmint handouts..
Just say No..to giving obozzo a dime..
When was the last time Obama ACTUALLY presented a budget to Congress?
Hasn’t the government been running on Continuing Resolutions for years?
Why is this ‘budget’ so important? Other than the fact that it saddles future Presidents with overwhelming amounts of Obama’s deficits.
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