Posted on 08/04/2012 3:51:09 PM PDT by Zakeet
In presidential campaign ads, President Barack Obama claims that his economic plan includes “$4 trillion in deficit reduction.” For a president who has increased the national debt more than all U.S. presidents from George Washington to George H.W. Bush combined, the claim seems incredible. Indeed, it is.
A new analysis of Mr. Obama’s budget reveals the president’s plan would add $10.6 trillion in debt accumulation over the next decade, bringing the U.S. federal debt to a jaw-dropping $25.4 trillion.
Still, the president and his surrogates continue to claim the Obama plan would cut spending. “The President’s proposals… include a balanced deficit reduction plan that would reduce our deficits by $4 trillion over 10 years,” said White House Press Secretary Jay Carney in June.
In addition, the Obama budget contains $1.8 trillion in tax increases over the next decade. Specifically, the top marginal tax rate would jump to 39.6 percent, taxes on dividends would skyrocket to 43.4 percent (from 15 percent), and the death tax would leap to 45 percent.
(Excerpt) Read more at breitbart.com ...
We can't possibly be broke ... cause we still got checks in the checkbook!
Geeez. That moron is even starting to look like Rahm Emanuel. I guess all Chicago street thugs DO look alike.
Holy Cloward and Piven, Batman!
Just raise taxes on all who make $250,000 or more and we will be running a surplus....
If this isn't a Cloward and Piven movement I don't know what it is.
I guess you and I are on the same page. I would be concerned about that if I were you. (lol)
I guess you and I are on the same page. I would be concerned about that if I were you. (lol)
http://www.youtube.com/watch?feature=player_embedded&v=SaQUU2ZL6D8
Here is Obama pledging in 2009 to cut the deficit in half by the end of his first term in office.
Absolutely, totally unredeemable fiscal debt is one of the key elements of Obummer’s plan for fundamentally transforming the U.S.A. Its working!!!
Obama has lied to America for more than 6 years.
Why would anyone expect him to tell the truth at this stage of the election game???
That sucks - I’d hate to be one of the poor saps who’s going to pay that bill. :)
Someone needs to take this information and add various scenarios regarding taxing the rich. The tiny bars next to the spending and debt bars would be an interesting comparison.
The hell with the debt. We won’t even be able to make the interest payments.
You got that right.
The title of this article is rather misleading.
Obama’s policies WOULD raise the deficit to 25 trillion give or take in the given time frame if it were not for the fact that we undergo a debt driven total economic collapse well before the deficit hit 25 trillion dollars.
Of course, if the collapse was fueled by hyperinflation, then the debt could go way higher during the collapse, but then 1 trillion dollars would not buy a cup of coffee if that happened.
P.S. THERE is perhaps another way out, but that involves selling mineral rights in the west and Alaska to foreign interests. Again, there are economic and politcal limitations to this approach as well.
I tend to think that near simultaneous worldwide economic crisis in the major world economies due current economic problems are going to create enough economic dislocations to drive deflation in the near term.
What direction things go after that depends on what our politicians do to screw things up.
What is certain, however, is that whatever they do, they will screw things up even worse that they already are.
At least until the wars start
I tend to think that near simultaneous worldwide economic crisis in the major world economies due current economic problems are going to create enough economic dislocations to drive deflation in the near term.
What direction things go after that depends on what our politicians do to screw things up.
What is certain, however, is that whatever they do, they will screw things up even worse that they already are.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.