In his Internet video explaining President Obama's fiscal 2012 budget proposal, White House budget director Jack Lew told viewers that as of 2001, "we were running a surplus of $5.6 trillion over the next 10 years." That surplus never actually existed outside of the imaginations of Washington politicians and the green-eyeshade bureaucrats who work for them in the government. Lew's claim is a typical example of how officials mislead the public by using imagined numbers from a fiscal future that may or may not exist, depending on what is done by future politicians. American families don't base their current budgets on possible windfalls or setbacks that may or may not come eight years from now, but our government does.
So, as you pore over Obama's new budget, beware the budgeters' tricky talk. When you hear liberal journalists in the mainstream media repeat the line that Obama's new budget "reduces the deficit by $1.1 trillion over 10 years," don't believe it for a second. Obama is not actually reducing the current $1.65 trillion deficit by $1.1 trillion. Rather, Obama plans to borrow $1.1 trillion less than he would have under earlier projections. Those projections, contained on page 174 of the document the White House released Monday, assumed vast expenditures -- trillion or near-trillion-dollar deficits every year through 2021 -- so Obama is clearing a very low bar.
Here is a more accurate description of what Obama's 2012 budget plan does: It adds $8.8 trillion in new debt between today and October 2021. That number would be even larger, except that Obama's budget also raises taxes by $1.5 trillion on corporations and high-income earners, imposing higher marginal rates and new limits on charitable and mortgage deductions. In Obama's fiscal 2012 budget, no hard choices are made on the key issue of entitlements, but individuals, families and business owners will still see their taxes go up. And Obama's plan for next year actually includes more discretionary spending than last year at the height of stimulus expenditures.
Read more at the Washington Examiner
So, as you pore over Obama's new budget, beware the budgeters' tricky talk. When you hear liberal journalists in the mainstream media repeat the line that Obama's new budget "reduces the deficit by $1.1 trillion over 10 years," don't believe it for a second. Obama is not actually reducing the current $1.65 trillion deficit by $1.1 trillion. Rather, Obama plans to borrow $1.1 trillion less than he would have under earlier projections. Those projections, contained on page 174 of the document the White House released Monday, assumed vast expenditures -- trillion or near-trillion-dollar deficits every year through 2021 -- so Obama is clearing a very low bar.
Here is a more accurate description of what Obama's 2012 budget plan does: It adds $8.8 trillion in new debt between today and October 2021. That number would be even larger, except that Obama's budget also raises taxes by $1.5 trillion on corporations and high-income earners, imposing higher marginal rates and new limits on charitable and mortgage deductions. In Obama's fiscal 2012 budget, no hard choices are made on the key issue of entitlements, but individuals, families and business owners will still see their taxes go up. And Obama's plan for next year actually includes more discretionary spending than last year at the height of stimulus expenditures.
Read more at the Washington Examiner
4 comments:
That's what he has been all about from the beginning.Smoke and Mirrors. Obama is still green behind the ears when it comes to knowing what the right thing is to do.He needs to grow a set and be the person he claims to be!
At this point in the budget process both sides are blowing smoke. Actual cuts to balance any budget are going to have to address entitlements....which looks bad, when your REAL JOB is to get re-elected, and actual governing is just a pastime.
they are not worried
there is no such thing as real money or debt anymore
thats why economies have no borders and we are on our way to a global cashless tender
they knew it would come to this when they got rid of the gold standard
Madeoff just got caught and made a scapegoat when actually what he was doing is business as usual these days from the top down
he just ripped off alot of people that assumed they were better positioned and entitled to be players
The problem is that America not Obama can't see that our country is full of rx addictions. Sounds stupid to most people. Everyone keeps wondering why the country is at a stand still. Well lets see, would it be that 2 billion oxy's are sold in this country every day. We are in a country full of zomies. Most of them get free pills and these pills cost our government about $28 each. Didn't know that I bet. Also 3/4 of America are taking them. Do the math and you'll find our money. I bet someone reading this is on them right now. Your not in pain, "YOU ARE A DRUG ADDICT". The doctors hand these out for every problem now. You think about how popular they were 8 years ago. Now think about what the economy 8 years ago.
Seen any oxy law suits. Do they say on the news that its killing hundreds of Americans every day. NO. Wake UP AMERICA. Dont take my word for it. Just ask someone you know if they take pills for pain everyday. I lost two friends in the past year to pain killers. Know whos blowing smoke.
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