jonny5
DP Veteran
- Joined
- Mar 4, 2012
- Messages
- 27,581
- Reaction score
- 4,664
- Location
- Republic of Florida
- Gender
- Male
- Political Leaning
- Libertarian
https://www.cbo.gov/publication/51383
So this final budget means the Obama has not once proposed a balanced budget in 8 years. Only more taxes, more spending. In 10 years, this budget would raise taxes by 2.2 trillion per year, spending by 2.6 trillion per year, and add another 6.9 trillion to the national debt. The numbers are becoming staggering. In 10 years, the govt would take 44 trillion in taxes, and spend 52 trillion, 80% of which would be on healthcare, social security, welfare, food stamps, and other social projects. Social spending alone rises to almost 16% of every dollar earned.
He proposes taxes on:
oil - about 20%
the wealthy
foreign income - 19%
investment-an additional 4% on cap gains, and increase in the death tax, gift tax, self employment
He would increase mandatory spending by a trillion, and decrease discretionary spending by 300bn (that pays for defense, justice, roads, science etc).
Luckily its dead on arrival as was every budget he submitted.
True, it is not balanced, but he appears to be constantly progressing in lowering the deficit, as he's done throughout his Presidency:https://www.cbo.gov/publication/51383
So this final budget means the Obama has not once proposed a balanced budget in 8 years. Only more taxes, more spending. In 10 years, this budget would raise taxes by 2.2 trillion per year, spending by 2.6 trillion per year, and add another 6.9 trillion to the national debt. The numbers are becoming staggering. In 10 years, the govt would take 44 trillion in taxes, and spend 52 trillion, 80% of which would be on healthcare, social security, welfare, food stamps, and other social projects. Social spending alone rises to almost 16% of every dollar earned.
He proposes taxes on:
oil - about 20%
the wealthy
foreign income - 19%
investment-an additional 4% on cap gains, and increase in the death tax, gift tax, self employment
He would increase mandatory spending by a trillion, and decrease discretionary spending by 300bn (that pays for defense, justice, roads, science etc).
Luckily its dead on arrival as was every budget he submitted.
https://www.cbo.gov/publication/51383
So this final budget means the Obama has not once proposed a balanced budget in 8 years. Only more taxes, more spending. In 10 years, this budget would raise taxes by 2.2 trillion per year, spending by 2.6 trillion per year, and add another 6.9 trillion to the national debt. The numbers are becoming staggering. In 10 years, the govt would take 44 trillion in taxes, and spend 52 trillion, 80% of which would be on healthcare, social security, welfare, food stamps, and other social projects. Social spending alone rises to almost 16% of every dollar earned.
He proposes taxes on:
oil - about 20%
the wealthy
foreign income - 19%
investment-an additional 4% on cap gains, and increase in the death tax, gift tax, self employment
He would increase mandatory spending by a trillion, and decrease discretionary spending by 300bn (that pays for defense, justice, roads, science etc).
Luckily its dead on arrival as was every budget he submitted.
True, it is not balanced, but he appears to be constantly progressing in lowering the deficit, as he's done throughout his Presidency:
"Deficits Would Be Smaller Under the President’s Proposals Than Under Current Law
CBO estimates that the President’s proposals would result in smaller deficits than those in the agency’s baseline budget projections, which largely reflect the assumption that current tax and spending laws will remain unchanged.3
This year, the proposals wouldreduce the deficit by $5 billion, mostly by changing policies affecting revenues. The deficit would remain lower than projected in the baseline during every year of the 2017–2026 period, resulting in a cumulative deficit that was $2.4 trillion less than the $9.3 trillion projected in the baseline. Deficits over the period would average 3.0 percent of GDP, or 1.0 percentage point lower than their average in the baseline (see Figure 1). As a consequence, debt held by the public would also be lower than projected in the baseline—by 2026, about 8 percentage points of GDP lower (see Figure 2)."
Like so many economic indicators during the President's tenure, they may have not gone full-on boogie, but they've been improving and moving in the right direction.
I'm actually quite content with this constantly improving & chugging along economy, compared to the bust we were left with from the previous administration.
Haven't you heard?
Balanced budgets are evil in the New World Order. If you are not running huge deficits, that means you don't care about your country.
And not only that, the newest monetary 'religion' is 'federal debt is a myth'. Deficits can be any size because they can always be paid back simply by printing more money.
:roll:
One day, imo, history will look back on this and do a big face palm.
Maybe you should present some cogent arguments as to why deficits are so bad, and then we will all see the light.
Oh, wait - we tried that already, and there were no cogent arguments to be had.
It doesn't take a genius to figure out that if deficits add up to 20 trillion dollars, then that is bad, unless of course you believe money grows on trees. Oh yeah, that is exactly what you believe. Money grows on the treasury's trees.
True, it is not balanced, but he appears to be constantly progressing in lowering the deficit, as he's done throughout his Presidency:
"Deficits Would Be Smaller Under the President’s Proposals Than Under Current Law
CBO estimates that the President’s proposals would result in smaller deficits than those in the agency’s baseline budget projections, which largely reflect the assumption that current tax and spending laws will remain unchanged.3
This year, the proposals wouldreduce the deficit by $5 billion, mostly by changing policies affecting revenues. The deficit would remain lower than projected in the baseline during every year of the 2017–2026 period, resulting in a cumulative deficit that was $2.4 trillion less than the $9.3 trillion projected in the baseline. Deficits over the period would average 3.0 percent of GDP, or 1.0 percentage point lower than their average in the baseline (see Figure 1). As a consequence, debt held by the public would also be lower than projected in the baseline—by 2026, about 8 percentage points of GDP lower (see Figure 2)."
Like so many economic indicators during the President's tenure, they may have not gone full-on boogie, but they've been improving and moving in the right direction.
I'm actually quite content with this constantly improving & chugging along economy, compared to the bust we were left with from the previous administration.
Under the President’s Proposals, Deficits Would Shrink Over the Next Two Years and
Then Rise Steadily
Haven't you heard?
Balanced budgets are evil in the New World Order. If you are not running huge deficits, that means you don't care about your country.
And not only that, the newest monetary 'religion' is 'federal debt is a myth'. Deficits can be any size because they can always be paid back simply by printing more money.
:roll:
One day, imo, history will look back on this and do a big face palm.
Obama has not once proposed a balanced budget in 8 years.
Yes, but a new budget with another opportunity to cut will come-up again next year.Check again
https://www.cbo.gov/publication/51383
So this final budget means the Obama has not once proposed a balanced budget in 8 years. Only more taxes, more spending. In 10 years, this budget would raise taxes by 2.2 trillion per year, spending by 2.6 trillion per year, and add another 6.9 trillion to the national debt. The numbers are becoming staggering. In 10 years, the govt would take 44 trillion in taxes, and spend 52 trillion, 80% of which would be on healthcare, social security, welfare, food stamps, and other social projects. Social spending alone rises to almost 16% of every dollar earned.
He proposes taxes on:
oil - about 20%
the wealthy
foreign income - 19%
investment-an additional 4% on cap gains, and increase in the death tax, gift tax, self employment
He would increase mandatory spending by a trillion, and decrease discretionary spending by 300bn (that pays for defense, justice, roads, science etc).
Luckily its dead on arrival as was every budget he submitted.
Obama improving the economy and creating hundreds of thousands if not millions of jobs
https://www.cbo.gov/publication/51383
So this final budget means the Obama has not once proposed a balanced budget in 8 years. Only more taxes, more spending. In 10 years, this budget would raise taxes by 2.2 trillion per year, spending by 2.6 trillion per year, and add another 6.9 trillion to the national debt. The numbers are becoming staggering. In 10 years, the govt would take 44 trillion in taxes, and spend 52 trillion, 80% of which would be on healthcare, social security, welfare, food stamps, and other social projects. Social spending alone rises to almost 16% of every dollar earned.
He proposes taxes on:
oil - about 20%
the wealthy
foreign income - 19%
investment-an additional 4% on cap gains, and increase in the death tax, gift tax, self employment
He would increase mandatory spending by a trillion, and decrease discretionary spending by 300bn (that pays for defense, justice, roads, science etc).
Luckily its dead on arrival as was every budget he submitted.
Yeah. This administration has entered peak "F It" phase.
If it doesn't take a genius, then you are well qualified to make the cogent argument that I have been waiting for, for so many months.
So, let's have that argument. I'll be waiting.
Moderator's Warning: |
Yes, but a new budget with another opportunity to cut will come-up again next year.
There's method to his madness.
Don't forget he has to deal with a GOP congress - he can't get everything he wants.
Considering all the threads about Obama improving the economy and creating hundreds of thousands if not millions of jobs, one has to wonder why such a budget is needed. Could it be that the US economy has, indeed, stagnated since he took office and his policies have only exacerbated that stagnation?
What makes you think that? Any moron who actually wants to "balance the budget" needs to be laughed out of office.
So just to be clear, you understand that we were/are/still in a recovery, that we have not had a WH budget since 2011, we have had minimal increases in spending, you understand that govt spending is a more than significant part of the economy.....and in a recovery from a recession that was caused by a lack of spending by the private sector, both consumers and producers, one either increases govt spending or watches as wages stagnate and investment declines since the private sector has no desire to spend.And congresses policies, since they are the ones who actually control taxes and spending. Instead of doing things which would shrink govt, lower taxes, and increase market freedom, they basically have done nothing for 4 years. Which actually reduced the deficit, though not enough.
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