Monday, February 14, 2011

Obama's "Onion" Deficit Reduction Plan

This could have come from the front page of the Onion:

"My budget freezes annual domestic spending for the next five years – even on programs I care deeply about – which will reduce the deficit by more than $400 billion over the next decade."-- B. Hussein Obama

Probably cutting back on White House parties and maybe a golf game or two.

Just for perspective:

And that as Obama proposes another new budget that would spend more than $3.5 trillion and add another $1.5 trillion deficit to the national debt.

One wonders how good Obama is with a fiddle.

Oh, there's more.

[The] President, facing a determined effort by Republicans to attack soaring deficits, is putting forward his own plan that offers $1.1 trillion in deficit reductions over the next decade. One-third of the savings would come from higher taxes, including a revived effort to limit tax deductions for wealthy Americans

Two-thirds of that $1Tn from spending reductions, another one-third from tax increases. This "plan" doesn't even meet the goals established by Obama's very own "Deficit Reduction Commission", which had proposed $4Tn in cuts.

It's a pathetic joke.


Billiam said...

Well, from what we've seen from Democrats, a 'spending cut' is only increasing spending by 3% when you really wanted 6%. It's only 40 billion a year, doesn't touch SSI or Medicare/Medicaid. It will also be offset by other spending increases. In other words, it's a calculated lie that will misdirect the sheeple. That said, I have little faith in the Repubs. Lately, they've not shown themselves worthy of any trust. For the next 2 years, as far as Congress goes, consider me from Missouri. Show me.

joetote said...

While the President is feeding us his line of garbage as to cutting spending, it came to my attention yesterday that the FED is considering a QE3 package adding to the 1.2 trillion dollars of worthless money they’ve already printed hasn’t done what they though it would. All of the cuts in the world are not going to offset the hyper inflation and the costs that come with printing worthless money. M1 has grown 15.2% in less than 3 months and all of that is unbacked paper!