Obama and spending (Congress, drug, health care, death)

[Wellness]

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President Barack Obama has repeatedly claimed that his budget would cut the deficit by half by the end of his term. But estimated Analysts have pointed out, given that Obama has already helped quadruple the deficit with his stimulus package, pledging to halve it by 2013 is hardly ambitious. The Washington Post has a great graphic which helps put President Obama’s budget deficits in context of President Bush’s. (see the bottom of this page)
What’s driving Obama’s unprecedented massive deficits? SPENDING

• President Bush expanded the federal budget by a historic $700 billion through 2008. President Obama would add another $1 trillion.
• President Bush began a string of expensive finan*cial bailouts. President Obama is accelerating that course.
• President Bush created a Medicare drug entitle*ment that will cost an estimated $800 billion in its first decade. President Obama has proposed a $634 billion down payment on a new govern*ment health care fund.
• President Bush increased federal education spending 58 percent faster than inflation. Presi*dent Obama would double it.
• President Bush became the first President to spend 3 percent of GDP on federal antipoverty programs. President Obama has already in*creased this spending by 20 percent.
• President Bush tilted the income tax burden more toward upper-income taxpayers. President Obama would continue that trend.
• President Bush presided over a $2.5 trillion increase in the public debt through 2008. Setting aside 2009 (for which Presidents Bush and Obama share responsibility for an additional $2.6 trillion in public debt), President Obama’s budget would add $4.9 trillion in public debt from the beginning of 2010 through 2016

What Obama is going to fight for is massive increases in government spending; or, as he likes to call them, “investments.” Obama said the words “invest” or “investments” 22 times last night. He is staking his entire presidency on the belief that government-made decisions are a wiser and more efficient allocator of resources than the millions of individual decisions Americans make every day through a functioning free market. Obama believes massive new federal spending and control of the health, education and energy sectors will lead to better economic growth.

He is wrong. Between 1984 and 2004, real government per pupil expendi*tures increased by 49% and yet reading scores and high school graduation rates have either remained flat or declined. The federal government has been subsidizing “alternative” energy since the 70s and yet, alternative energies such as wind and solar power contribute only 1% of our nation’s energy needs. On health care the only thing sure about Obama’s plans is that they expand coverage in ways that explode costs, while his cost reduction measures fall short of the fundamental reforms needed to contain costs. If government controlled health care were such an economic life saver, then why is all of Europe in the same economic mess we are in?

Obama’s massive spending explosion will do nothing to create economic growth, but it will grow our federal deficit. Again, last night, President Barack Obama claimed that his budget would cut the deficit by half by the end of his term. Obama has already helped quadruple the deficit with his stimulus package, pledging to halve it by 2013 is hardly ambitious.

Finishing his opening remarks last night, Obama said: “At the end of the day, the best way to bring our deficit down in the long run is not with a budget that continues the very same policies that have led us to a narrow prosperity and massive debt. It’s with a budget that leads to broad economic growth by moving from an era of borrow and spend to one where we save and invest.” There is no saving in Obama’s budget. Only an acceleration of the borrow and spend policies that got us where we are today.
Don’t forget to send your Tea Bag on April 1 to the White House - Peace

[EasilyAmused]

He may detest the rich, but he sure can spend with the best of them.

[WillysB]

I find it difficult to believe it will take a $9 trillion deficit PROJECTED over the next ten years to correct for the previous eight years ACTUAL.

In the first independent analysis, the nonpartisan Congressional Budget Office concluded that President Obama's budget would rack up massive deficits even after the economy recovers, forcing the nation to borrow nearly $9.3 trillion over the next decade.



SOURCE: CBO, White House Office of Management and Budget | The Washington Post - March 21, 2009

[Miborn]

Originally Posted by Wellness

-



President Barack Obama has repeatedly claimed that his budget would cut the deficit by half by the end of his term. But estimated Analysts have pointed out, given that Obama has already helped quadruple the deficit with his stimulus package, pledging to halve it by 2013 is hardly ambitious. The Washington Post has a great graphic which helps put President Obama’s budget deficits in context of President Bush’s. (see the bottom of this page)
What’s driving Obama’s unprecedented massive deficits? SPENDING

• President Bush expanded the federal budget by a historic $700 billion through 2008. President Obama would add another $1 trillion.
• President Bush began a string of expensive finan*cial bailouts. President Obama is accelerating that course.
• President Bush created a Medicare drug entitle*ment that will cost an estimated $800 billion in its first decade. President Obama has proposed a $634 billion down payment on a new govern*ment health care fund.
• President Bush increased federal education spending 58 percent faster than inflation. Presi*dent Obama would double it.
• President Bush became the first President to spend 3 percent of GDP on federal antipoverty programs. President Obama has already in*creased this spending by 20 percent.
• President Bush tilted the income tax burden more toward upper-income taxpayers. President Obama would continue that trend.
• President Bush presided over a $2.5 trillion increase in the public debt through 2008. Setting aside 2009 (for which Presidents Bush and Obama share responsibility for an additional $2.6 trillion in public debt), President Obama’s budget would add $4.9 trillion in public debt from the beginning of 2010 through 2016

What Obama is going to fight for is massive increases in government spending; or, as he likes to call them, “investments.” Obama said the words “invest” or “investments” 22 times last night. He is staking his entire presidency on the belief that government-made decisions are a wiser and more efficient allocator of resources than the millions of individual decisions Americans make every day through a functioning free market. Obama believes massive new federal spending and control of the health, education and energy sectors will lead to better economic growth.

He is wrong. Between 1984 and 2004, real government per pupil expendi*tures increased by 49% and yet reading scores and high school graduation rates have either remained flat or declined. The federal government has been subsidizing “alternative” energy since the 70s and yet, alternative energies such as wind and solar power contribute only 1% of our nation’s energy needs. On health care the only thing sure about Obama’s plans is that they expand coverage in ways that explode costs, while his cost reduction measures fall short of the fundamental reforms needed to contain costs. If government controlled health care were such an economic life saver, then why is all of Europe in the same economic mess we are in?

Obama’s massive spending explosion will do nothing to create economic growth, but it will grow our federal deficit. Again, last night, President Barack Obama claimed that his budget would cut the deficit by half by the end of his term. Obama has already helped quadruple the deficit with his stimulus package, pledging to halve it by 2013 is hardly ambitious.

Finishing his opening remarks last night, Obama said: “At the end of the day, the best way to bring our deficit down in the long run is not with a budget that continues the very same policies that have led us to a narrow prosperity and massive debt. It’s with a budget that leads to broad economic growth by moving from an era of borrow and spend to one where we save and invest.” There is no saving in Obama’s budget. Only an acceleration of the borrow and spend policies that got us where we are today.
Don’t forget to send your Tea Bag on April 1 to the White House - Peace

Yes dont forget to sent your tea bags on April 1, 2009 get them ready now so all you have to do is pop them in the mailbox.

[SaladoSam]

Can't we get an Obamacrat concurrence here? Or objection? I just read where one of them posted a link to the already improving economy.

[LML]

Originally Posted by SaladoSam

Can't we get an Obamacrat concurrence here? Or objection? I just read where one of them posted a link to the already improving economy.

Well, I don't think I would qualify as an "Obamacrat" but I did support him in the last election. However, the amount of debt we are incurring is scaring me to death. I do think that we need to jump start the economy and I'm all for spending money on the deferred maintenance of things like roads, bridges, school buildings, etc. And I would like to see some tax rules changed so that it would be more advantageous for businesses to stay in the U.S. and hire U.S. workers. There are certainly other changes that need to be addressed at some point but not until the economy gets a lot better which, to me, means that people have stable, family sustaining jobs. I have grandchildren though and I don't want to pass a bankrupt country on to them. We NEVER should have started these stupid bailouts. That's just NUTS. Giving people, who have already shown that they can't handle money, more of OUR money to throw away. NUTS!