Gary M Posted February 15, 2011 Share Posted February 15, 2011 (edited) He believes that the America people are dumb. Man do I hope he is wrong. http://blogs.abcnews.com/politicalpunch/2011/02/president-obamas-budget-and-the-pending-budget-fight.html "At no point in the president’s 10-year projection would the U.S. government spend less than it's taking in." Edited February 15, 2011 by Gary M Link to comment Share on other sites More sharing options...
Gene Frenkle Posted February 15, 2011 Share Posted February 15, 2011 He believes that the America people are dumb. He's wrong. Only most of the America people are dumb. Is our children learning? No. Link to comment Share on other sites More sharing options...
/dev/null Posted February 15, 2011 Share Posted February 15, 2011 He's wrong. Only most of the America people are dumb. Is our children learning? No. Me fail English? That's unpossible Link to comment Share on other sites More sharing options...
Chef Jim Posted February 15, 2011 Share Posted February 15, 2011 He's wrong. Only most of the America people are dumb. Is our children learning? No. So no comment of the budget but you use this as an opportunity for a dig a Bush. Good job Geno. Link to comment Share on other sites More sharing options...
erynthered Posted February 15, 2011 Share Posted February 15, 2011 Since a thread has been started about this I'll slide this in here too.... President Obama released his budget this morning. Rather than focusing on Washington's over-spending problem, the budget calls for higher taxes on families and small businesses to pay for even more government spending. Under the Obama budget, tax revenues will grow from 14.4% of GDP in 2011 to 20% of GDP in 2021. By comparison, the historical average is only 18% of GDP. Tax hike lowlights include: Raising the top marginal income tax rate (at which a majority of small business profits face taxation) from 35% to 39.6%. This is a $709 billion/10 year tax hike Raising the capital gains and dividends rate from 15% to 20% Raising the death tax rate from 35% to 45% and lowering the death tax exemption amount from $5 million ($10 million for couples) to $3.5 million. This is a $98 billion/ten year tax hike Capping the value of itemized deductions at the 28% bracket rate. This will effectively cut tax deductions for mortgage interest, charitable contributions, property taxes, state and local income or sales taxes, out-of-pocket medical expenses, and unreimbursed employee business expenses. A new means-tested phaseout of itemized deductions limits them even more. This is a $321 billion/ten year tax hike New bank taxes totaling $33 billion over ten years New international corporate tax hikes totaling $129 billion over ten years New life insurance company taxes totaling $14 billion over ten years Massive new taxes on energy, including LIFO repeal, Superfund, domestic energy manufacturing, and many others totaling $120 billion over ten years Increasing unemployment payroll taxes by $15 billion over ten years Taxing management capital gains in an investment partnership ("carried interest") as ordinary income. This is a tax hike of $15 billion over ten years A giveaway to the trial lawyers—not letting companies deduct the cost of punitive damages from a lawsuit settlement. This is a tax hike of $300 million over ten years Increasing tax penalties, information reporting, and IRS information sharing. This is a ten-year tax hike of $20 billion. Add it all together, and this budget is a ten-year, $1.5 trillion tax hike over present law. That's $1.5 trillion taken out of the economy and spent on government instead of being used to create jobs. The "tax relief" in the budget is mostly just an extension of present law, and also some refundable credit outlay spending in the tax code. There is virtually no new tax relief relative to present law in the President's budget. PDF Version http://www.washingto...tal-us-economy/ President Obama projects that the gross federal debt will top $15 trillion this year, officially equalling the size of the entire U.S. economy, and will jump to nearly $21 trillion in five years' time. Amid the other staggering numbers in the budget Mr. Obama sent to Congress on Monday, the debt stands out — both because Congress will need to vote to raise the debt limit later this year, and because the numbers are so large. Mr. Obama's budget said 2011 will see the biggest one-year jump in debt in history, or nearly $2 trillion in a single year. And the administration says it will reach $15.476 trillion by Sept. 30, the end of the fiscal year, to reach 102.6 percent of gross domestic product (GDP) — the first time since World War II that dubious figure has been reached. In one often-cited study, two economists have argued that when gross debt passes 90 percent it hinders overall economic growth. The president's budget said debt as a percentage of GDP will top out at 106 percent in 2013, but only if the economy booms. "I still don't see a sense of urgency from the president about the massive federal debt," said Sen. Lamar Alexander, Tennessee Republican. "His budget calls for too much government borrowing – even though the debt is already at a level that makes it harder to create private-sector jobs." Speaking on MSNBC on Monday, Jacob "Jack" Lew, the White House budget director, said their long-term plan to lower deficits will stabilize the debt. "When we came into office, when President Obama took office, the deficit was climbing to over 10 percent of the economy. We have a plan that would bring it down to 3 percent," he said. "That is the most rapid reduction in the deficit in history. It is what we have to do to be able to say we're paying our bills and we're not adding to the debt." The administration said debt as a percentage of GDP will stabilize at about 105 percent in the middle of this decade, though those calculations assume economic growth levels significantly above projections of the non-partisan Congressional Budget Office. The government measures debt several ways. Debt held by the public includes the money borrowed from Social Security's trust fund. Link to comment Share on other sites More sharing options...
DC Tom Posted February 15, 2011 Share Posted February 15, 2011 He believes that the America people are dumb. Man do I hope he is wrong. http://blogs.abcnews.com/politicalpunch/2011/02/president-obamas-budget-and-the-pending-budget-fight.html "At no point in the president’s 10-year projection would the U.S. government spend less than it's taking in." But it'll reduce the deficit over the next 10 years by less than the amount of the annual deficit! The American people ARE dumb enough to buy that line of crap...largely because they've been fed it for almost 20 years. Link to comment Share on other sites More sharing options...
IDBillzFan Posted February 15, 2011 Share Posted February 15, 2011 So no comment of the budget but you use this as an opportunity for a dig a Bush. Good job Geno. It spends more, taxes more, skips major entitlements, ignores all the warnings from his debt commission, and takes heat away from the poor. I think the only person who would like this budget is Paul Krugman. Link to comment Share on other sites More sharing options...
DC Tom Posted February 15, 2011 Share Posted February 15, 2011 It spends more, taxes more, skips major entitlements, ignores all the warnings from his debt commission, and takes heat away from the poor. I think the only person who would like this budget is Paul Krugman. The Republican House is going to throw an absolute **** fit over this. And then they'll pass it virtually unchanged. Link to comment Share on other sites More sharing options...
erynthered Posted February 15, 2011 Share Posted February 15, 2011 "lowest shiit" http://www.realclearpolitics.com/video/2011/02/15/obama_drops_s-bomb_at_presser_on_budget.html Link to comment Share on other sites More sharing options...
Gary M Posted February 16, 2011 Author Share Posted February 16, 2011 "lowest shiit" http://www.realclearpolitics.com/video/2011/02/15/obama_drops_s-bomb_at_presser_on_budget.html Freudian slip? He knows what he is spewing is ****!!! Link to comment Share on other sites More sharing options...
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