Tag: budget

Bush Deficit vs Obama Deficit

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Bush Deficit vs Obama Deficit

Washington Post has a graphic deficit comparison of the two budgets, and Heritage Foundation highlights some of the differences.

More on this from Karl Rove at the Wall Street Journal:

Last fiscal year, the deficit was $459 billion. For this fiscal year, it was $569 billion when Mr. Obama took office. Under his proposals, another $1.276 trillion will be added to the deficit this year, for a total of $1.845 trillion.

The CBO says deficits will fall for three years to $658 billion, still nearly 50% larger than any past deficit. After that, deficits go back up every year, reaching the trillion-dollar a year mark again in nine years. By 2019, the debt would reach 82.4% of GDP, a level not seen since 1947. With astonishing candor, even Peter Orszag, the president’s budget director conceded these levels of deficits and debt are “unsustainable.”

Update: Just in from Rasmussen :

Two-thirds of U.S. voters (66%) think President Obama is likely to raise taxes on people who [make] less than $250,000 per year. That figure includes 47% who say he is Very Likely to do so. [sic]

Also keep in mind that Obama’s Carbon tax is regressive: it will raise the price of energy for every person in the US, and it will raise the price or decrease the quality of every product in the US. [e.g. for the quality statement – when oil prices went up, Starbuck’s decreased the mil on the plastic cups they use, causing more “crush spills” when people grip them too tight.] Any rise in energy prices will also create rises in food prices since food production, transport, storage, and preparation are energy-intensive operations.

As Stephana points out in coments: we also have to factor in Congress’ actions over the past two years when Democrats were in control, they created the deficit ahead of this coming one. They are also now in process of breaking Obama’s campaign promises for him – yesterday the promised $400.00 tax credit went bye bye almost as quick as Social Security surpluses.

The only video that fits the zeitgeist:

h/t Little Green Footballs Spinoff links and to Lawhawk for the Rasmussen update

Obama’s Budget is a Giveaway Grab Bag; You Don’t Know What Will Come Out of It

We’ve already seen how Barack manages large programs, under the Annenberg Challenge with Bill Ayers he gave away a total of 150 million to gaggle of community activist groups to improve schools. Some of those groups were radical, but putting that aside a moment you can see that the vague “feel good” instead of results-oriented direction under Obama just created monumental waste with zero results. The other cities given these grants saw improvement, Chicago stands alone with zero improvement.

His proposed budget for the country should give everyone pause, especially with Annenberg as the only real executive track record to judge by. Traditional media has ignored this because of the Ayers weather underground terror connection and Marxist ideology, but it’s essential to examine Annenberg because it’s the only executive “achievement” that Barack Obama has. The MSM failure to examine the results and goals of Annenberg in detail is journalistic and moral bankruptcy.

The McCain-Palin campaign has critized his tax plans as welfare, so Barack’s campaign has come back and tweaked it to add a work requirement. (They will materialize things out of thin air as needed to get elected.) This comes from the New Hampshire Union Leader in reply:

“Facing criticism from John McCain that his tax plan constitutes ‘welfare,’ Barack Obama recently added a work requirement to one of his proposals. ‘They started saying this was welfare,’ said Obama adviser Austan Goolsbee. “So, just so they would absolutely not be able to say that, we decided that for the last two percent we’ll simply add a work requirement.’ …’When did this change? I’m just curious,’ an incredulous Holtz-Eakin asked Goolsbee. ‘About two weeks ago,’ replied Goolsbee, adding that when the proposal was announced in September 2007, 98 percent of its benefits went to workers.” — ABC News

“The bottom line is that Obama is not being honest about his tax and spending plans. It is impossible — impossible! — for him to finance his giveaways by taxing only those making $250,000 or more. He will have to raise taxes substantially on people making much, much less than that. If you think you are going to avoid a tax increase on Obama’s watch because you aren’t ‘rich,’ remember this: A government that arbitrarily picks $250,000 as a dividing line can, using the same purely political considerations, pick any number as a dividing line.” — New Hampshire Union Leader

 

Kudos to the NH Union Leader for pinning down the specifics on this, as we know Obama prefers to be vague — he puts forth sweeping general statements that sound good, and we are not supposed to question. Barack is running for president however, and it’s every journalist’s duty to question.

So once again you see that the Obama campaign is a weather vane moving in the wind, and as everyone knows you don’t need a weatherman to see which way the wind blows…

One of the Things that Happened Today to Wall Street

While a lot of people are scratching their heads about what went on today with Wall Street’s plunge, it’s easy to map out. It’s the beancounters at it again. Beancounters are an odd branch species of homo sapiens, they are paid to be conservative and think in worst case scenarios, they are paid to think 18-36 months out, and keep the company on course financially in a journey that’s chunked up in three month segments called quarters.

So what is that strange species up too? This is the first working week of the fourth quarter, and most large corporations across America have their beancounters diligently at work putting the final tweaks to the companie’s 2009 budgets. The credit crunch? Most companies have already prepped and planned for that, and that was the discussion two quarters ago to present. If that’s the case, what could cause such a jagged off-the-cliff stutter in the market like we saw today?

Short selling opening up is definitely part of it, but that’s not all of it.

With Obama leading in the polls, every company in the US now has to factor in the effects of the Obama tax increase into their budgets for the next two years, and the beancounters have to do it because they plan for the worst. The Tax increase won’t happen in first quarter, but by third quarter if he’s elected the tax increase will be there.