WH submits budget with 1.3 Trillion deficit

Pharm- I went to see some of those charts you linked to and they are quite interesting. In particular I looked at the percentage of govt outlays as a percentage of GDP. We constantly get the Bush did this and Bush did that and there are few, if any, people that don't think that Bush spent too much money.

However, in Bush's 8 years the percentage of govt outlays averaged about 18.5% and the spread between receipts and oputlays averaged less than 2%. For BO the outlays have averaged over 24% and the spread has averaged 9%. 9%! That is 3 times higher on average than anytime in our country's history!!

Historically, through bad economic times and good, excluding the BO years the outlays avergaed about 20% with the worst years being Carter's in '82 and '83 when we had mortgage rates at 13% and double digit unemployment in many states. But even then, govt outlays barely topped 23%.

Govt spending is simply out of control right now. It is unarguable. Yes Bush spent too much but the spread between what was coming in versus what was going out was historically even. Bush was average. BO is the worst we have seen in our lifetimes.

You need to understand this point and understand it well- the proposed tax increases on the welthy that BO talks about (and it is ALL he talks about) will not move the percentage of tax revenue received by the govt even 1% of GDP. It simply won't do that much good. The spending side is out of control by any and all measurables. When BO talks, he should spend 55 minutes of every hour talking about spending cuts
and 5 minutes on tax increases. Yet the opposite is what he does. As a leader he is inept at best.
 
How is it possible the smartest President in a generation didn't know how bad the economy was? That doesn't wash.

Our President is a pathological liar and if I ever had the misfortune to be standing before him, I would tell him that to his face.
 
It is mind boggling to me that there are so many who will defend the nation killer to the very end.
crazy.gif
 
So Bo knew how bad the economy was in 08 when he was campaigning . then he what? forgot?


In BO's laugable budget is an item to increase the subsidy for people who would buy a Volt to 10,000. 10k??

at the same time he cut off a program to allow DCschool kids to go to charter schools if their public schools are failing. DC public are overwhelmingly black
Why does Bo hate black kids?
 
Knowing the depth of the economic plunge is a red herring and an excuse. Regardless of whether it was worse or not (and btw I never said it wasn't worse than imagined), the fact is that the president has pursused anti-growth strategies from the very beginning. It was almost as if he had a strategy to impede growth!

Give government money to unproven companies without due diligence that will later fail? Check.

Increase the rate of adding regulation onto the small businessman's plate? Check.

Introduce massive uncertainty about the cost of adding new employees? Check.

Reduce incentive to find work? Check.

Bail out selective companies in an industry, staff them with your own people, let them "pay off" their loan with TARP money provided by you, allow them to hide unprofitable parts of their business and crank out failed products and then claim to have turned them around - all the while STILL owning stock that was supposed to have been divested? Check!

Claim that we need new taxes because our tax rate is too low, ignoring that those tax rates are due to expire, plus they will be compounded by new taxes (excuse me... FEES) imposed under the new health care law, meaning that you are now poised to preside over the biggest tax increase in history - all in a struggling economy? Check!

All he needs to do now is to raise taxes on households over $200,000, claim it's a tax on the "1 percent", forcing small businessmen to face an even higher tax burden than the surrounding nations face... oh wait, he's already doing that, too.
 
The political strategy behind Obamanomics was always simple: Call for "stimulus" to rescue the economy, run up the debt with the biggest spending blitz in 60 years, and then when the deficit explodes call for higher taxes. The Congressional Budget Office annual review released yesterday shows this is all on track.

CBO reports that annual spending over the Obama era has climbed to a projected $3.6 trillion this fiscal year from $2.98 trillion in fiscal 2008, or more than 20%. The government spending burden has averaged 24% of GDP, up from an average of about 20%. This doesn't include the $2 trillion tab for ObamaCare.

All of this has increased the federal debt by about $5 trillion in a mere four years. Thanks to higher revenues, the federal deficit will decline to $1.08 trillion in 2012, or 7% of GDP. But that is still the highest deficit since 1946?except for the previous three years. In other words, the four years of the Obama's Presidency will mark the four highest years in spending and deficits as a share of the economy since Harry Truman sat in the Oval Office.

And don't forget the national debt held by the public?the kind we have to pay back. On President Obama's watch, CBO says public debt will climb this year to 72.5% of the economy from 40.3% in 2008. This isn't as high as Italy or Greece, but it's rising fast toward the 90% level that begins to debilitate an economy.

We pause from this gloom for some good news: Despite the abuse they've taken, House Republicans have made some fiscal progress. CBO estimates that overall federal spending in 2012 will grow by only $3 billion, or less than 1%, which compares with double digit increases during the Obama-Pelosi years. Republicans have also tried to reform entitlements, but Democrats wanted a $1 trillion tax hike ransom for even modest cuts, which was wisely rejected.

The other part of the fiscal story is that revenues have been in the tank for five years. In 2012 revenues will hit $2.52 trillion down from $2.57 trillion in 2007. Revenues are still only 16.3% of GDP, about two percentage points below the norm.

The drought has two main causes. First, the anemic recovery in jobs and investment isn't spinning off enough new output (1.7% growth last year) to boost tax receipts anywhere near their historic level.

Second, a series of non-stimulative tax cuts?tax rebates in 2008 and 2009, and payroll tax holidays in 2011 and this year?have depleted the Treasury with little economic benefit. These tax cuts don't change the incentive at the margin to work or invest, and they thus have little feedback effect in revenues from faster growth.

The most amusing part of the CBO's report is its projection that the deficit will fall to $269 billion by 2015, or a mere 1.5% of GDP, if current law holds. But this is a fiscal fantasy because current law never holds.

CBO predicts, for example, that all the Bush tax cuts will go away next year. The Alternative Minimum Tax will supposedly be allowed to hit 30 million tax filers (up from four million now) with an income as low as $75,000 a year. Under those assumptions total federal revenues rise by $1 trillion over the next three years, $1.5 trillion over five years, and $3.6 trillion over 10 years. You can't get anywhere near that level of revenues without a much bigger tax increase on the rich and the middle class, or an extended boom in the range of 5% to 6% annual growth.

Even the Keynesians who run CBO concede that the 2013 tax hike?on capital gains, dividends, estates and small business?would knock economic growth down to 1% next year and raise unemployment to 9.1% (from 8.5%). That means about 750,000 more jobless Americans. You can't have such a lousy economy and cut the deficit in half.

CBO also indulges in the fantasy that discretionary spending will fall by nearly $2 trillion over the next decade?with almost all the cuts after 2015. About $1.25 trillion of those cuts come from the automatic across-the-board reductions that Congress and Mr. Obama agreed to last year. But wait. More than half of those cuts will come from the military budget and even Defense Secretary Leon Panetta has said these reductions could be "devastating" to national security.

To sum it all up, CBO's facts plainly show that Mr. Obama has the worst fiscal record of any President in modern times. No one else is even close.
 
so obamas fix for that is to take bush's 400 billion one year deficit and make it 1.3 TRillion? yeah. actually, that is his solution. now go back to your coloring book.
 
Look, no matter what your argument is about "how we got here", we have one document that proves that Obama has no intention of even trying to reduce the deficit. That is his budget proposal. It is all in black and white. He wants to bankrupt the government. Alinsky would be proud.
 
WE ALL agree Bush spent too much
but explain to me how BO is heloing when he includes in the budget 10,000 subsidy to each new Volt buyer when GN reported profits and is giving their employees nice bonuses?

Stop thinking of Bush . BO has COMPLETE control ofd Congress his first 2 years and all he did is spend.
 
The very simple answer is, and I will type this very slowly for you, Obama promised he was going to cut the spending that caused this. That was why he was sent to Washington. He pledged to get rid of waste, and stop the madness when it comes to spending. Instead he chose to add another entitlement we cannot afford, give one trillion away in stimufail. This is all his now. He had a chance to cut the spending and restore sanity. He had two houses of congress and did not need one single republican vote to pass whatever he wanted. He CHOSE to stay and escalate the Bush doctrine, and now he owns it just as Bush does. It was his choice, and his choice was bankrput America. Spin it all you want, but that makes him the worst economic president ever. he failed to lead and stop it as promised. He escalated and continued. Where are the cuts in his latest coat hanger of an abortion known as his budhet? Yeah. thought so. Now scurry off and brush up on your rules for radicals.
 
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