Posted tagged ‘federal spending’

Obama: We are broke

May 24, 2009

jokerburningmoney_tbiYa think?

But wait — Obama says we are out of money because we have not spent enough! If only we had spent billions or trillions of dollars on Universal Health Care, we wouldn’t be broke today! Oooooh — now I get it. Or not.

Obama: We are broke. Well, Duh!

I am utterly amazed at the continued arrogance of the Obama administration, which has managed to make the Bush administration look to be prudent, which is a major accomplishment. Obama tells C-SPAN that “We are out of money,” but then claims that this is because the government had not taken over healthcare. (I’d hate to see our medical system when government actually does completely control it, given that it pretty much is a government-run system now.)

His comments simply are stunning:

So we’ve got a short-term problem, which is we had to spend a lot of money to salvage our financial system, we had to deal with the auto companies, a huge recession which drains tax revenue at the same time it’s putting more pressure on governments to provide unemployment insurance or make sure that food stamps are available for people who have been laid off.So we have a short-term problem and we also have a long-term problem. The short-term problem is dwarfed by the long-term problem. And the long-term problem is Medicaid and Medicare. If we don’t reduce long-term health care inflation substantially, we can’t get control of the deficit.

So, one option is just to do nothing. We say, well, it’s too expensive for us to make some short-term investments in health care. We can’t afford it. We’ve got this big deficit. Let’s just keep the health care system that we’ve got now.

Along that trajectory, we will see health care cost as an overall share of our federal spending grow and grow and grow and grow until essentially it consumes everything…

 Yes, this is an administration that when it found out we were in a deep recession has turned on the Federal Reserve spigots at full blast and is throwing money around. Now that the U.S. Dollar is tanking, suddenly they realize they are painted into a corner.

What to do? It is obvious; pour another round of drinks, have a toga party, and print more money. When prices of goods skyrocket upwards, Obama will blame business (and especially the oil companies), and the media and most of the country will slavishly believe him.

source

Obama Wants Ideas on Trimming Federal Spending

April 27, 2009

fox_henhousePresident Obama recently “announced a plan for federal workers to propose ways to improve their agencies’ and departments’ budgets. The president said employees’ ideas would be key as his Cabinet officials try to cut millions from the budget and trim the deficit.”

Do you think anybody will suggest eliminating all the high-salary, low-output  jobs in their department? Or better yet, eliminating a wasteful, useless department entirely?

Uh-huh. I don’t think so either.

Obama Plans to Slash the Federal Deficit in Half

February 22, 2009

Hey America, watch me pull a rabbit out of my hat!

obama_hat_trick1

Tuesday night, February 24th, President Obama will address a joint session of Congress and is expected to lay out his plan to cut the federal deficit in half by the end of his first term.

This ought to be good. I’ll be parked in front of C-Span with my popcorn because this speech is guaranteed to be good for some laughs. I really want to know how the man who spent nearly a trillion dollars we don’t have earlier in the week thinks he can cut the deficit in half along with “plans to broaden health care coverage to eventually insure everyone. Moving the country toward greener energy sources. Expanding education opportunities. Overhauling financial industry regulation“.

I want to know how a man who a few short months ago said deficits don’t matter can now say “We can’t generate sustained growth without getting our deficits under control,” with a straight face.

It will all be just a lot of hot air, I’m sure since the plan rests “on the assumption that the economy recovers from the current slump” and does not consider “additional spending on economic stimulus or bailouts of the financial or other sectors“.

Where will the money come from? “Winding down the war” in Iraq, eliminating Bush’s tax cuts on families earning more than $250,000 a year (raising their tax rate from 35% to 39.6%), increasing the capital gains tax by 5%, closing corporate tax “loopholes” and taxing the earnings of hedge fund managers as normal income rather than as capital gains. 

Not mentioned, of course, is that while “winding down” in Iraq, Obama is “winding up” in Afghanistan and Pakistan. Obama authorized 17,500 additional troops to Afghanistan just a few days ago and The Raw Story reported yesterday that Obama is expanding miliary operations in Pakistan.

There is also no mention of how businesses – especially small businesses – might be able to create jobs when suddenly faced with a much higher tax bill. Common sense says higher taxes will lead to more layoffs and more businesses closing down completely.

Obamanomics. It will make you laugh till you cry.