Deficit will become the dominant issue
Sunday, February 22, 2009 at 06:51PM The New York Times has an interesting piece about President Obama's plan to reduce the deficit by a trillion dollars by 2013 (it's estimated to be somewhere between $1.2 and 1.5 trillion dollars this year). The president will unveil his plan on Thursday.
Remember back in the Reagan years when a $200 billion deficit was considered obscene? Yea, neither do I ... seems like a million years ago.
The thrust of the Obama plan, according to the Times, includes hiking taxes on income and capital gains, pulling the troops out of Iraq, and not spending a trillion dollars in stimulus. There will be some marginal spending cuts here and there, but the bulk of the savings will come from the above three items.
Of course, there's no guarantee that we won't need another massive stimulus bill next year, so that part of it is still up in there air.
So it looks like wrestling the deficit under control is going to become (or at least should) the biggest priority for the administration. Wow, who would have predicted that just 6 months ago. Healthcare, energy, and Iraq are all critical issues, but it's becoming increasingly apparent that if we don't tackle the deficit and debt, it's going to asphyxiate long term growth and bring our economy to a permanent standstill, much like Europe's.
The deficit was hardly mentioned during the campaign, but it will likely become the dominant issue over the next few years as the debate over our "march to socialism" heats up.
Reader Comments (2)
Nick,
Here we go. Just as I stated during the election, Obama has no clue what he is doing. He has no clue how to even stabalize the Markets. Everytime he goes on TV the market goes down on average 200 points! The reality is, Obama wants this to happen. He wants to keep pushing the market down so he can take more power for Gov't in the private sector.
Most people are OUTRAGED at the idea that he is trying to Nationalize our Banks and that is only the beginning! No one actually believes that once Gov't takes control of a bank that they will one day turn it back over to the private sector...Gov't giving up power...give me one exaxmple of when this have ever happened. The only people who aren't outraged by this are the same idiots who still think that Obama is going to give them stuff for free.
There is no free lunch. He can't create all this debt through Gov't spending and then claim that he will reduce this debt in 5 years...the only way he can do this is to RAISE TAXES...you sure as hell know he isn't going to cut spending. All Obama is going to do is stiffle the economy even more.
It's obvious what the Left is trying to do, they are trying to get over 50% of the voting populis in their corner and create a social class war against those that have worked hard and contributed to this system of America. They keep calling it a Mortgage "crisis" - but reality is 93% of all mortgages are still paid on time - it's a crisis because 7% can't make the payments? And the rest of us are supposed to pick up the tab for those who were too stupid to know what a variable rate means? Or didn't realize that getting fired is a possibility when you sign a 30 year debt?!?
The pathetic Irony in all of this - now more than ever we need someone with Experience at the helm. Instead we have a 100 day old Senator who is unable to make any decisions on his own - without citing that some advisor or economist agrees with it. The econmist in his camp have been wrong for the last 15 years - yet somehow we are putting the future of this country in their hands?
Why are the american people so dumb? They call it a bailout and most people are against it. They simply re-name the same thing "Stimulus" and people switch gears and think its a good thing. It's crazy. I cannot even begin to understand why the American people don't understand that Gov't spending = spending our money. Gov't Debt = putting us into debt that we will one day have to pay back. Again, the only people excited about this are the ones who DON'T PAY INTO THE SYSTEM. Which unfortunately is a growing and growing amount of Americans - thanks to the left.
This is the beginning of the end for America. We are a country of equal opportunity, but NOT equal results. This idea Gov't should decide who has too much and simply redistribute wealth is Socialism at its finest....and this is clearly the path Obama and his cronies are taking.
Obama is just throwing our money away trying to bailout the failed banks. These banks SHOULD fail and do you know what will happen......the end of humanity...NO....NEW banks will rise and take their place...that is what is great about Capitalism...these new banks will have new jobs....the same goes for the Auto Industry....and on and on. What makes America great and strong is the ability for new companies and industries to rise and rise from the failures of others. The Gov't is trying to meddle in this simply to take power. How can the regulating body of the private sector also become the largest shareholder?!?! It's crazy.
All of this comes back to what I have stated all along. Obama has NO experience and is just a puppet for Pelosi and her ratical left views. They want this country to be a soclialistic society. The left thrives off creating a weak dependent populis voting base to keep them in power. Who gets screwed? The hard working American who has done the right thing...that's who.
People are fed up Nick. People have had it. Those who have worked hard, paid their taxes, been responsible - they are simply being told they need to pay more to bailout those who have not been responsinle, who don't contribute. The left and Obama have killed what the American dream is supposed to be about.
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