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Re: Where is Obama’s deficit reduction budget?

Posted: Tue Dec 04, 2012 10:45 am
by Troglodyte
What have we heard of Team Obama's budget plans so far??
Raise the tax rate of the "rich" and we'll get back to you on some spending cuts later....
Allow him to bypass Congress and increase the debt ceiling as he seems fit. $2.4Trillion next year.

The GOP proposal is based on a framework from a year ago outlined by Clinton White House chief of staff Erskine Bowles, one of President Obama's debt commission chairs.

an increase in the eligibility age for Medicare benefits, likely to age 67.

calls for $800 billion in new revenue over the next decade by trimming the deductions used by the "rich" to lower their tax burden, instead of increasing the tax rate.

Cut spending on entitlements such as Medicare and Medicaid by at least $900 billion and save another $300 billion through cuts in discretionary spending,

Proposed saving $200 billion by revising the way cost-of-living increases are calculated for Social Security recipients and others, such as retired federal workers.

Overhaul the complicated U.S. tax code to raise $800 billion in new revenue over 10 years, roughly half the total Obama is seeking.

Trim government healthcare costs by $600 billion over a decade by tackling waste, fraud and mismanagement., $250 billion more than Obama proposed in his opening bid last week.

slow the growth of cost-of-living increases on federal benefits by $200 billion by changing the way they are calculated and cut other government spending by $600 billion.

Using the White House's accounting methods, the proposal would reduce annual budget deficits by $4.6 trillion over 10 years, within shouting distance of the $4.36 trillion in savings proposed by Obama.

Re: Where is Obama’s deficit reduction budget?

Posted: Tue Dec 04, 2012 11:25 am
by Wabash
Troglodyte wrote: calls for $800 billion in new revenue over the next decade by trimming the deductions used by the "rich" to lower their tax burden, instead of increasing the tax rate.
Which deductions? Great soundbite with no specifics.

The math of this proposal doesn't add up to any real revenue generation.

Hence the reason why the GOP proposal is a joke.

What's fun for me to watch is the desperation by the GOP trying to protect the Bush tax cuts when it was them who set the expiration dates in the original proposal.

The Dems get what they want regardless of GOP actions. The clock is ticking down on their expiration. Obama has to do nothing and "POOF," they are gone.

Re: Where is Obama’s deficit reduction budget?

Posted: Tue Dec 04, 2012 1:11 pm
by AsIfYouKnew
That's the funny thing. I don't really think that going off the fiscal "curb" is going to be that bad of a hit, but it will be a hit on the economy. Any semblance of a "recovery" that we are in will disappear, and this will ultimately the the legacy of the Obama presidency. He will be relegated to below Hoover in the history books.

Re: Where is Obama’s deficit reduction budget?

Posted: Tue Dec 04, 2012 1:19 pm
by Parrotpaul
That's pretty funny.

Re: Where is Obama’s deficit reduction budget?

Posted: Tue Dec 04, 2012 2:40 pm
by AsIfYouKnew
Parrotpaul wrote:That's pretty funny.
Not as funny as you in that hat.

Re: Where is Obama’s deficit reduction budget?

Posted: Tue Dec 04, 2012 3:00 pm
by Parrotpaul
Parrotpaul wrote:That's pretty funny.
AsIfYouKnew wrote:Not as funny as you in that hat.
What hat?

It's on the Internet, so it must be real...right?

Re: Where is Obama’s deficit reduction budget?

Posted: Tue Dec 04, 2012 3:13 pm
by Omar Bongo
AsIfYouKnew wrote:You do realize that Germany's defense budget is nothing compared to ours, right?
I would add that ironically, their per-capita hamburger consumption is nothing compared to ours as well...

Re: Where is Obama’s deficit reduction budget?

Posted: Tue Dec 04, 2012 3:45 pm
by AsIfYouKnew
Parrotpaul wrote:

What hat?

It's on the Internet, so it must be real...right?
You posted a pic a while ago, sitting among your cacti (or is it catuses?)

Re: Where is Obama’s deficit reduction budget?

Posted: Tue Dec 04, 2012 4:48 pm
by Parrotpaul
AsIfYouKnew wrote:
You posted a pic a while ago, sitting among your cacti (or is it catuses?)
Yep...and I also posted Professor Navarro's curriculum vita from the UCI website and a link to the same from Professor Navarro's personal website which you poo pooed. WTF?

It's cacti, but I prefer cactuses. I like the sound of the word much more.

Re: Where is Obama’s deficit reduction budget?

Posted: Tue Dec 04, 2012 4:54 pm
by AsIfYouKnew
Sorry, but I was just teasing you about the hat, Paul.

I agree that is what his CV says, and the school site (my alma mater). I said it was my recollection that his degree was in public policy. I have messaged a fellow alum to see if he recalls it as I do.

Re: Where is Obama’s deficit reduction budget?

Posted: Tue Dec 04, 2012 6:32 pm
by Wabash
AsIfYouKnew wrote:That's the funny thing. I don't really think that going off the fiscal "curb" is going to be that bad of a hit, but it will be a hit on the economy. Any semblance of a "recovery" that we are in will disappear, and this will ultimately the the legacy of the Obama presidency. He will be relegated to below Hoover in the history books.
I predict the economy will go gangbusters and that Obama will go down in history as one of the best presidents. Rated as good or better than Bill Clinton.

Re: Where is Obama’s deficit reduction budget?

Posted: Tue Dec 04, 2012 9:50 pm
by AsIfYouKnew
Wabash wrote: I predict the economy will go gangbusters and that Obama will go down in history as one of the best presidents. Rated as good or better than Bill Clinton.
Believe it or not, I hope you are right. However, given your complete lack of economic instruction, I am a afraid I must take your prediction with a little more than a few grains of salt.

Re: Where is Obama’s deficit reduction budget?

Posted: Wed Dec 05, 2012 5:44 am
by Wabash
AsIfYouKnew wrote:
Believe it or not, I hope you are right. However, given your complete lack of economic instruction, I am a afraid I must take your prediction with a little more than a few grains of salt.
I'm amused at your remarks given you support a group that has been shown to be wrong on economic predictions every time.

Re: Where is Obama’s deficit reduction budget?

Posted: Wed Dec 05, 2012 9:19 am
by AsIfYouKnew
Wabash wrote: I'm amused at your remarks given you support a group that has been shown to be wrong on economic predictions every time.
Yet another example of how hyperbole takes you off the table of credibility.

Re: Where is Obama’s deficit reduction budget?

Posted: Wed Dec 05, 2012 9:30 am
by Wabash
AsIfYouKnew wrote:
Yet another example of how hyperbole takes you off the table of credibility.
Being credible with you is not important to me given your conviction to an economic belief that is bogus.

Re: Where is Obama’s deficit reduction budget?

Posted: Wed Dec 05, 2012 9:44 am
by AsIfYouKnew
Coming from one completely bereft of economic education, I should take that as a compliment.

Re: Where is Obama’s deficit reduction budget?

Posted: Wed Dec 05, 2012 10:42 am
by Parrotpaul
AsIfYouKnew wrote:Coming from one completely bereft of economic education, I should take that as a compliment.
I'm sorry. I just find this hysterical. I do know wabash's educational background...but I'll never tell.

Re: Where is Obama’s deficit reduction budget?

Posted: Wed Dec 05, 2012 10:43 am
by Wabash
AsIfYouKnew wrote:Coming from one completely bereft of economic education, I should take that as a compliment.
One doesn't need formal education on econ to have observed what works and what doesn't. Take it however you want. The reality is the economic theory being pushed by conservatives has been shown to be a complete failure in the last 30 years.

Re: Where is Obama’s deficit reduction budget?

Posted: Wed Dec 05, 2012 10:44 am
by Wabash
Parrotpaul wrote: I'm sorry. I just find this hysterical. I do know wabash's educational background...but I'll never tell.
Oh what the heck. Let's tell them.

I was a history major.

Re: Where is Obama’s deficit reduction budget?

Posted: Wed Dec 05, 2012 11:06 am
by Parrotpaul
Wabash wrote: Oh what the heck. Let's tell them.

I was a history major.
That works for me.