Obama to halve deficit by 2012
Have you ever been to one of those department stores which claim they’re selling merchandise at half off, but when you get there you discover that they increased the prices the week before so they could charge you regular prices as “half off”. I think we just saw the same trick played on us on a national scale;
How hard will it be to halve the deficit when it just exploded last week? Of course Obama blames Bush for the problem;
“This administration inherited a $1.3 trillion deficit, the largest in our nation’s history, and our investments to rescue our economy will add to that deficit in the short term,” Obama told the gathering at the White House. “We cannot and will not sustain deficits like these without end.”
Then why did he just double that deficit?
I heard this same kind of talk in 1993 just before we got slapped with the largest tax hike in history. When the Clinton Administration decided that the rich included Social Security recipients and anyone that had a job. We’re all about to discover that we’re Joe Biden’s kind of patriots – those who pay their taxes and shut up about it.
Category: Barack Obama/Joe Biden, Economy, Liberals suck, Politics, Usual Suspects
Jonn doesn’t your lifestyle depend on taxpayer dollars? I see no reason for you to complain about increased taxes after you’ve been feeding at the public trough your entire life. You know, pay taxes and shut up?
Surely you are not biting the hand that feeds you? I have to admit I didn’t think you had it in you.
Gee, and if I believe the President, perhaps I better get a pair of RCG’s for reality is surely gonna bite when the tax increases hit.
Bush set an all-time record deficit at ~$450B last year. He was on track to set this year’s deficit at ~$1.1T when he left office. That $1.1T has gotten even bigger as you point out as the result of even more bailouts beyond Bush’s initial salvo (some estimates predict +$2T). However, much of the spending in the latest stimulus is slated for 2010 and 2011 — in order to jumpstart the economy and to set up Obama’s re-election campaign of course– and allow for a reduction in spending for 2012 thus making good on him promise to “halve” the deficit (also coincidentally just before the election). Nevermind the fact that halving the deficit will just return us to the previous historic highs of Bush.
Roosevelt had a similar plan in the depression- his spending led to a nicely timed “false” recovery and thus allowed him to easily win re-election before the econmy again sank after the placebo effect of his “make work” spending policies wore off. Luckily for him WWII broke out and solved the unemployment problem… I wonder what Obama will conjure up to save him afer his stimulus attempts fail??
See Jonn- I don’t reserve my disdain for Republicans only. I spread the blame where it is due.