Skip to comments.2012 Federal Budget: Obama Proposes $1.33 Trillion In Deficits – Games The Administration Play
Posted on 02/11/2012 11:47:07 AM PST by whitedog57
The White House has released their proposal for the Federal Budget for 2012. Before we discuss the 2012 budget, harken back to President Obama saying in 2009 that he will CUT the deficit in half by the end of his first term. His first term ends in January 2013, so he has less than a year to accomplish his promise.
The projected deficit for 2012 is forecast to be $1.33 trillion, 2.6% higher than the $1.296 trillion deficit in 2011 and 16% higher than the $1.15 trillion projection released by the Congressional Budget Office (CBO) last week. This is a far cry from Obamas promise of cutting the deficit by $700 billion. In fact, it is almost twice what he promised in the wrong direction. He is INCREASING the deficit.
The budget includes more than $350 billion in short-term measures for job growth; a six-year, $476 billion proposal for roads and other surface-transportation projects; and more than $360 billion in savings in health programs such as Medicare and Medicaid.
Now for the bad part. The budget proposal repeats a call for $1.5 trillion in new revenue, mostly from ending Bush-era tax cuts for families earning more than $250,000 a year. So, if there are no new taxes, the budget deficit would be $1.33 trillion. With the tax increases, the budget deficit will be $575 billion in 2018.
In summary, this budget harkens back to the classic 60s rock/country song by Joe South, Freddie Weller and others called Games People Play. Except that a new version should be recorded called Games The Administration Play. It would fit this budget proposal perfectly: its all games, not a serious effort to govern, balance the budget, reign in entitlement spending or reduce the deficit.
(Excerpt) Read more at confoundedinterest.wordpress.com ...
Tons of spending, tax the "rich", crony capitalism, HUD boondoggles for inner city spending, massive spending on teachers unions, big union payoffs for infrastructure. No cuts to spending or entitlement reform. You know, the same as usual for Obama.
I like Freddie Weller’s country version of Joe South’s 1969 hit better. But the words translate perfectly to what Obama is doing to the country. Say one thing, do another.
This budget is INSANE. It is posted on this guy’s blog. Be prepared to be angry.
Obama meant to say he would cut the military in half by the end of his first year.
Alan Parsons Project version: “Games People Play”
To pay off a debt of a trillion dollars at a dollar a second of time would take 31,565 years. To pay it off at a billion dollars a second of time would only take 995.70 years.
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