Posted on 02/27/2009 6:15:48 AM PST by Schnucki
President Barack Obama has unveiled a staggering $3.55 trillion (£2.44 trillion) budget, costing each American taxpayer the equivalent of $25, 573.
Announcing a radical change of course in economic policy, Mr Obama proposed a $634 billion reform of the health care system to cover millions more people.
The White House conceded that the proposed budget would balloon the annual federal deficit to $1.75 trillion – or more than 12.3 per cent of the US Gross Domestic Product, the highest level since 1945.
Mr Obama's bold plan represents the biggest shift in the American political landscape since President Lyndon Johnson's "Great Society" reforms after 1964 and almost equals in the scale of its ambition President Franklin Roosevelt's "New Deal" of the 1930s.
In introducing huge new spending plans for health, education and energy, Mr Obama insisted he would be able to bring down the annual deficit to $533bn by 2013 and would fund the expansion of government by increasing taxes on the wealthy, cutting defence funding and eliminating waste.
Additional revenue would also come from a new programme of selling carbon credits to manufacturers as part of a cap-and-trade plan designed to slow climate change.
Unveiling a document entitled "A New Era of Responsibility", Mr Obama sought to present his plans as a matter of good housekeeping. "There are times when you can afford to redecorate your house and there are times when you have to focus on rebuilding its foundation," he said.
Republicans lashed the budget plan as a return to liberal "tax-and-spend" policies, signalling a major battle on Capitol Hill to get the budget passed.
Representative Mike Pence, a Republican leader in the House of Representatives, said: "The American people know we cannot tax, spend and borrow our way back to a healthy economy."
Several cast doubt on whether
(Excerpt) Read more at telegraph.co.uk ...
Well, let’s see, if I didn’t pay any income taxes last year, that means the government is gonna give me $25,000 dollars. How do you like that “rich people”?
The man is a communist and is implementing communism, and we are standing around watching it happen.
“Staggering” - is that what they’re calling a massive economic heart attack nowadays?
>Unveiling a document entitled “A New Era of Responsibility”, Mr Obama sought to present his plans as a matter of good housekeeping.
Like sweeping things under the rug, never cleaning, and then once your mess gets to its critical mass, setting fire to your home, collecting the insurance money, and walking away.
[/cynic]
Didn’t he say he inherited a trillion dollar deficit? Now he doubles it
We are becoming a hippy-economy. A Macro Haight-Ashbury where those that work and pay taxes must supplement the liberal flower-children who spend their day in a drug-induced high. In this case their high is buying things they can’t afford and or receiving benefits they haven’t earned. Though some of the hippies from the 60’s attempted communal living, most of their lifestyles were supplemented with welfare and other types of government assistance. History has already proven that this type of economy can’t survive since a few can’t work to support the many others who don’t or won’t.
Though all of these giveaways may feel good, there is only so much supply and only so many people willing to see their earnings pissed away.
President Barack Obama has unveiled a staggering $3.55 trillion (£2.44 trillion) budget, costing each American taxpayer the equivalent of $25, 573.
How to turn the greatest Nation on earth into a 3rd world banana republic at the speed of light...
Elect a moron that is a socialist as President.......
Additional revenue would also come from a new programme of selling carbon credits to manufacturers as part of a cap-and-trade plan designed to slow climate change.
So, Obama is going to tax the "wealthy" eg big business, thereby driving big business away, or to close, causing unemployment and an overall DECREASE is tax revenue, PLUS tack on a "carbon tax" to drive even more business "the wealthy" into bankruptcy or offshore, causing futher job losses and decreases in tax revenue.
Regardless of all that, Obama thinks he's going to NOT make 95% of Americans pay that $25,000. debt he's forcing onto each and every American, but instead, make only 5% of 'wealthy" Americans pay 100% of this deficit, which BTW is a lot more than $2.5 trillion.
Who is he kidding? Even "the wealthy" can't cough up that kind of dough. What's he going to do, take all of Oprah and Soroses' and all the wealthy Holiwierdo's money away?
I doubt it.
It's going to be an interesting day today. Any bets the DOW dips under 7,000 by ten AM?
Forget 10 AM we are 57 points away. How about in the next 5 mins?
>Didn’t he say he inherited a trillion dollar deficit? Now he doubles it
It’s like hearing the big guy in prison telling you not to resist, that you’ll learn to enjoy it...
I don’t know how he say he inherited a trillion dollar dficit when he stopped his campaign to put on the show to go vote for it in October.
He owns every bit of that “deficit”
DOW 7,045.17....
>I don’t know how he say he inherited a trillion dollar dficit when he stopped his campaign to put on the show to go vote for it in October.
>
>He owns every bit of that “deficit”
Our leader is an exercise in unmanlyness: He is unable to take responsibility for his actions, he is unable to take criticisms or corrections, he is unteachable because of his great hubris, he is ungracious and insulting in his victories.
[Feel free to add to the list]
As long as he continues to advance their agenda, the media will be instructed to treat his megalomania and paranoia as virtues. They'll come up with some kind of cute phrase for his zombies supporters to repeat when challenged with the truth.
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