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Keyword: deficits

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  • Deficits Are Scary, But Spending Cuts Are Even Scarier

    07/01/2014 7:30:54 AM PDT · by SeekAndFind · 49 replies
    RCM ^ | 07/01/2014 | Ron Haskins
    It has been clear for at least a year that the focus of the nation on reducing the federal debt has vanished. The speeches of policymakers, the House and Senate legislative agendas, the content of the nation's debate forums, and the rhetoric of President Obama are all virtually silent on the nation's debt. You would think that the debt problem had been solved. But perhaps the most remarkable aspect of the intense, three-year focus on the debt that featured bitter inter-party battles and closing of the federal government while producing several laws that reduced the nation's debt in the short-term,...
  • CBO ON OBAMA BUDGET: HIGHER DEFICITS THAN CLAIMED

    04/17/2014 2:11:18 PM PDT · by Jim Robinson · 13 replies
    Breitbart ^ | April 17, 2014 | AP
    WASHINGTON (AP) — A report released Thursday by the nonpartisan Congressional Budget Office says President Barack Obama's budget request would mean significantly larger budget deficits than the White House claims. CBO says the budget plan proposed last month by Obama would produce deficits of $6.6 trillion over the next 10 years — $1.6 trillion more than the White House estimates. The main reason is that the White House has a rosier estimate of the economy's performance over the decade than CBO. That means the administration predicts higher tax revenues. The president's budget is just a proposal; it has gained little...
  • Chicago May Double Property Taxes to Pay for Pensions

    03/18/2014 12:30:48 PM PDT · by John Semmens · 26 replies
    Semi-News/Semi-Satire ^ | 14 March 2014 | John Semmens
    With pensions for retired municipal employees exceeding City resources by an estimated $7,000 per household, Mayor Rahm Emanuel has warned residents that he may have to double their property taxes to cover these costs. The mayor admitted that “doubling the property tax would hit a lot of people hard, but the alternative of cutting back on the benefits we pay to our retirees is unthinkable. Remember, these are people who have dedicated their careers to serving the citizens of this city.” Emanuel argued that “extracting another few thousand dollars from each home owner seems the more tolerable option. I mean,...
  • Under Obama: Disability Trust Fund Runs Record 5 Straight Years of Deficits

    11/21/2013 8:54:50 PM PST · by Olog-hai · 8 replies
    Cybercast News Service ^ | November 21, 2013 - 10:23 AM | Terence P. Jeffrey
    In the fourteen fiscal years that preceded President Barack Obama’s inauguration in 2009, the tax receipts coming into the federal government’s Disability Insurance Trust Fund exceeded the benefits paid out, and the trust fund ran a surplus. In each of the five fiscal years Obama has served as president, the trust fund has run a deficit as the number of people receiving disability benefits has surged. The Disability Insurance Trust Fund has never before run five straight years of deficits. In fiscal 2013, which ended on Sept. 30, the Disability Insurance Trust Fund ran a record deficit of $31.494 billion,...
  • Obama's Latest Gaffe: 'Like Eating Your Corn Seed'

    08/23/2013 11:12:00 AM PDT · by governsleastgovernsbest · 91 replies
    NewsBusters ^ | Mark Finkelstein
    Somebody should tell President Obama to forget the folksy metaphors. The prez sounds phony mouthing them, and since they are unfamiliar to him, he's apt to get them wrong. As was the case at today's townhall at Binghamton University, when Obama claimed that reducing spending on government programs would be "like eating your corn seed." You might have thought the man from Illinois would have known that the phrase is "eating your seed corn." Then again, they don't raise much maize in Hyde Park. For good measure, Obama assured the audience that "we don't have an urgent deficit crisis." Let...
  • Detroit Shows How ObamaCare Will Bankrupt the Country

    07/30/2013 5:42:43 AM PDT · by IBD editorial writer · 11 replies
    Investor's Business Daily ^ | 07/29/2103 | IBD Staff
    Cost-Shifting: Looks like Detroit might get a federal bailout after all, by offloading its retiree health costs onto federal taxpayers via ObamaCare. It's a window into why Obama-Care costs will quickly spiral out of control. On Sunday, the New York Times noted that Detroit hopes to push its younger retirees who aren't yet eligible for Medicare into the ObamaCare exchanges, where many will be eligible for subsidized insurance. Federal tax payers will pick up the tab, rather than those in Detroit.
  • ObamaCare Will Add To Deficits In First 10 Years

    07/12/2013 5:09:39 AM PDT · by IBD editorial writer · 4 replies
    Investor's Business Daily ^ | 07/12/2013 | John Merline
    In September 2009, President Obama promised the country that "I will not sign a plan that adds one dime to our deficits — either now or in the future." But it turns out Obama did sign such a plan — in fact, ObamaCare could add upwards of 180 billion dimes to the deficit in its first 10 years, an IBD analysis of various official budget reports found. According to the Congressional Budget Office's initial forecast made in March 2010, ObamaCare was supposed to cut the deficit a total of $124 billion in its first decade. Democrats seized on this to...
  • CBO: Obama Vastly Exaggerated Deficit Cuts In Budget

    05/17/2013 3:00:53 PM PDT · by IBD editorial writer · 3 replies
    Investor's Business Daily ^ | 05/17/2013 | John Merline
    President Obama vastly exaggerated the spending cuts and deficit reduction his budget plan would produce, while dramatically undercounting the level of tax hikes, according to a Congressional Budget Office analysis of his budget released Friday. When Obama put out his budget in mid-April he said that it "will reduce our deficits by nearly another $2 trillion," and "does so in a balanced and responsible way, a way that most Americans prefer." But the CBO report finds that Obama´s budget will cut 10-year deficits by just $1.1 trillion, with annual deficits starting to rise again after 2017.
  • Address Medicaid’s Looming LTC Crisis

    04/29/2013 8:45:00 AM PDT · by April29 · 4 replies
    Townhall ^ | April 28 | Boustany, Blackburn, Gingrey
    States also struggle as increased Medicaid spending crowds out other budget priorities, and they blame federal rules, allowing individuals with substantial assets to enroll in this welfare program. In a letter to Congress, the State of Virginia writes “the federal government should give states greater flexibility to consider assets when determining eligibility for LTC coverage through the Medicaid program.” The State of Wisconsin agrees this will “help ensure the long-term sustainability of such programs for their residents in most need of government assistance.” Federal rules force states to disregard more than a half million dollars in home equity and the...
  • Video: Sessions plays Stump the OMB Director by asking … about deficits

    04/12/2013 8:43:21 AM PDT · by Nachum · 7 replies
    Hot Air ^ | 4/12/13 | Ed Morrissey
    Via Instapundit and the Washington Examiner, here’s another keepsake from the Barack Obama administration’s economic advisers. Remember when Paul Ryan goaded then-Treasury Secretary Tim Geithner into admitting that the White House had no plan to deal with mounting national debt? Yesterday, Senator Jeff Sessions got OMB Director Jeff Zients to admit that he didn’t know the dollar figure of the added deficits in the Obama budget projection he was defending. In his defense, Zients tells Sessions, “There are a lot of numbers there.” Well, yeah — it’s a budget, isn’t it?
  • 6 Ways Obama's Budget Is Worse Than Everyone Thinks

    04/11/2013 4:22:52 AM PDT · by IBD editorial writer · 2 replies
    Investor's Business Daily ^ | 04/10/2013 | IBD Staff
    Fiscal Policy: Shorn of its accounting gimmicks, the president's budget isn't a "balanced" plan to get the debt crisis under control. It's a monument to fiscal irresponsibility. With much fanfare and a lot of media hype, President Obama unveiled his latest budget plan — two months late. An IBD review of Obama's budget finds that, among other things, it: • Boosts spending and deficits over the next two years. Obama's own budget numbers show that he wants to hike spending over the next two years by $247 billion compared with the "baseline," ...
  • Obama: 'The Truth Is, Our Deficits Are Already Shrinking'

    04/07/2013 10:27:30 AM PDT · by Nachum · 38 replies
    Weekly Standard ^ | 4/6/13 | DANIEL HALPER
    In his weekly radio address, President Obama explained the budget he'll rollout next week, and said, "the truth is, our deficits are already shrinking." Barack Obama delivers inaugural address 1-20-09 090120-A-8725H-285 "My budget will reduce our deficits not with aimless, reckless spending cuts that hurt students and seniors and middle-class families – but through the balanced approach that the American people prefer, and the investments that a growing economy demands," said Obama. "Now, the truth is, our deficits are already shrinking. That’s a fact. I’ve already signed more than $2.5 trillion in deficit reduction into law, and my budget will...
  • David Stockman: How America Is Doomed And How You Should Get Out Of The Market NOW

    03/31/2013 2:58:25 PM PDT · by blam · 41 replies
    TBI ^ | 3-31-2013 | Joe Weisenthal
    David Stockman Writes Huge Unhinged Screed About How America Is Doomed And How You Should Get Out Of The Market NOW Joe WeisenthalMarch 31, 2013, 1:05 PMFormer Reagan budget director David Stockman has a new book coming out on Tuesday, and he's warming up the public with a massive piece in today's New York Times titled Sundown in America, which basically says the future of America bleak because of massive government debts, crony capitalism, bailouts, megabanks, the removal of the gold standard, and even green energy. The piece can truly be characterized as Hard Money Buzzword Bingo, as Stockman tries...
  • SALMON: It’s time to break some rules in Congress

    03/17/2013 9:15:30 PM PDT · by JustTheTruth · 3 replies
    The Washington Times ^ | March 11, 2013 | Matt Salmon
    If there’s anything I have learned since returning to Congress, it’s that talk is still cheap, progress is still slow, and our liberties continue to erode .... (snip) . . . compelled me to return to Washington and get back in the fight to restore fiscal sanity. Since being sworn in, I’ve had the opportunity to survey our problems .... It’s not pretty. (snip) Sadly, far too many politicians in Washington lack the courage to do something to fix our problems. (snip) . . . by the time I left Congress in 2001 to honor my term-limits pledge, we had...
  • Obama Wants You To Know When He'll Actually Reduce Our Deficits

    03/14/2013 11:46:52 AM PDT · by The Looking Spoon · 8 replies
    The Looking Spoon ^ | 3-14-13 | The Looking Spoon
  • Tell Obama To Put Up Or Shut Up On The Budget

    03/08/2013 4:45:21 AM PST · by IBD editorial writer · 4 replies
    Investor's Business Daily ^ | 03/07/2013 | IBD Staff
    Budget: Now that President Obama's anti-sequester PR campaign has imploded, he's trying to sucker the GOP into a tax-hiking "grand bargain." They should refuse, and instead demand Obama produce his own budget. For months Obama traveled around the country warning that disaster lay ahead if Republicans refused to replace the $84 billion in sequester cuts with more taxes. Their obstinacy, he said, would cause a "series of dumb, arbitrary cuts" that would throw people out of their homes, deny women access to preventive care, cause monumental flight delays, and on and on. Obama's scare tactics failed to sway the public,...
  • The Obama Debt Tracker - more than $6 trillion of total new national debt added in just 4.1 years

    03/01/2013 4:37:07 PM PST · by jpl · 8 replies
    The United State Department of the Treasury ^ | Friday March 1, 2013 | The United State Department of the Treasury
    Since President Barack Hussein Obama was inaugurated into office just over four years ago, Obama, the democrats, and a few spineless republican "leaders" in congress have increased the total combined national debt by more than six trillion dollars: Date                   Debt Held by the Public         Intragovernmental Holdings   Total Public Debt Outstanding 01/20/2009        6,307,310,739,681.66          4,319,566,309,231.42          10,626,877,048,913.08 02/28/2013      11,822,436,182,671.08          4,864,852,997,544.29          16,687,289,180,215.37 In this time period, the debt has...
  • 5 Reasons ObamaCare Will Add Far More Than $6.2 Trillion To Deficits

    02/27/2013 4:07:07 AM PST · by IBD editorial writer · 3 replies
    Investor's Business Daily ^ | 02/26/2013 | John Merline
    On Tuesday, Sen. Jeff Sessions touted a government report that blew a $6.2 trillion hole in President Obama's promise that his signature health reform wouldn't add a dime to the deficit. According to the report by the Government Accountability Office, that promise rested entirely on several cost-control mechanisms in ObamaCare that almost no one thinks will work. [snip] Still, bad as this $6.2 trillion deficit boost is, the real figure is likely to be much higher, since the GAO is still being far too optimistic about the rest of ObamaCare. Here are five big assumptions the GAO makes that aren't...
  • Obama Vastly Exaggerates The Impact of Sequester Cuts

    02/12/2013 7:30:03 AM PST · by IBD editorial writer · 6 replies
    Investor's Business Daily ^ | 02/11/2013 | IBD Staff
    Sequester: In his State of the Union speech, President Obama is sure to issue dire warnings about the automatic spending cuts resulting from the "sequester." But look closer, and the cuts are far less than meet the eye. As the March deadline for the sequester draws closer, Obama's rhetoric about the cuts it will impose grows more overheated. In his radio address over the weekend, he said they would be "a huge blow to middle-class families and our economy as a whole."
  • Economist Admits Deficits Pose Long Term Problem, Suggests Remedies

    02/11/2013 8:47:25 AM PST · by John Semmens · 10 replies
    Semi-News/Semi-Satire ^ | 10 Feb 2013 | John Semmens
    While Nobel Prize winning economist Paul Krugman has been arguing that now is not the time for us to be worrying about the federal government’s debt, he does admit that a long term solution is necessary. “In the short run we can always inflate the currency as a means of defaulting on federal obligations,” Krugman said. “But in the long term there are significant demographic problems that require a real solution.” One of the significant demographic problems cited by Krugman was the aging population. “As people get older they tend to need more medical services,” Krugman recounted. “With our advanced...
  • As GDP Falls, President Obama Runs Out of Excuses

    01/31/2013 6:40:18 AM PST · by IBD editorial writer · 24 replies
    Investor's Business Daily ^ | 01/30/2013 | IBD Staff
    Obamanomics: The economy shrank last quarter, the deficit topped $1 trillion last year, U.S. debt shot up $5 trillion in the past four, and joblessness is at 7.8%. Boy, President Obama sure inherited an economic mess, didn't he? According to the Bureau of Economic Analysis, the economy "unexpectedly" declined 0.1% in last three months of 2012, the first decline since early 2009. The Obama administration, naturally, tried to look for scapegoats, this time settling on Hurricane Sandy and Republican-induced uncertainty over the "fiscal cliff" outcome. But if that were the case, why was the administration running around late last year...
  • Now They Tell Us: Obama's Tax Promises Were Bogus

    01/24/2013 4:46:50 AM PST · by IBD editorial writer · 16 replies
    Investor's Business Daily ^ | 1/23/2013 | IBD Staff
    Remember all those mainstream news reports before the election about how President Obama's expansive spending plans would require massive tax hikes on everyone, not just millionaires and billionaires? Neither do we. But somehow after the election, reporters are finally admitting that Obama's budget numbers simply don't add up and that new taxes on the middle class — including a European-style value added tax — are "inevitable."
  • Fiscal Farce, Failure, Fantasy, & Fornication

    01/18/2013 2:24:00 PM PST · by johnsmom · 1 replies
    The Burning Platform ^ | 1/18/2013 | Administrator
    Excerpted "After witnessing the fighting of undeclared never ending wars, passage of freedom destroying legislation like the Patriot Act & NDAA, approval of pork barrel spending to the tune of hundreds of billions, rule by Executive Order, using ZIRP to extract hundreds of billions from senior citizen savers and give it to criminal Wall Street banks, forcing the American people at gunpoint to replenish the Wall Street banks with $700 billion after they had committed the greatest financial fraud in history, and a continuing trampling of the U.S. Constitution, the American people continue to remain willfully ignorant of the truth....
  • New Math: President Obama Exaggerates Deficit Savings

    01/16/2013 4:01:10 AM PST · by IBD editorial writer · 10 replies
    Investor's Business Daily ^ | 1/15/2013 | John Merline
    At his press conference this week, President Obama made it seem as though the job of getting the government's deficits under control is nearly done. "The consensus is we need about $4 trillion to stabilize our debt and our deficit," he told reporters, "which means we need about $1.5 trillion more." [snip] But a closer look at the numbers shows that Obama is exaggerating how much deficit reduction he's actually achieved, and is being decidedly Pollyannaish about the nation's still massive long-term budget gap and what will be needed to close it.
  • Yes, Obama, There Is A Spending Problem

    01/08/2013 5:52:29 AM PST · by IBD editorial writer · 11 replies
    Investor's Business Daily ^ | 1/7/2013 | IBD Staff
    Deficits: Apparently, President Obama never got around to reading the final report of his own deficit commission. How else to explain his belief that federal spending isn't the cause of the nation's debt crisis? That's apparently what Obama told House Speaker John Boehner during their recent "fiscal cliff" negotiations. "At one point several weeks ago," Boehner told the Wall Street Journal, "the president said to me, 'We don't have a spending problem.'" [snip] When it comes to federal spending, Obama is like the alcoholic who says that the only drinking problem he has is when he can't get a drink.
  • KRUGMAN: Bowles, Greenspan, And The WSJ Are All Basically Members Of A Doomsday Cult

    12/24/2012 6:30:00 AM PST · by blam · 9 replies
    TBI ^ | 12-24-2012 | Joe Weisenthal
    KRUGMAN: Erskine Bowles, Alan Greenspan, And The WSJ Editorial Board Are All Basically Members Of A Doomsday Cult Joe WeisenthalDec. 24, 2012, 5:55 AM We liked this note that was sent out by SocGen's Kit Juckes this morning: It wouldn't be Christmas without Paul Krugman telling the US government it's OK to spend money. Krugman thinks that anyone who worries about a disaster coming from the scale of US debt is a doom-mongerer. Especially the WSJ. That's snarky, but that is what Krugman's Christmas eve column is about. Essentially it's a reminder of one of his favorite topics: That the...
  • Broun: Democrats Say Raise Taxes or Go to Hell

    12/04/2012 2:09:32 PM PST · by RightSideNews · 42 replies
    Right Side News ^ | 12/4/12 | Joe Rowdy
    (Washington, D.C.) U.S. Congressman Paul Broun, M.D. (GA-10) today released the following statement in reaction to President Obama’s dismissal of Republican efforts to provide a solution to the looming fiscal cliff: “Democrats have basically told Republicans to either raise taxes, or go to hell,” said Broun. “Forcing us to choose between hurting families and small businesses or going off the fiscal cliff is not only counter-productive – it simply doesn’t make sense for righting our nation’s fiscal crisis. The Democrats’ math just doesn’t add up; there is no way to tax our way out of this mess. Even if they...
  • Reasons not to vote?

    11/10/2012 8:22:36 AM PST · by econjack · 18 replies
    The Growth Stock Wire | Nov. 10, 2012 | Porter Standsberry
    Weekend Edition Why I don't vote… and you shouldn't either Saturday, November 10, 2012 My good friend and intellectual mentor, Doug Casey, recently shared the five reasons why he doesn't vote. He typically re-publishes these thoughts every four years. Perhaps you've seen them before. While I agree with Doug in principle… I have a wholly different rationale for not voting. Given this week's election, I thought I'd tell you about it. The reason I don't vote (and you shouldn't either) is… Our current system of governance is nothing more than tyranny, and it's on track to destroy our country. Like...
  • Vampires, Werewolves and The Post Election Market Reaction

    11/08/2012 12:54:22 PM PST · by whitedog57 · 1 replies
    Confounded Interest ^ | 11/08/2012 | Anthony B. Sanders
    It has been two days since the US election where President Obama was re-elected and both the House and Senate remained in the same hands. In other words, nothing changed. The reaction? Dow Jones Industrial Average The reaction was decidedly negative since the election signals more of the same policies under which the economy if foundering. Ten Year Treasury Yields Ten year Treasury yields have dropped indicating a rush to safety. Gold Prices Gold prices have risen a heck of lot faster than the stock market, particularly today. Silver Prices Often used as a defense against vampires and werewolves, silver...
  • The Deal the GOP Congress members should offer the president

    11/07/2012 3:11:00 PM PST · by JLS · 14 replies
    JLS | 7 November 2012 | JLS
    The GOP needs to use their one big chit in the tax negotiation. They need to demand that included in this deal is increasing the national debt limit. In return for increasing the national debt limit they need to get something tangible. Something like no tax increase. They can not accept illusions of spending cuts that will never happen. They could link the debt ceiling to the current tax code and everytime the debt limit comes up, the tax code would too.
  • What Austerity Looks Like: Bankrupt San Bernardino’s new, skeletal government

    10/23/2012 8:22:14 PM PDT · by 2ndDivisionVet · 11 replies
    City Journal ^ | October 22, 2012 | Jeremy Rozansky is an assistant editor at National Affairs.
    Three interconnected forces brought the working-class, inland Southern California city of San Bernardino to insolvency: a burst housing bubble and lethargic economic growth; high police and firefighter salaries mandated by the city’s charter; and compounding pension obligations. Bankruptcy should give San Bernardino leverage to deal with the last two, but the big, structural changes required will not be easy or pleasant. Absent such changes, though, salaries and pensions will continue to grow faster than the city’s revenues, crowding out most other government functions and services. San Bernardino offers a telling illustration of austerity’s causes and effects: a tragic failure to...
  • Sky-High Spending, Not Bush Tax Cuts, Drives Deficits

    10/18/2012 6:10:11 AM PDT · by IBD editorial writer · 7 replies
    Investor's Business Daily ^ | 10/18/12 | John Merline
    President Obama often talks about the need for a "balanced" approach to deficit reduction, by which he means tax hikes in addition to spending cuts. At the recent presidential debate, for example, he said, "We've got to reduce our deficit, but we've got to do it in a balanced way. Asking the wealthy to pay a little bit more along with cuts." The only problem with this approach is that the massive projected deficits over the next 10 years aren't the result of too few taxes. They are entirely the result of too much spending. Here's the proof.
  • Don't tell Mitt! The actor who brought Big Bird to life makes $314,000 a year

    10/11/2012 12:47:43 AM PDT · by 2ndDivisionVet · 24 replies
    The London Daily Mail ^ | October 11, 2012
    It looks like Mitt Romney was on to something when he promised to fire Big Bird during his first presidential debate: Big Bird makes big bucks! Tax returns from PBS's Sesame Workshop show that the television show shelled out at least $314,072 for the actor behind Big Bird and Oscar the Grouch. That makes Caroll Spinney, who has played everyone's favorite yellow-feathered friend since 1969, a true blue member of the One Percent. But Mr Spinney isn't even the highest paid member of the puppetry staff. Jospeh Mazzarino, who plays Murray, Stinky the Stinkweed, the Two-Headed Monster, Papa Bear and...
  • A Modest Proposal For Our Big Bird-Brained President

    10/10/2012 4:09:51 AM PDT · by IBD editorial writer · 14 replies
    Investor's Business Daily ^ | 10/09/2012 | IBD Staff
    Subsidies: With the economy faltering and Middle East unrest rising, President Obama acts as though the biggest issue facing the country is Mitt Romney's alleged threat to "Sesame Street." We have an idea for him. According to a recent tally, Obama brought up either Big Bird or Elmo 13 times in speeches since last week's debate, in which Romney promised to end federal support for PBS and NPR. That compares with zero mentions of how he plans to revive the economy, and no references to Libya. And he's now running an ad featuring Big Bird. If Obama is going to...
  • Obama's Un-'Patriotic' Economic Plan

    09/28/2012 6:24:05 AM PDT · by IBD editorial writer · 2 replies
    Investor's Business Daily ^ | 09/28/2012 | IBD Staff
    Leadership: With the already weak economy faltering, the president goes on TV to offer nothing but recycled promises, job-killing tax hikes, a sham deficit plan, phony tuition cuts and more of the same failed energy policy. In a two-minute TV ad now airing in swing states around the country, Obama tells viewers about his plan for the next four years. It's a good thing he gave himself only two minutes, since any more would have exposed just how vacuous his ideas are. His "plan," in fact, is just a grab bag of retread promises he's already failed to deliver on,...
  • Clinton “Miracle” Was Really Spending Slowdown (Gingrich Revolution) and Tax Cuts of 1997

    09/09/2012 11:42:49 AM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 09/09/2012 | Anthony B. Sanders
    President Clinton loves to mention how he raised taxes in 1993 and generated a positive budget balance (in 1998, 1999 and 2000). But let’s take a closer look at the link between Clinton’s tax increase and the later budget surpluses. In 1993, President Clinton signed a massive tax increase that included: – An increase in the individual income tax rate to 36 percent and a 10 percent surcharge for the highest earners, thereby effectively creating a top rate of 39.6 percent. What is not mentioned by President Clinton is the 1997 Tax Cut. The Republican-led Congress passed a tax-relief and...
  • Dems Say Budget Deficit Not Appropriate Debate Topic

    08/18/2012 10:52:47 AM PDT · by John Semmens · 12 replies
    Semi-News/Semi-Satire ^ | 18 Aug 2012 | John Semmens
    Representatives Mike Honda (D-Calif), Jerry Nadler (D-NY) and Jan Schakowsky (D-Ill) issued a statement demanding that the issue of the federal deficit be excluded from any upcoming presidential debates, saying it would give the Republicans an unfair advantage. “The President has been forced to take actions that those outside of government, like Mitt Romney, have been able to avoid,” Nadler pointed out. “For him to be called upon to defend those actions at this time would present a fundamentally unbalanced tenor to those debates, especially when Mr. Romney has continued to refuse to disclose all of his personal tax records.”...
  • Mika Brzezinski: 'I'm Hoping' Blaming Bush Will Work

    06/13/2012 5:50:02 AM PDT · by governsleastgovernsbest · 27 replies
    NewsBusters ^ | Mark Finkelstein
    We've gone from "hope and change" to hoping blaming Bush will work. As Joe Scarborough said: at least Mika Brzezinski's honest about it. Asked whether she believed that President Obama's attempt to continue to blame George W. Bush for the country's economic woes will work as a campaign strategy, a seemingly dispirited Mika Brzezinski replied: "well, I'm hopin'". Scarborough burst into laughter. The Morning Joe panel was responding to a clip of President Obama from yesterday in which he analogized Republicans to people who had ordered an expensive restaurant meal, left just as Obama was sitting down to dinner, and...
  • France Cuts Retirement Age

    06/11/2012 12:07:18 PM PDT · by John Semmens · 5 replies
    Semi-News/Semi-Satire ^ | 8 June 2012 | John Semmens
    Newly elected Socialist President Francois Hollande fulfilled a campaign promise by lowering the age for retiring with full benefits from 62 to 60. In the United States full Social Security benefits don’t kick in until age 65, later for those born after 1940. Hollande explained that “if people have to wait until they’re 62 the money could all be gone before they draw a cent of their retirement benefits. This way at least some of them will get something before the system crashes.” The French president plans to fund these more generous benefits “by raising taxes on businesses and individuals...
  • Gee, why don’t people believe Gov. Brown and his friends?

    05/30/2012 12:02:58 PM PDT · by Mark Landsbaum · 7 replies
    Remember the Credibility Gap? It was a phenomenon that rose to public awareness in the late 1960s (and even inspired a funny comedy group) when reporting showed a great difference between what government claimed and reality. It lives. According to Bloomberg: “As California Governor Jerry Brown seeks a temporary 5 percent pay cut from public employees to fill the largest state deficit in the U.S., many of those same workers are poised for raises next year . . .
  • President Blames Deficit on “Greedy Taxpayers”

    05/27/2012 12:41:57 PM PDT · by John Semmens · 17 replies
    Semi-News/Semi-Satire ^ | 26 May 2012 | John Semmens
    Despite running up federal deficits at a faster pace than any previous president, Obama says he is not at fault. “Deficits aren’t the result of spending alone,” the President pointed out. “Deficits occur when there is a gap between spending and revenue. If you look at the trends for both you will see that it is the revenue line that has flattened while the spending line has remained pretty much on track with prior periods.” Of course revenues aren’t keeping up because taxpayer earnings aren’t keeping up. Business profits are down. Employees have been thrown out of work. The base...
  • Obama Whacks Republicans on Deficits Ahead of Stimulus Pitch

    05/24/2012 1:07:56 PM PDT · by antidemoncrat · 13 replies
    Fox News ^ | 5/24/2012 | Chris Stirewalt
    “[Republicans] run up these wild debts and then when we take over, we’ve got to clean it up.” -- President Obama speaking to donors in Denver touting the fact that federal spending has increased less than 2 percent since 2009.
  • Geithner Admits “Finance Has Never Been My Strong Point”

    05/19/2012 12:47:20 PM PDT · by John Semmens · 11 replies
    Semi-News/Semi-Satire ^ | 19 May 2012 | John Semmens
    In an interview for PBS News Hour, US Treasury Secretary Timothy Geithner confessed to being “severely confused” by matters of finance. “A few years ago I was being mocked for messing up my taxes,” Geithner complained. “But, really now, who can figure out the tax code? It’s such a mixed up pile of contradictory rules and instructions that I’d be surprised if anybody got it right.” “This deficit stuff, what’s that all about?” Geithner wondered. “How can the government be short of money? I’ve been to the mint and it seems we can print as much as we need. If...
  • ONLY In AMERICA!

    05/15/2012 7:15:52 AM PDT · by Reaganite Republican · 2 replies
    Reaganite Republican ^ | May 15, 2012 | Reaganite Republican
    Only in America could politicians talk about the greed of the rich at a $35,000 a plate campaign fund raising event. Only in America could people attempt to claim that the government still discriminates against black Americans when we have a black President, a black Attorney General, and roughly 18% of the federal workforce is black (only 12% of the US population is black). Only in America could we have had the two people most responsible for our tax code -'TurboTax Tim' Geithner, the head of the Treasury Department and Charles Rangel (who once ran the Ways and Means Committee)- BOTH...
  • No way to fix a ‘fiscal disconnect'

    05/14/2012 3:05:52 PM PDT · by Mark Landsbaum · 2 replies
    The Orange County Register ^ | 5-14-2012 | The Orange County Register Editorial Boarad
    Gov. Jerry Brown on Monday unveiled his revised budget for the coming fiscal year with twin pleas. He pleaded poverty and pleaded with voters to approve more taxes on the November ballot. Both pleas are curious. . .
  • Democrats Deride Ryan Budget

    04/10/2012 9:40:50 AM PDT · by John Semmens · 3 replies
    Semi-News/Semi-Satire ^ | 7 April 2012 | John Semmens
    Wisconsin’s Republican Representative Paul Ryan’s efforts to put the federal government budget on a track to balance in the next decade was widely criticized by Democrats. “This budget is not a statement of our national values,” said Minority Leader Nancy Pelosi (D-Calif). “It represents a bleak future for America,” said Minority Whip Steny Hoyer (D-Md). “It is antithetical to our entire history,” said President Obama. Statistical analysis reveals that Ryan’s budget spends 46% more in inflation-adjusted dollars than Democratic President Bill Clinton’s last budget. It also would put federal spending at 22.2% of gross domestic output vs. the Clinton budget’s...
  • Defending Fiscal Insanity

    04/08/2012 3:37:34 PM PDT · by Bobbys1963 · 24 replies
    National Review ^ | April 5, 2012 | John Lott
    In President Obama’s address to the Associated Press Luncheon on Wednesday, he claimed that he is preventing disaster. Republican congressman Paul Ryan’s proposed budget cuts would still allow publicly held debt to increase by $5.5 trillion over the next ten years, but to Obama, they mean Americans will be dying from starvation and defenseless from hurricanes and other natural disasters. “Demagoguery” is not too strong of a word to describe Obama’s speech. Two million mothers and young children will be left without “access to healthy food.” Violent crime will soar and illegal aliens will flood across our borders because of...
  • Treasury Says Deficits Mustn’t Be Allowed to Slow Spending

    04/08/2012 11:26:25 AM PDT · by John Semmens · 15 replies
    Semi-News/Semi-Satire ^ | 7 April 2012 | John Semmens
    Treasury Secretary Timothy Geithner argued against letting fears of ballooning federal government deficits interfere with increased government spending. “The federal government’s debt and deficit are no big deal,” Geithner insisted. “It’s not like personal or corporate debt or fiscal shortfalls. It can be canceled at any time. Look, the government makes the laws. It can easily make a law absolving itself from the responsibility to repay borrowed money if it has to.” Geithner hastened to clarify that he was “not advocating such a law at this time, but the power is there if we need it. I don’t think we...
  • “Demagoguery” is not too strong of a word to describe Obama’s speech

    04/06/2012 5:56:36 PM PDT · by richardb72 · 23 replies
    National Review Online ^ | April 5, 2012 | National Review
    In President Obama’s address to the Associated Press Luncheon on Wednesday, he claimed that he is preventing disaster. Republican congressman Paul Ryan’s proposed budget cuts would still allow publicly held debt to increase by $5.5 trillion over the next ten years, but to Obama, they mean Americans will be dying from starvation and defenseless from hurricanes and other natural disasters. “Demagoguery” is not too strong of a word to describe Obama’s speech. Two million mothers and young children will be left without “access to healthy food.” Violent crime will soar and illegal aliens will flood across our borders because of...
  • New train promised to be cheaper, sooner, longer, slower

    04/04/2012 7:55:42 AM PDT · by Mark Landsbaum · 16 replies
    The Orange County Register ^ | 4-4-2012 | The Orange County Register Editorial Board
    Desperate to spend billions rather than allow taxpayers to keep their money, the California High-Speed Rail Authority boasted Monday that it has cut costs, scaled back and speeded up the construction schedule of a train that should never be built. Like all government boasts, it isn't what it appears to be...