davejh23 (< 20)

Cutting the Budget Deficit

July 20, 2009 – Comments (2) | RELATED TICKERS: OB , AM , A

I seem to recall Obama campaigning on a promise to take a scalpel to the federal budget as a first priority, removing every bit of pork from the budget, and cutting the budget deficit in half in his first term.  He's quadrupled deficit spending in his first year (impressive, considering this is following a record year for deficit spending), with plans for a similar budget for his second year...which could turn out to be far worse as tax receipts shrink.  What do you think he has planned to cut deficit spending by nearly 90% between year 2 and year 4?  Maybe cap and trade, and healthcare reform will save us $3 trillion!  Maybe we'll change some more accounting rules and start calling new debts revenues...the sad thing is, this wouldn't even cover 90% of our current deficit spending.  Will allowing the Bush tax cuts to expire cover it?  Not even close.  Is the President preparing to cut a huge percentage of all federal spending, or is he preparing to raise taxes on the wealthy (and not so wealthy) by a huge percentage?  I'll bet that he does neither, still gets re-elected by the idiot majority, and by year 8 he's increased deficit spending by at least 1000% (one thousand percent)...partly due to decreased tax revenues that won't return, partly due to ridiculous spending, and partly due to our inability to borrow and continually increasing debt service costs.