Obama's Deficit Preservation Plan - $1.5 Trillion Deficit + Spending Freeze

[Patranus]

The nonpartisan Congressional Budget Office made it official on Wednesday morning: America's free fall into debt is accelerating.

The budget deficit is now estimated to have widened this year to $1.5 trillion, the CBO said. That compares to a budget deficit of $1.3 trillion for the fiscal year that ended Sept. 30.

http://thehill.com/blogs/on-the-money/budget/140335-cbo-deficit-widened-to-15-trillion-this-year

Wait, so Obama wants to freeze spending at current levels for 5 years but the deficit is at record highs......

What am I missing?

 

[PeshakJang]

http://thehill.com/blogs/on-the-money/budget/140335-cbo-deficit-widened-to-15-trillion-this-year

Wait, so Obama wants to freeze spending at current levels for 5 years but the deficit is at record highs......

What am I missing?

If he freezes it at current inflated levels, he can both continue to spend like a compulsive gambler, as well as take credit for any regression from these methamphetamine-like highs.

 

[Jaskalas]

http://thehill.com/blogs/on-the-money/budget/140335-cbo-deficit-widened-to-15-trillion-this-year

Wait, so Obama wants to freeze spending at current levels for 5 years but the deficit is at record highs......

What am I missing?

He said it himself, that 'freeze' is only on 12% of the budget.

 

[matt0611]

Yup, so pretty much Obama has no real ideas to fix the budget.
He and the Democrats have not done anything and they still are not putting up any new ideas besides more government spendi...I mean "investment" and freezing some parts of the budget. oh and increasing tax r...I mean "getting rid of handouts for the wealthy".

Sorry, but this is just not good enough, it would be laughable but this shit is just not even funny anymore, its dangerous. Its time to actually do something about it.

Only thing I liked is lowering corporate tax rates, closing loopholes and simplifying the tax code.

At least I give the republicans some credit now for actually putting up some ideas to cut. Doubtful people to agree on cutting though.

We are so effed.

 

[Throckmorton]

Another economics fail from our local right wing clowns. What part of cutting spending during a recession being stupid don't you understand?

This is exactly when we need to invest in the future of this country, when it benefits the economy the most.

Apply your same hare-brained DEBT ALWAYS BAAADDDD logic to your own life and you'll never be able to start a business, buy a house, or send your kids to college.

 

[nick1985]

Another economics fail from our local right wing clowns. What part of cutting spending during a recession being stupid don't you understand?

This is exactly when we need to invest in the future of this country, when it benefits the economy the most.

Apply your same hare-brained DEBT ALWAYS BAAADDDD logic to your own life and you'll never be able to start a business, buy a house, or send your kids to college.

What part of this makes sense to you:

http://www.usdebtclock.org/



Actually, lets have some fun.

http://www.usdebtclock.org/2015-current-rates.html

From 1776 to 2011, we accumulated 14 trillion in debt.

By 2015 we will have an additional 8 trillion. The debt will grow 36% in 4 years. Does this sound sustainable to you? You honestly think foreign lenders will keep lending to us?

Which part of your sophisticated brain makes you think that this is sustainable, our currency wont become inflated, and our lenders will keep lending? Please explain, because as you said I am too dumb to "get it".

 

[Genx87]

Another economics fail from our local right wing clowns. What part of cutting spending during a recession being stupid don't you understand?

This is exactly when we need to invest in the future of this country, when it benefits the economy the most.

Apply your same hare-brained DEBT ALWAYS BAAADDDD logic to your own life and you'll never be able to start a business, buy a house, or send your kids to college.

This it is too big to fail is what caused the last two massive bubbles to wreak havoc through our economy. So lets pile it on and grow govt past sustainable levels until it's bubble bursts? You have any idea how that will look compared to the last bubbles bursting?

 

[sandorski]

Somebody must not have watched the whole Speech.

 

[Acanthus]

http://thehill.com/blogs/on-the-money/budget/140335-cbo-deficit-widened-to-15-trillion-this-year

Wait, so Obama wants to freeze spending at current levels for 5 years but the deficit is at record highs......

What am I missing?

Do you know what inflation is?

 

[EagleKeeper]

Another economics fail from our local right wing clowns. What part of cutting spending during a recession being stupid don't you understand?

This is exactly when we need to invest in the future of this country, when it benefits the economy the most.

Apply your same hare-brained DEBT ALWAYS BAAADDDD logic to your own life and you'll never be able to start a business, buy a house, or send your kids to college.

The Obama administration pumped how much into the economy to fix the issues and how much was fixed?

One should not throw good money after bad, a second time; one addresses/removes the problems.

There is no reason why the government can not impliment a 10% spending cut across the board for departments.
Force hard choices by those that are suppose to guide this country.

 

[Throckmorton]

What part of this makes sense to you:

http://www.usdebtclock.org/



Actually, lets have some fun.

http://www.usdebtclock.org/2015-current-rates.html

From 1776 to 2011, we accumulated 14 trillion in debt.

By 2015 we will have an additional 8 trillion. The debt will grow 36% in 4 years. Does this sound sustainable to you? You honestly think foreign lenders will keep lending to us?

Which part of your sophisticated brain makes you think that this is sustainable, our currency wont become inflated, and our lenders will keep lending? Please explain, because as you said I am too dumb to "get it".

You must really be unwilling to understand basic economics. You cut spending and reign in the deficit when the economy is good, not when the economy is bad and doing so will make it worse. The time to cut spending was up until 2007, and that didn't happen did it?

Try to think about what will happen to the deficit if you Teabaggers get your wish and the government cuts all deficit spending, plunging the economy into a depression, and causing tax revenues to go way down. Just try. Please. Here's the answer: the deficit will go up, and will keep going up with spending following, causing deficit to increase in turn, in a self sustaining spiral. Then you'll finally get your wish of a third world America.

 

[nick1985]

You must really be unwilling to understand basic economics. You cut spending and reign in the deficit when the economy is good, not when the economy is bad and doing so will make it worse. The time to cut spending was up until 2007, and that didn't happen did it?

Try to think about what will happen to the deficit if you Teabaggers get your wish and the government cuts all deficit spending, plunging the economy into a depression, and causing tax revenues to go way down. Just try. Please. Here's the answer: the deficit will go up, and will keep going up with spending following, causing deficit to increase in turn, in a self sustaining spiral. Then you'll finally get your wish of a third world America.

You must drink the krugman koolaid. You failed to answer the questions I posed to you. Try again.

 

[Throckmorton]

You must drink the krugman koolaid. You failed to answer the questions I posed to you. Try again.

I didn't think your questions were directed at me because I don't think the government should always run a deficit... Not sure why you typed them at all.


We should pay off the debt when the economy is good, rather than fritter it away surplus on tax cuts like GWB did. Then when the debt is paid off we should put surplus into a rainy day fund like Texas did.

 

[Cerb]

Another economics fail from our local right wing clowns. What part of cutting spending during a recession being stupid don't you understand?

This is exactly when we need to invest in the future of this country, when it benefits the economy the most.

Apply your same hare-brained DEBT ALWAYS BAAADDDD logic to your own life and you'll never be able to start a business, buy a house, or send your kids to college.

If they would actually spend in ways that would benefit us, that would be fine. But they aren't. They haven't been. There haven't been plans to.

If there were a 500B+ bill to fix up and build out our commercial rail systems, such that the rails were government owned/run/managed, but not the vehicles transporting goods, I would be all for it, despite the cost. The end results would ultimately be worth it. The government is in the best place to do it, because a competing private entity being willing to do it with their own money takes a huge risk of going under, in this economy, so what few are left aren't going to. There are other good examples, but the state of our rails is a pet peeve of mine.

Instead, spending goes to prop up poorly managed government projects, pork, corporations with lobbyists, and so on, that are either far from essential, or plain waste (corn and soy are good examples).

We should pay off the debt when the economy is good, rather than fritter it away surplus on tax cuts like GWB did. Then when the debt is paid off we should put surplus into a rainy day fund like Texas did.

But the economy isn't going to get into any kind of good shape. There is no magic improvement pill. This is a recession at least forty years in the making, and big businesses are still moving production out of the country, and still investing in other countries' infrastructure, when it needs to be done here. Your idea would be great, except for the matter that we are stuck in a slow downward spiral, with those in power not wanting to do anything about it, except get theirs. We've got to make it work without relying on an economic boom.

 

[Elias824]

Even the CBO said there is no way we cant grow out of it, we cant cut out of it, and we cant tax out of it, we have to do all three. In the mean time while the ship is sinking were all arguing about who hit the iceberg.

 

[airdata]

What part of this makes sense to you:

http://www.usdebtclock.org/



Actually, lets have some fun.

http://www.usdebtclock.org/2015-current-rates.html

From 1776 to 2011, we accumulated 14 trillion in debt.

By 2015 we will have an additional 8 trillion. The debt will grow 36% in 4 years. Does this sound sustainable to you? You honestly think foreign lenders will keep lending to us?

Which part of your sophisticated brain makes you think that this is sustainable, our currency wont become inflated, and our lenders will keep lending? Please explain, because as you said I am too dumb to "get it".

$9T : 9 Trillion dollars missing from federal reserve

http://www.youtube.com/watch?v=GYNVNhB-m0o

 

[lord_emperor]

Another economics fail from our local right wing clowns. What part of cutting spending during a recession being stupid don't you understand?

This is exactly when we need to invest in the future of this country, when it benefits the economy the most.

Apply your same hare-brained DEBT ALWAYS BAAADDDD logic to your own life and you'll never be able to start a business, buy a house, or send your kids to college.

I don't think anyone would lend me money to start a business if I already owed 14 trillion dollars.

 

[nick1985]

I don't think anyone would lend me money to start a business if I already owed 14 trillion dollars.

I know someone who would. Throckmorton

 

[PeshakJang]

Another economics fail from our local right wing clowns. What part of cutting spending during a recession being stupid don't you understand?

So according to your own financial genius, increasing spending is always good for the economy, right? Not only that, but *any* governemnt spending on *anything* must have a positive effect, all the time. Right?

You are stating that no government spending is unnecessary, and all government spending has a positive effect on the economy disproportionately larger than the burden it creates either now or anytime in the future.

This is exactly when we need to invest in the future of this country, when it benefits the economy the most.

Ah, the old liberal slang for spending... "investing". Tell me, what has been the return on the almost $1T spent on infrastructure over the last few years? Obama himself said we were graded as "D". I thought that was an investment?

Apply your same hare-brained DEBT ALWAYS BAAADDDD logic to your own life and you'll never be able to start a business, buy a house, or send your kids to college.

As compared to your stated position that "spending never baaaad"?

If I have a $25,000 car loan that I can't make payments on, should I take out another loan to "invest" in a new car that gets 3 Mpg better? If I am underwater on my home, and have to take out loans to make the payments every month, should I start a business?

Your total lack of reasoning befuddles me.

 

[Darwin333]

You must really be unwilling to understand basic economics. You cut spending and reign in the deficit when the economy is good, not when the economy is bad and doing so will make it worse. The time to cut spending was up until 2007, and that didn't happen did it?

Try to think about what will happen to the deficit if you Teabaggers get your wish and the government cuts all deficit spending, plunging the economy into a depression, and causing tax revenues to go way down. Just try. Please. Here's the answer: the deficit will go up, and will keep going up with spending following, causing deficit to increase in turn, in a self sustaining spiral. Then you'll finally get your wish of a third world America.

What happens when that money gets more expensive?

 

[piasabird]

Just cut the budget by 10% accross the board. Certain programs should just be deleted. If you want to save some real money cut Social Security for everyone that has a retirement account. Just make the retirement age 75 and cancel social security altogether over time.

 

[Throckmorton]

So according to your own financial genius, increasing spending is always good for the economy, right? Not only that, but *any* governemnt spending on *anything* must have a positive effect, all the time. Right?

You are stating that no government spending is unnecessary, and all government spending has a positive effect on the economy disproportionately larger than the burden it creates either now or anytime in the future.

Ah, the old liberal slang for spending... "investing". Tell me, what has been the return on the almost $1T spent on infrastructure over the last few years? Obama himself said we were graded as "D". I thought that was an investment?

As compared to your stated position that "spending never baaaad"?

If I have a $25,000 car loan that I can't make payments on, should I take out another loan to "invest" in a new car that gets 3 Mpg better? If I am underwater on my home, and have to take out loans to make the payments every month, should I start a business?

Your total lack of reasoning befuddles me.

I didn't say spending is always good. I specifically said that when the economy is doing well we should pay off the national debt.

The correct analogy would be that you're unemployed and just got a job, but you have no car. So you take a loan so you can buy a car to drive to work. You either go into debt and pay it off when you're able to, or you don't take the job and your situation is even worse.

 

[Texashiker]

The only way to get rid of the deficit, is to abolish the federal reserve, congress take back control of printing our money, and only print what we have to back it up with.

As long as the federal reserve continues to print money, we will continue to have a deficit, and countries like china will continue to buy our debt.

Oh yea, as long as the federal reserve prints money out of thin air, inflation will continue to go up.

Break our dependence on fossil fuels, bring the price of fuel down, and bring the price of everything back down.

 

[matt0611]

The only way to get rid of the deficit, is to abolish the federal reserve, congress take back control of printing our money, and only print what we have to back it up with.

As long as the federal reserve continues to print money, we will continue to have a deficit, and countries like china will continue to buy our debt.

Oh yea, as long as the federal reserve prints money out of thin air, inflation will continue to go up.

Break our dependence on fossil fuels, bring the price of fuel down, and bring the price of everything back down.

Yup, as long as we have the federal reserve + money backed by nothing + massive deficits (which are monetized by the Fed) we will have inflation.
Wish we would do something about those.

 

[ThatsABigOne]

Somebody must not have watched the whole Speech.

The speech did not say anything specific. It did not state any of the solutions to the problems.