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President Obama should be proud of the milestone reached by his administration today. Never before in the history of the United States have we had a $1 trillion budget deficit. Yay for us, the taxpayers who will be saddled with Obama’s reckless socialism for years to come. Perhaps we should get ourselves a cake with a trillion candles. Then again, that might be too expensive under cap-and-tax for it’s carbon output.
The WSJ reports:
WASHINGTON — The U.S. federal budget deficit broke through the $1 trillion mark in June, potentially complicating the Obama administration’s efforts to revive the economy and enact its longer-term policy agenda.
The U.S. Treasury Department on Monday said the government’s annual deficit reached almost $1.1 trillion by the end of June, a once-unthinkable level that could threaten any nascent economic recovery by undermining the dollar and driving up interest rates.
Surging deficits could also tie the administration’s hands in responding to the economy’s problems, by eroding support among voters and making Congress leery of adopting policies — such as an overhaul of the health-care system — that the administration believes are necessary for sustainable growth.
It could be hard to win congressional approval for another round of fiscal stimulus, if that was seen as necessary, even as the economy continues to lag and the unemployment rate continues to rise, hitting 9.5% in June.
Some budget experts questioned whether lawmakers had the political will to take steps — such as tax increases and spending cuts — to help get the deficit under control.
“Most anybody who’s being honest knows we’ve reached a point where we’ve got a very dangerous fiscal situation, and it won’t fix itself,” said Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget. She said the White House and Congress should negotiate a broad plan to reduce deficits now.
President Barack Obama on Monday stressed the importance of enacting health-care legislation as a way to bring down long-term deficits. A spokesman for the White House Office of Management and Budget, Kenneth Baer, termed health-care reform “the key to our fiscal future.”
But some budget watchdogs worry that Congress eventually could pass health-care legislation that relies on uncertain long-term savings, while substantially increasing short-term government expenditures.
The Obama administration in May estimated that the annual deficit would hit about $1.84 trillion by the end of the fiscal year, an increase from February’s projection of $1.75 trillion. The administration also slightly revised upward its deficit estimates for 2010 and 2011, to $1.26 trillion and $929 billion, respectively.
Slumping tax receipts, particularly from corporations and individual investors, have contributed substantially to the widening gap, as has rising spending on social safety-net programs, economic-stimulus measures and aid to auto and financial companies.
By historical standards, the 2009 deficit — at 13% or more of the country’s gross domestic product — would be the U.S.’s biggest since the end of World War II in 1945, when it reached 21.5%.
For the reading impaired, they also have some nifty charts which illustrate just how absurd the government’s spending actually is:
Hot Air sums it up best:
Just absorb the zeroes for a moment. The US has already spent more than a
millionbilliontrillion dollars than it expects to receive this year in revenue, and we have almost three full months left to go.
To me personally, the Sotomayor hearings are a distraction to us once again. Yes, she’s a liberal justice who wrongly believes in judicial activism, what’s new? She’s replacing a liberal and she’s one of the worst possible SCOTUS picks there ever was. However, we are being distracted from President Obama’s continued failure in the realm of economics and his continued bankrupting of our future.
Here’s the icing on this trillion dollar cake. This spending doesn’t even include the socialized health care overhaul or the cap-and-trade global warming scam legislation. This is just the deficit spending from stimulus-palooza which has been an utter failure producing nothing more than bloated government. Furthermore, the deficit will be $2 trillion by the end of the year so get ready for another celebration of failure.
That’s quite a feather in your cap, President Obama. You have driven this country into a $1 trillion deficit without even trying hard.
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How depressing. Time for a vacation!
Democrats unveil health care reform bill
http://www.politico.com/n.....24924.html
America’s Affordable Health Choices Act
http://www.cbo.gov/ftpdoc.....Rangel.pdf
The Actual Bill. 1018 pages
http://edlabor.house.gov/.....071409.pdf
“Democrats unveil health care reform bill”
Oh good, there’s another trillion down the crapshoot.
This is almost becoming a bad reality show where politicians go insane and waste hard-earned taxpayer money on socialist programs. Unfortunately it’s actual reality and we’re all stuck in it.
“The National Debt is $11.5 Trillion!”
Updated 10 July 2009
— “Budget Deficit” vs. “National Debt”—
“Suppose you want to spend more money this month than your income. This situation is called a “budget deficit”. So you borrow (ie; use your credit card). The amount you borrowed (and now owe) is called your debt. You have to pay interest on your debt. If next month you don’t have enough money to cover your spending (another deficit), you must borrow some more, and you’ll still have to pay the interest on the loan. If you have a deficit every month, you keep borrowing and your debt grows. Soon the interest payment on your loan is bigger than any other item in your budget. Eventually, all you can do is pay the interest payment, and you don’t have any money left over for anything else. This situation is known as bankruptcy.”
“Each year since 1969, Congress has spent more money than its income. The Treasury Department has to borrow money to meet Congress’s appropriations.”
“We pay interest on that huge debt. And now the Treasury is having trouble finding lenders!”
http://www.federalbudget.com/
……….
Play the numbers gaame. learn something as well
“In recent years, the US Federal Budget has dropped dramatically back into deficit. Once again, the National Debt is growing. It is now over $10 trillion.”
“If you are a US citizen, your share of the National Debt is over $40,000. You pay interest on this debt, through your taxes, every year. The generation that is now too young to vote will pay interest on this debt — even though they never borrowed the money.”
“How would you balance the Federal Budget and reduce the National Debt? Explore the complete US Federal Budget to find your own solutions to these problems.”
http://www.kowaldesign.com/budget/
My favorite Conservative economic link. I believe I have posted twice here.
http://www.heritage.org/r...../wm327.cfm
Bill,
Yea, I saw that today too while trying to find out what the federal deficit was at today. I was also trying to find all the state deficits, I found a list with most, but Alaska and Hawaii were not on it.
Bill O’Reilly had some good information on who benefits from Cap and Trade, including Al Gore and….
and goldman sachs, and how they don’t pay any federal taxes though they bank about $2billion per year.
Cap and trade is a farce. As well as Health care. Is means of wealth of money for government. Through use of admiral ideals.
Franklin Roosevelt took care of other government problems before initiated social security. Not so with our present government. Or past governments as far as that goes.
Our system is broken and needs fixing. There is only one way
http://www.heritage.org/r...../wm327.cfm
Perhaps add more. Cancel stimulus plan not in works and stop funding Acorn. Throw those bums in jail. Take most of Congress with them. CIA and FBI must investigate. Open sealed birth certificate of Obama and sealed University records of Obama and his wife.
Follow the money trail for AIG, etc.. Bring transparency for real to government. Remember, Obama asked for it.
Be careful what you ask for, you just might get…
Nate
What is in links is a news release. Nothing more in my book. His plan is in trouble and he knows it.
Very recently a bill was passed by House and not even in final written form.
I give no credence to the “Democrats unveil health care reform bill” links. Is advertisement. Hype.
I have never been more of a skeptic than now…
His master plan of congressional domination is falling like Humpty Dumpty. He does not wish to have programs voted on after next congressional vote. Or after congress goes home in recess.
Open sealed birth certificate of Obama and sealed University records of Obama and his wife.
What is the purpose of that?
Um, this is not an advertisement, this is the actual 1018 page PDF
http://edlabor.house.gov/.....071409.pdf
A BILL
To provide affordable, quality health care for all Americans
and reduce the growth in health care spending, and
for other purposes.
1 Be it enacted by the Senate and House of Representa2
tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE; TABLE OF DIVISIONS, TITLES,
4 AND SUBTITLES.
5 (a) SHORT TITLE.—This Act may be cited as the
6 ‘‘America’s Affordable Health Choices Act of 2009’’.
VerDate Nov 24 2008 12:51 Jul 14, 2009 Jkt 000000 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 C:TEMPAAHCA0~1.XML HOLCPC
July 14, 2009 (12:51 p.m.)
F:P11NHITRICOMMAAHCA09_001.XML
f:VHLC7140971409.140.xml (444390|2)
2
1 (b) TABLE OF DIVISIONS, TITLES, AND SUB2
TITLES.—This Act is divided into divisions, titles, and
3 subtitles as follows:
“Open sealed birth certificate of Obama and sealed University records of Obama and his wife.”
“What is the purpose of that? ”
The truth…Whatever it my be.
……….
My saying advertisement, I was not saying it was not a draft of bill.
I meant is was for citizen consumption. Up until now Republicans have not been involved or read. Now with Congress saying this will wait til Aug., we have this release.
That is why I call it advertisement. Hoping to change minds.
Otherwise, all would be keep in dark as it has been. This is not final bill anyhow..
oh, ok. to the second half. Can’t say that I care about a birth certificate or college records, it won’t change anything.
As I said, “The truth…Whatever it my be.”
Strategy Memo: Time for a Real Stimulus Bill
by Newt Gingrich
07/15/2009
http://www.humanevents.co.....p?id=32710
Newt Gingrich proposes his own stimulus plan. Anything is better than more of the last stimulus idiocy.
“Our alternative vision to the Left’s big spending, lobbyist- and politician-dominated spending bill should have five goals.
First, to build on the 59-21 majority of Americans who believe cutting business taxes will produce more jobs than increased government spending (January CBS news poll). Americans implicitly understand what creates economic growth and a vigorous national dialogue on these terms will expand public support for tax policies that actually create more jobs
Second, to offer tax changes which are big enough and bold enough to work. Even in its current, weakened state, America has a $12 trillion dollar economy. A small tax-cut bill simply does not matter and will be absorbed without any effect.
Third, the specifics of the tax cuts have to be vivid enough that people understand how it will affect their economic security. People will feel more compelled to support a government plan that puts money in their wallet instead of in the hands of bureaucrats.
Fourth, economic freedom should be returned to the American people—and not centralized in Washington. Politician-bureaucrat-lobbyist centered systems inevitably bring about corruption, political favoritism, and increased poverty. For long-term economic health, our small business and entrepreneur-focused, pro-growth alternative must reverse the damages the power driven elites have done.
Fifth, our tax cuts must be paid for with serious cuts in spending and economic growth. Our current economic predicament was, in large part, caused by problems created by excessive debt. As part of our recovery, we have to return to the path of fiscal responsibility and renew a call for a balanced budget.”
Kill cap and trade
kill socialized medicine
Stop killing our money in other countries.
Newt and Republican controlled Congress forcing a fighting Bill Clinton to balance the budget.
Lowering taxes is John F. Kennedy and Ronald Reagan key to success.
“President Kennedy proposed across-the-board tax rate reductions that reduced the top tax rate from more than 90 percent down to 70 percent. What happened? Tax revenues climbed from $94 billion in 1961 to $153 billion in 1968, an increase of 62 percent (33 percent after adjusting for inflation).”
“According to President John F. Kennedy:”
“Our true choice is not between tax reduction, on the one hand, and the avoidance of large Federal deficits on the other. It is increasingly clear that no matter what party is in power, so long as our national security needs keep rising, an economy hampered by restrictive tax rates will never produce enough revenues to balance our budget just
as it will never produce enough jobs or enough profits… In short, it is a paradoxical truth that tax rates are too high today and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now.”
“President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation)”
“Lower tax rates are important, but they are not the only critical issue. Both the level of government spending and where that money goes are very important. And even when looking only at tax policy, tax rates are just one piece of the puzzle. If certain types of income are subject to multiple layers of tax, as occurs in the current system, that problem cannot be solved by low rates. Similarly, a tax system with needless levels of complexity will impose heavy costs on the productive sector of the economy.”
As important is small government. Money used by government cannot be used by private sector. The tighter the money the higher the interest rate. Driving Small business and new home buyers out of market.
This spending spree of Obama is like 80% unspent. We can reverse.
We can work to provide better health care for all Americans, once our economy grows strong.
We must develop our oil, nuclear, wind, solar, natural gas, coal,and thermo energy. Push tecnology for cleaner and more effecient energy usuage. Use electronic devices to secure our boaders from possible terrorist attacks and illegals. America is famous for inovation. Government can make life easier for energy sources. Stopping needless studies and lawsuites. We can provide incentives.
Obama preached open government, though he did not implimant. We should open government to all parties to discuss in open forum. No behind closed doors.
I want elected person to be the best choice. Forgetting the party and if left, right, or liberal. A diversity of views is good. Reason, logic, and good for our Nation should be trump card.
http://www.heritage.org/r...../wm327.cfm
Agreed Bill