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Obama Plans to Reduce Budget Deficit to $533 Billion by 2013
Old 02-21-2009, 06:57 PM   #1
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Obama Plans to Reduce Budget Deficit to $533 Billion by 2013

I guess this is one benefit of not being rich - I don't have to worry about a tax increase. Then again, if at some time we have a bout of inflation, I might be.


Bloomberg.com: Worldwide

Feb. 21 (Bloomberg) -- President Barack Obama plans to cut the U.S. budget deficit to $533 billion by the end of his first term by increasing taxes on the wealthy and cutting spending for the war in Iraq, according to an administration official.
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Old 02-21-2009, 07:04 PM   #2
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I file single - I thought [moderator edit].

No such thing as a free lunch.

heh heh heh - soooo what did Mark Twain say about Congress in session?
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Old 02-21-2009, 07:08 PM   #3
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I file single - I thought [moderator edit].

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They all suck.
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Old 02-21-2009, 07:42 PM   #4
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If we disbanded how many states do you think would vote to join back into a united states?
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Old 02-21-2009, 08:50 PM   #5
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If we disbanded how many states do you think would vote to join back into a united states?
Not to hijack my own thread but I was wondering that myself. I think Texas is the only state that has the right to get out of the union.

If there was a governor that a region of the USA could rally around is the only way I could see it happen. We used to hear about Idaho and Montana area but no more.
I think we really need to see how things look at the end of Obama's first term to get an idea as to the desire for change is in USA and how strong it it.

As if Things Weren't Bad Enough, Russian Professor Predicts End of U.S. - WSJ.com
For a decade, Russian academic Igor Panarin has been predicting the U.S. will fall apart in 2010.
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Old 02-21-2009, 08:56 PM   #6
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Not to hijack my own thread but I was wondering that myself. I think Texas is the only state that has the right to get out of the union.
Well, at one point Texas also had (has?) the right to break up into five states, basically getting 10 senators instead of 2.

The question is, since this deal was made prior to the War of Northern Aggression Civil War and since Texas (like all Southern states) had to be formally readmitted to the Union, does the antebellum deal still exist legally?

The other thing is that when Texas seceded from the Union in 1861, the U.S. government failed to recognize the secession, which brings some question to whether or not that right existed (or that the Feds would recognize it).
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Old 02-21-2009, 09:50 PM   #7
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He plans to lower the budget deficit by taxing hedge fund managers more heavily

It's hard to overstimate the gullibility of an American, but this is really pushing it.

Ha
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Old 02-21-2009, 10:09 PM   #8
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Well, at one point Texas also had (has?) the right to break up into five states, basically getting 10 senators instead of 2.

The question is, since this deal was made prior to the War of Northern Aggression Civil War and since Texas (like all Southern states) had to be formally readmitted to the Union, does the antebellum deal still exist legally?

The other thing is that when Texas seceded from the Union in 1861, the U.S. government failed to recognize the secession, which brings some question to whether or not that right existed (or that the Feds would recognize it).
Snopes says it does
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Old 02-21-2009, 11:03 PM   #9
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................

Feb. 21 (Bloomberg) -- President Barack Obama plans to cut the U.S. budget deficit to $533 billion by the end of his first term by increasing taxes on the wealthy and cutting spending for the war in Iraq, according to an administration official.
Woo-Hooo! I just hope I can get me a bowl of that Rainbow Stew when they start passing it out!

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Old 02-21-2009, 11:12 PM   #10
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More here (Washington Post):

Obama Targets Budget Deficit

a few excerpts:

Quote:
an ambitious first budget that seeks to cut the federal deficit in half over the next four years
Ok, that sounds good. Kinda hard to reconcile with all the bailout money being thrown around, but....


Quote:
by slashing spending on the wars in Iraq and Afghanistan,
OK, lots of people are in favor of that. But there is more....

Quote:
primarily by raising taxes on business


Oh great. The old shell game of "tax those guys over there". Hmmm, we want to jump start the economy, but we are going to raise taxes on business? Let's see.... those businesses need to raise prices on ALL consumers (poor and rich alike, so this is a regressive tax, which I thought Dems didn't like?). And since when did raising prices on people get them to spend more? And how is that chain of thought going to increase jobs?

This is backwards - has anyone in this admin taken an Econ 101 course? Maybe they figure the people that voted them in didn't. Personally, I'm insulted that they are acting like we are this stupid.

This is going to be a long, long recession/depression folks..... With "help" like this, who needs enemies?

-ERD50
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Old 02-22-2009, 05:48 AM   #11
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To many "cooks in the kitchen"!. Confusion ranks! On budget off budget! Talk about "Voodoo Economics" - it is coming back.
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Old 02-22-2009, 08:03 AM   #12
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Originally Posted by ERD50 View Post

This is backwards - has anyone in this admin taken an Econ 101 course? Maybe they figure the people that voted them in didn't. Personally, I'm insulted that they are acting like we are this stupid.

This is going to be a long, long recession/depression folks..... With "help" like this, who needs enemies?

-ERD50
You are so correct. Things are already gloomy, and this will drive home the doom part of the equation.
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Old 02-22-2009, 08:32 AM   #13
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He is reducing the deficit by cutting taxes?
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Old 02-22-2009, 08:41 AM   #14
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Ok, that sounds good. Kinda hard to reconcile with all the bailout money being thrown around, but....
This guy is genius. He has taken a page out of the big corporation playbook. Yeah, we're gonna cut the budget deficit in half. If you exclude massive one time multi-trillion dollar expenses. Just like companies report strong earnings before including the effect of "one-time" expenses that crop up every year or two.
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Old 02-22-2009, 08:41 AM   #15
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He is reducing the deficit by cutting taxes?
Again, it goes back to emulating big businesses and wall street. He's copying Madoff's operating strategy.
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Old 02-22-2009, 10:31 AM   #16
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Old 02-22-2009, 10:36 AM   #17
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It's about time I got a response from a Yankee on that one...
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Old 02-22-2009, 10:43 AM   #18
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If we disbanded how many states do you think would vote to join back into a united states?
All of them. They get a lot of $ from the federal government. No state is self-sustaining (see California as an example).

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Old 02-22-2009, 10:44 AM   #19
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It's about time I got a response from a Yankee on that one...
Being born out West - I was going to sit in the bleachers, eat popcorn and watch this one.



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Old 02-22-2009, 10:47 AM   #20
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All of them. They get a lot of $ from the federal government.
But where does the federal money come from? It was taken from individuals and businesses of that state in the form of taxes.

So if a state gets $2 billion in federal aid but its entities paid $5 billion in taxes for those aid programs, that state is getting screwed.
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