The Daily Caller

The Daily Caller

Obama’s Deficit Shtick

Photo of Neil Munro
Neil Munro
White House Correspondent

The president’s budget deficit speech offered a vague framework for saving $2,000 billion and taxing an extra $1,000 billion by 2023, but also his blueprint for campaign-trail criticism of Republican candidates in the 2012 election.

The Republican budget “says America can’t afford to keep the promise we’ve made to care for our seniors,” the President declared at George Washington University. “It says that ten years from now, if you’re a 65 year old who’s eligible for Medicare, you should have to pay nearly $6,400 more than you would today.  It says instead of guaranteed health care, you will get a voucher.  And if that voucher isn’t worth enough to buy insurance, tough luck – you’re on your own.  Put simply, it ends Medicare as we know it,” he continued in the speech, which spent almost as much time criticizing Republicans as it did describing his own proposal.

Republicans hit back quickly, and strongly.  “Instead of supporting spending cuts that lead to real deficit reduction and true reform of Medicare, Medicaid, and Social Security, the President dug deep into his liberal playbook for ‘solutions’ highlighted by higher taxes,” according to a statement from Gov. Mitt Romney. “With over 20 million people who are unemployed or who have stopped looking for work, the last thing we should be doing is raising taxes on job-creators, entrepreneurs, and small business owners across America.”

The speech, dubbed a “framework” by a senior adviser prior to the speech, says the government should cut the deficit by $4,000 billion over the next 12 years. The framework calls for $2,000 billion in spending cuts, $1 trillion in taxes or reduced “tax expenditures,” and $1,000 billion in reduced interest payments.

That goal, if enacted and not offset by additional spending, would cut cumulative deficit spending by only one quarter from the level predicted by the Heritage Foundation. The foundation’s 10-year forecast says the federal government is on track to spend $60,000 billion by 2023, or $17,000 billion more than predicted tax revenues. The Congressional Budget Office, using more restrictive rules, predicts an accumulated deficit of $12,000 billion by 2021, and $13.5 billion by 2023. The national debt will reach almost 100 percent of annual income by 2021, the CBO predicts.

The president’s framework urges cuts of $480 billion in Medicare and Medicaid via savings in drug costs, a cut in programmed annual increases, and better management, which is made possible by the Obamacare law, which gives government managers more control over the health sector. “I will preserve these health care programs as a promise we make to each other in this society,” Obama said in his speech. “I will not allow Medicare to become a voucher program that leaves seniors at the mercy of the insurance industry, with a shrinking benefit to pay for rising costs.”

  • empiresentry

    Shame. If he raises taxes, it wont go to the deficit or the debt: the money will be used to fund special programs for his special pets so they will vote for him. We are already paying for his debt and deficits and special gifts for the annointed few through higher prices. Soon we will be paying more in higher taxes and no one will be immune except his corporate buddies.

    Obam and crew’s balancing act on the inlation/interest rate/U.S. Dollar bond market will stop titter tottering (vision of Humpty Dumpty)and collapse soon: payback for his two years of abuse and mismanagement. I am sure they have already cooked up a spin for that. (Perhaps: ‘Those mean nasty investors screwed middle class again.’)

    Isn’t it a bait and switch scam when you promise you are selling something at a certain price and when someone offers to buy it, you claim it is all gone but you have to buy the more expensive item?

    How about those used car salesmen that claim they are having a sale on a car previously listed at $1500 and then put it on ‘extreme markdown end of year sale’ at $3000.

  • kingfish

    WHAT THE PENTAGON IS DOING WITH THEIR DOUBLED BUDGET SINCE 2001, BESIDES TWO DECADE-LONG WARS THEY CAN’T OR WON’T WIN
    ————————–

    Pastor Lindsey Williams’ latest video says his source revealed the following nations will be targeted by the NWO (using CIA-instigated riots) in this order: Yemen, Syria, Bahrain, and Saudi Arabia, pushing crude oil to $200 a barrel or above.

    Pastor Williams’ source said, “when the Fed begins to buy its own debt, the end of the dollar is near”. This has been happening for months, so the NWO’s game is now on, the target is the Middle East to prevent oil from reaching the U.S. Lack of oil will collapse the dollar and the entire U.S. economy. Then the NWO’s final grand move is to GRAB CONTROL of the U.S. once and for all via 1) martial law 2) control of the food supply 3) control of money 4) control of transportation and individual movement – your TSA peodophiles 5) control of health care 6) chipping the population 7) forced toxic vaccines weakening immune systems.

    There’s only one option left for Americans, which is EXPOSE them immediately before it’s too late. That’s the only thing we have left, EXPOSURE. They must be dragged out into public and shown for what they truly are before our Dollar crashes, the Middle East falls to the Muslim Brotherhood, and the NWO establishes its global reserve currency. The NWO globalists include David & Jay Rockefeller, Soros, Rothschilds, Kissinger, Bush/Clinton cabal and puppet Obama, the 13 families owning the FEDERAL RESERVE, big banks. Global corporations, neocon PNAC criminals.
    http://www.abovetopsecret.com/forum/thread688916/pg1

  • Pingback: Obama’s Deficit Shtick @ 2012 Presidential Election Year

  • leadrunner

    We do not need a campaigner, we need a leader that will propose a real budget. Why can’t he propose something with some real facts and figures that be debated and voted on? Because he doesn’t have any. I pray that we can survive until the 2012 election so we can vote this loser out and get our country back.

  • kingfish

    10,000 MARCH AGAINST OBAMA’S WARS & MILITARY FUNDING IN NYC
    http://www.abovetopsecret.com/forum/thread688482/pg1

    We need to join them!

  • HardRightTurn

    Can you believe this joker of a president? He’s got to have a screw loose in that surgically implanted plate in his head.

  • truebearing

    Obama’s forked-tongue was flicking furiously, trying to convince the gullible he cares about them, and that all of the nation’s problems are the result of allowing people to get rich. Typical Marxist bullsh!t disguised as concern for the deficits he largely, and intentionally, created.

    We are now thoroughly immersed in the theater of the absurd, where the demagogic, dogmatic, Squanderer-In-Chief is posturing his ass off to look like the Grand Poobah of Parsimony. It is bizarre and nauseating.

    Obama’s solutions always come down to the same thing: plunder the rich, right after stretching the definition of “rich” to include anyone who can still afford a tank of gas and more than two days worth of groceries.

    It is no accident that Obama’s “solutions” have always been deleterious to the well being of his ideological, racial, and religious enemies. This latest idiocy is no different.

  • KGC

    A general FYI to those posting here re poster flips…

    Don’t be bothered by him. He’s just making it up as he goes along. He gets bored living in his mom’s basement and is trying to find something to kill the time.Thoughtful, informed posters here tend to ignore him. He’s good for a few rounds of sparring, but can’t seem to go the distance intellectually and tends to take a knee when confronted with pesky facts and reason. His primary posting behavior is that silly hit-and-run strategy, which is probably the product of a limited functioning vocabulary and too much time spent tweeting. Don’t take offense; it’s nothing personal. How could it be? He’d have to actually listen to lift himself to that level.

    Anyway, he’s doing the best he can. Still, it’s fun to knock him around a little, as long as you keep your expectations low. His relationship with the truth, reality even, is spotty at best, and so, inevitably, disappoints.

  • Ryan.Iowa

    This was yet another dud of a speech. It came across as boring and too long. It was professorial. Even George W. Bush, when he practiced enough, could give a better speech than Obama.

    As for raising taxes, it doesn’t matter who they get raised on, everybody will feel the chilling effects of the rise in taxes. Whether we want to admit it or not, most of the improvement in the economy has been from the so-called-rich, known as the investor class, making high-end purchases for themselves or their companies. Raising taxes will cause consumption in the economy to spiral downward. In the long run, revenue to the government will fall.

    Maybe Obama should be placed on suicide watch, because advocating raising taxes will kill his chances of a second term; advice I hope his Democratic aids don’t take to him.

    • flips

      Teabaggers are more used to one-line slogans yelled by Rush Limbaugh and Glenn Beck, that’s likely why you couldn’t understand the President’s speech today.

      • baal

        Yes we can!

        Ummm….

        We are the ones we were waiting for!

      • Ryan.Iowa

        Flips, I feel nothing but sorrow for you. Your defense of Obama is to resort to name calling and innuendo. You take it to a personal level right away, buu resorting to insulting remarks. Come on! Make a coherent, logical political and/or policy argument rather than resort to such drudgery.

        • ladylove

          Ryan, it is all he has, and nothing more.

        • KGC

          You have no idea. On another thread when he couldn’t make a cogent argument he posted (wait for it) this in reply to a post of mine — “At least I’m not bald.”

          AAAAAHHHHHHahahahaha! AAAAAHHHHHHHhahahahahaaa!

      • KGC

        said the follower.

      • thephranc

        You are a liar.

  • HardRightTurn

    Obama is playing games. Independents who take him back have battered wife syndrome.

    • flips

      Or maybe they have a shred of honor and agree with him when he says…

      “They [House Republicans] want to give people like me a $200,000 tax cut that’s paid for by asking 33 seniors each to pay $6,000 more in health costs. That’s not right. And it’s not going to happen as long as I’m President. (Applause.)”

      • emem

        Didn’t the Obama’s make a couple of million of his books plus his salary?

        That’s far cry from a family earning $250K.

      • KGC

        You gotta love Liberals. Only in their Bizarro world is a tax cut “paid for.”

        “…unfunded tax cuts!…” they constantly scream.

        Look, I know it’s hard for Liberals to understand, but lets see if you mental giants can wrap your head around it. You don’t “fund” a tax CUT. You just don’t collect the tax. No one ‘pays’ for it. You decrease what you COLLECT. One has to be a linguistic contortionist to come up with this sort of Orwellian double-speak. Nobody has to go into their pocket to allow me to keep more of my money. It’s that simple.

        The only conceivable way of even thinking that a tax cut must be ‘funded’ or ‘paid for’ is if one is unbending in their insistence that taxpayer-funded programs remain funded no matter what, and thus a decrease in tax revenue generated by allowing individuals and corporations to retain more of their income would essentially create a shortfall of tax receipts needed to fund aforementioned programs. Then, yes, one would have to borrow money to pay for programs that reduced tax revenue due to tax cuts had create a shortfall in funding for. A sane person exercising a sane solution, however, would conclude that if revenue from tax receipts had been reduced due to reduction in taxes, then less money should be spent than was spent before when revenues were higher.

        Maybe this will make it clearer…
        FATHER: Son, I’m going to give you a thousand dollars to help you buy a car.
        SON: Wow, that’s great. Thanks dad!
        (Week later…)
        FATHER: Son, I’m afraid I’m only going to be able to give you $750 instead of a thousand.
        SON: What!? I can’t believe you’re making me pay you $250 to get a car! This is bogus, man!

        Honestly, this is how it appears to ordinary people when they hear people talk about ‘unfunded tax cuts.’ The moment a program is brought into existence and then funding for it is threatened because the people who fund it would like to keep more of their own money, those who defend the program see the funding as theirs and any curtailing of it as being money that THEY are having to spend, i.e., ‘fund’. Incredible.

        • pink

          You’re playing games with semantics, but you can’t argue away the results of the tax cuts. Let’s peel away the obfuscation, eh?

          “Unfunded tax cuts” isn’t the precise way to say it, but so what? The fact is: reducing revenue through tax cuts without making compensatory cuts in expenditures creates a deficit.

          Of course if you wildly increase expenditures — like when you start two wars — at the same time you’ve decreased revenues, you’re digging an even deeper hole.

          One would think the deficit would worry you a lot more than the words people choose to describe it. Thanks for posting that at least twice, though. It’s just so interesting to see what your priorities are. Talk about Bizarro world…

          • truebearing

            He’s not playing games with semantics. he’s pointing out how stupid and dishonest the left is.

            So I guess you are vehemently opposed to everything Obama has done, since he has squandered more money, in a shorter time period, than any president in history.

            Are you saying we shouldn’t have retaliated after 9/11? Do you support Obama’s Really Idiotic Adventure in Libya? Do you endorse his new doctrine, or should I say Soros’s new doctrine, of interfering in any country in the world on alleged humanitarian grounds?

            How did you manage to draw the ridiculous, illogical conclusion that KGC doesn’t care about the deficit just because he was correcting one of your fellow morons? Talk about Non Sequitur World….