cnbc.com:
The Obama administration will increase its 10-year budget deficit projection to roughly $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday.
The Next Bubble: Obama's Budget Deficit - Forbes.com
Obama Budget Pushes Sweeping Change - WSJ.com
$1.75 Trillion Deficit Seen as Obama Unveils Budget Plan - NYTimes.com
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Change you can believe in!!
http://www.npr.org/templates/story/story.php?storyId=100980077
That was in February and this is now....What a joke!
country is going down the tubes and there's nothing we can do about it
good articles: http://www.iamned.com
Maybe Obama should cut some of the obscene military spending & shift it to deficit reduction & life-sustaining civilian priorities. Maybe Obama should eliminate the Bush trillion dollar tax cuts for the very richest among us -- now. End the billions we give annually to Israel & other foreign nations who abuse & kill with our money. End tax loop-holes for US corporations who pay no taxes http://www.reuters.com/article/newssOne/idUSN1249465620080812 ) & send jobs over seas while screwing American workers. Maybe Obama should restore the progressive tax brackets eroded over years of Republican rule & make the super-rich once again pay their fair share. END the costly privatization of some government/military services (Blackwater), prisons; end Cannabis prohibition that wastes billions (if not trillions when all is counted) & numerous other areas of utter waste & fraud. Nationhood is a concept lost on the right.
The deficit is a problem but civilian priorities should trump military waste & adventurism, & greed. Corporations & the super-rich game the system & cheat the citizens of the nation that makes their success possible. Health care reform is essential for our nation should be a cornerstone of our Founders vision of the Common Good, & along with education should not be held hostage to faux concerns about deficit reduction; they are possible to accomplish together.
It takes more than a bloated military/police sector & an enemies list to make a strong nation.
http://www.huffingtonpost.com/frank-schaeffer/how-the-right-and-the-lef_b_262085.html
Sorry about the multiple posts people. Moderation took literally overnight and really red-lined my BullSh--ometer. I did not know what was goin on.
That's not quite so worry-some...
The foolish and selfish spending by Bush has left us with a huge mess: Destruction, war - bombs, bullets, weapon systems, graft, corruption, tax cuts to the Hoarding Class, malfeasance, crony-ism, et al has brought unparalleled ruin upon America. In 2000 the CBO projected a SURPLUS of 4.6 trillion after 10 years. Well, along comes 8 years of Bush in charge of spending, who annihilates surpluses and the CBO's projections, and we ended up with additional 5 trillion in government debt - a swing of well over 9 trillion from pre-Bush projections. The truly sad fact is that we are not better off for all his spending, and what he bought has actually made us worse.
So Obama, spend wisely!
How exactly is defecit spending "wise spending"? I note that you blame Bush for defecit spending, then say its ok for Obama to spend.
Bush used it to fight his wars, Obama is using it to undo Bush's damage.
This is the signal for foreign investors to start dumping our bonds, they will never honor their debts. We will see a Great Default which will destroy the Global Economy.
CURE FOR DEFICIT, HEALTH CARE, HOMELESSNESS, JOB LOSS, FORECLOSURES!
RETURN TO NORMAL IN AMERICA BEFORE REAGAN V00DOO!
G0LDMAN payed 1% Tax and they "0FF-SHORE" and use LOOPHOLES their Tax Lawyers and CPAs find!
Top 400 Taxpayers Paid = $105 billion in adjusted gross income (Gross Much Larger)
Top 400 Taxes Paid =$18 billion =Tax Rate 17%
In 2002 Top 400 Tax Rate =23%
In 1995 Top 400 Tax Rate =30%
In 1981 Top Tax Rate was 70%!
In 1963 Top Tax Rate was 91%
In 1945 Top Tax Rate was 94%!
In 1929 Top Tax Rate was 25%
Reagan lowered the TOP TAX RATE from 70% in 1981 to under 38.5% in 1987!
End Socialism!
Keep your hands off my MEDICARE and my SOCIALISM SECURITY!
BIG BAD SOCIALISM??
Socialism is economic organization by equitable access to resources for all individuals and an equitable method of compensation.
Wall Street: VAMP1RE Capitalism is great for the VAMP1RES but the rest of us are running low on BL00D!
A 63%+ Top Tax Rate on Gross Income over $3,500,000!
1. Returns us to the NORM of the 50 years when the TOP TAX RATE was 63% to 94% ending with Reagan in 1987 when he lowered TOP rate BELOW 39.9% for first time in 55 years!
2. Stops the Benefits of SKIMMING Profits into their pockets! Revenue goes to balance our DEFICIT!
3. Balances the Budget!
4. Improves the WORST INCOME IMBALANCE IN MODERN HISTORY - Worse than 1929!
Obama was only off by a little $2,000,000,000,000. Soon the fed will be forced to tighten and raise interest rates.
63%+ Top Tax Rate on Gross Income over $3,500,000!
1. Returns us to the NORM of the 50 years when the TOP TAX RATE was 63% to 94% ending with Reagan in 1987 when he lowered TOP rate BELOW 39.9% for first time in 55 years!
2. Stops the Benefits of SKIMMING Profits into their pockets! Revenue goes to balance our DEFICIT!
3. Balances the Budget!
4. Improves the WORST INCOME IMBALANCE IN MODERN HISTORY - Worse than 1929!
5. Also Audit and Remove FED Debt Printing System correlates to our #1 Debtor Nation Status! Instead America issues a “Credit Currency” that government can spend into the economy and remove all DEBTS over time!
6. Also, STOP Value Destroying Theft on Wall Street Correlates with our Economic CRISIS!
7. Punishment of WH1TE-C0LLAR CR1ME needed to STOP THEFTS - Same CR00KS still in charge of the 5 Largest Banks! This destroys REAL Economic Growth!
8. Rebuild and stop Removal of our Manufacturing Wealth Building Power! Shipping Jobs OUT!
7. Punishment of WH1TE-C0LLAR CR1ME needed to STOP THEFTS - Same CR00KS still in charge of the 5 Largest Banks! This destroys REAL Economic Growth!
8. Rebuild and stop Removal of our Manufacturing Wealth Building Power! Shipping Jobs OUT!
For 50 Years America's Top Tax rate has hovered between 63% and 94% between 1932 to 1982!
Why is it now at 35%?
It was 25% in 1929 and that caused INCOME IMBALANCES but NOT as Bad as INCOME IMBALANCES NOW!
Year Range__Rate_ Income Over
1929-1931 25% $100,000
1932-1935 63% $1,000,000
1936-1939 79% $5,000,000
1940-1941 81% $5,000,000
1942-1943 88% $200,000
1944-1945 94% $200,000
1945 94% $200,000
1946-1947 86.45% $200,000
1948-1949 82.13% $400,000
1950 84.36% $400,000
1951-1963 91% $400,000
1964 77% $400,000
1965-1967 70% $200,000
1968 75.25% $200,000
1969 77% $200,000
1970 71.75% $200,000
1971-1981 70% $200,000
1982-1986 50% $85,600
1987 38.5% $90,000
1988-1990 28% $29,750
1991-1992 31% $82,150
1993 39.6% $89,150
1994-2000 39.6% $288,350
2001 39.1% $297,350
2002 38.6% $307,050
2003 35% $311,950
Time to Re-Balance Incomes! Simple Cure is to add another TAX Bracket!
ADD A NEW TAX BRACKET on "GROSS PERSONAL INCOMES" OVER $3,500,000 at 91%!
In 1951 we had a 91% Tax Bracket on incomes over $400,000!
CURE FOR DEFICIT, HEALTH CARE, HOMELESSNESS, JOB LOSS, FORECLOSURES!
RETURN TO NORMAL IN AMERICA BEFORE REAGAN V00DOO!
G0LDMAN payed 1% Tax and they "0FF-SHORE" and use LOOPHOLES their Tax Lawyers and CPAs find!
Top 400 Taxpayers Paid = $105 billion in adjusted gross income (Gross Much Larger)
Top 400 Taxes Paid =$18 billion =Tax Rate 17%
In 2002 Top 400 Tax Rate =23%
In 1995 Top 400 Tax Rate =30%
In 1981 Top Tax Rate was 70%!
In 1963 Top Tax Rate was 91%
In 1945 Top Tax Rate was 94%!
In 1929 Top Tax Rate was 25%
Reagan lowered the TOP TAX RATE from 70% in 1981 to under 38.5% in 1987!
End Socialism!
Keep your hands off my MEDICARE and my SOCIALISM SECURITY!
BIG BAD SOCIALISM??
Socialism is economic organization by equitable access to resources for all individuals and an equitable method of compensation.
Wall Street: VAMP1RE Capitalism is great for the VAMP1RES but the rest of us are running low on BL00D!
A 63%+ Top Tax Rate on Gross Income over $3,500,000!
1. Returns us to the NORM of the 50 years when the TOP TAX RATE was 63% to 94% ending with Reagan in 1987 when he lowered TOP rate BELOW 39.9% for first time in 55 years!
2. Stops the Benefits of SKIMMING Profits into their pockets! Revenue goes to balance our DEFICIT!
3. Balances the Budget!
4. Improves the WORST INCOME IMBALANCE IN MODERN HISTORY - Worse than 1929!
You see when you ruin a country along with a couple other countries to have your wars and special interests satisfied. It takes a lot of money to continue this downward spiral. And it takes even more money for the new guy to try to fix it.
True story.
As usual, republicans like you have no life, so you go on a progressive site to spread misinformation and half truths you little Fox, Heritage foundation regurgitator. Next week the Obama administration will revise its 10-year cumulative budget deficit projection to around $9.1 trillion, up from its earlier projection of $7.1 trillion, an official at the Office of Management & Budget told ABC News on Friday. Obviously you have trouble reading too.
You all just do not understand that government spending always goes up. When Medicaide and Medicare first started it was a 62 million dollar program in the 60's today it is a 450 billion dollar program that is going bankrupt. The same will happen to government run health care and this new budget. All of this is bankrupting America. Look forward to 70-80% taxes because that is what it will take.
Every other developed country has universal coverage. Why do you insist America has to be worse?
Because Canada just stated that their system is unsustainable, Britian is going broke along with France and Germany. The last election people in Europe woke up and voted the Liberal majority out of office and replace them with Conservatives. These are facts the government does not want you to know. If the Medicaid and medicare plans started at 65 million and are now at 450 billion I hate to see what government does to medical care that starts out at 1.5 trillion. Unsustainable. Finally where are we going to get the money to pay for it. The CBO already says there is not enough savings and taxing the rich will not work. Everyone will have to be taxed at a very high rate to pay for this.
This is why we need real health care reform with a public option.
Without a public option, health care costs are going to continue to soar. This will force more companies to reduce or drop coverage. If they are forced to cover people with the current oligopoly, they will be forced to reduce their work force. All of these will drive up Federal costs and drive down tax revenue. Meanwhile, Medicare will go bankrupt.
Health care reform is the only way to keep entitlements in check and keep Americans physically and fiscally fit to support the US govt. Otherwise, we will continue to see our nation's economy decline, our public health falter, and our national debt soar.
With a public option, healthcare costs are going to continue to go up. When you pay a minimal amount in taxes to begin with, and take government programs for little to no cost, do you use less, or more? Name one government program that is currently run in a cost-effective manner.
The VA health system has overhead costs of 3%, compared to 15% for private health insurance. They also have an integrated patient information system, saving lots of money by reducing redundant testing, giving doctors full patient histories, and preventing drug interactions and deaths.
TriCare, the military health system, is one of the most efficient and effective in the US. It was born in response to spiraling health care costs, so in the 1980s (under Reagan), the military dropped private health insurance for a govt-run HMO. Funny how Republicans like Reagan thought govt-run health care was the best and most cost-effective they could run our beloved military, but now that would be considered "Socialism".
Medicare, which is a public health insurance, also is much more efficient and cost effective than private health insuracnce.
Private health insurance companies know that a public option would be far more efficient than their bloated system designed to deny care and maximize profits. We already have 3 highly efficient and effective examples of govt-run health care, and yet Republicans and Max Baucus act like they've never heard of such a crazy notion!
Wrong. The public option will not have to find money for CEOs who get bonuses averaging around $100,000 per hour worked.
The Friday p.m. release of this information is a cynical gesture. Coming just before the President is set to leave for another vacation, and presumptively for the purposes of burying the story is beneath the dignity of a man who promised transparency and accountability.
If the President isn't to be held responsible for the size of the deficit (as so many here claim, and as I largely agree), there is no reason that a man of his reported intelligence and communication skills couldn't have taken the podium, addressed the figures, answered questions and THEN flown off to MV for his summer holiday.
Instead, this breathtakingly arrogant release further diminishes his promise to do business "differently" than his predecessors. Very disappointing.
Do you moderators only enjoy a one-side point of view? No wonder why independents stay away from your blog....Gene Taylor(D-Mississippi is on C-SPAN right now)...Town hall from monday.....I'm not making this up or being infactual....
Not good timing for the Obama Admin......Time to drop this concept of revolutionalizing this healthcare system and tweak our current system....Just seen Rep. Gene Taylor(D-Blue Dog Mississippi) who has stated he will vote against any current proposal at this time based upon cost.....He has got great proposals which would tweak the system to bring down costs. My senator Ben Nelson(D-Blue Dog Nebraska) has also got great ideas without the public option on how to control costs....
This Admin might live to regret having Tim Geithner and Larry Summers on their team.
The upward projection reflects what happened last fall through mid-March of this year. If you remember it was late last fall after the economic collapse before they concluded that we were in recession and had been since December, 2007. Paulsen and McCain were claiming that the fundamentals of the economy were sound until it collapsed. I don't know why in the age of technology that it takes so long to collect data. My point is that Geithner, Summers nor anyone else can change what had already occurred before they took office.
http://www.thedailybeast.com/blogs-and-stories/2009-08-12/the-gops-misplaced-rage/full/
Leading conservative economist Bruce Bartlett writes that the Obama-hating town-hall mobs have it wrong—the person they should be angry with left the White House seven months ago.
"Until conservatives once again hold Republicans to the same standard they hold Democrats, they will have no credibility and deserve no respect."
You mean a former conservative economist, now a Liberal for Obama.
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Posted: 08-21-09 05:15 PM