Obama's bullshit budget

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Obama's bullshit budget

Postby kiryan » Fri Feb 18, 2011 5:33 pm

Seriously... this is a serious budget proposal?

--Here's a video of his questions... Yes its on Glenn Beck's website.

http://www.theblaze.com/stories/abcs-ja ... et-claims/

--basically tapper is calling the WH on their lies at a wh press conference. His problem is that the Obama budget supposedly "eliminates the deficit" meaning that we aren't spending more than we are taking in. However, the budget does not include interest on debt. So the deficit grows every year clear out to at least 2021...

http://www.politifact.com/truth-o-meter ... d-not-add/

Under Obama's budget, we are paying 844 billion a year in interest

Year Net interest
2010: $196 billion
2011: $207 billion
2012: $242 billion
2013: $321 billion
2014: $418 billion
2015: $494 billion
2016: $562 billion
2017: $627 billion
2018: $685 billion
2019: $741 billion
2020: $793 billion
2021: $844 billion

Note politifact indicates that as a % of GDP deficit / debt will not change

http://www.hyscience.com/archives/2011/ ... get_ig.php

Debt would rise as well, according to Obama's proposed budget. Despite the budget reaching "primary balance," the total gross government debt would rise from $21.9 trillion in fiscal 2017 to $22.9 trillion in 2018, $24 trillion in 2019, $25.2 trillion in 2020 and $26.3 trillion in 2021.

--These are Obama's budget #s, not extrapolated or made up or analysis by 3rd parties, this is in his budget. I will give them credit for not assuming super low interest rates (they ratchet up the interest rate on US debt to 5.3%). However, the budget (as all presidential budgets seem to do) assume a growth rate is 25% higher than most economists predict... So in reality, they'll never meet these optimistic projections, the budget won't be balanced in 2017 even excluding interest payments and the debt will be even higher.

Also, it assumes the end of the bush tax cuts... just like obamacare assumed the doc fix would be implemented reducing doctor reimbursements by 25%...

http://wonkroom.thinkprogress.org/2011/ ... udget-sgr/

-- note obama's budget appears to at least include paying for not implementing the doc fix for 2 more years. (after that congress would have to figure out how to pay for it or it would add somewhere north of 62 billion a year to the deficit).

http://news.yahoo.com/video/politics-15 ... l-24191789

--starts out with some sob story about a kid losing pell grants for summer school.

--3.7 trillion yearly budget

--assumes elimination of bush tax cuts

--7 trillion in new debt over the next decade


http://blogs.abcnews.com/politicalpunch ... get-a.html

--Obama budget includes 1 trillion in new taxes. Please recall, last year he implemented 1 trillion in taxes and supposed savings in obamacare.


http://www.washingtonpost.com/wp-dyn/co ... 06897.html

Budget is supposedly balanced in 2017, not including 627 billion a year in interest in 2017 (vs 207 billion today).
Posts: 7275
Joined: Sat Apr 14, 2001 5:01 am
Location: Los Angeles, CA and Flagstaff, AZ

Re: Obama's bullshit budget

Postby kiryan » Fri Feb 18, 2011 10:07 pm

no bites? Jack tapper is a liberal btw and he's calling the administration out in that press conference.

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