Thread: Obama Plan to Slash Deficit, Despite Stimulus Bill

Obama Has Plan to Slash Deficit, Despite Stimulus Bill


Global Research, February 22, 2009
NYT


By JACKIE CALMES WASHINGTON —

After a string of costly bailout and stimulus measures, President Obama will set a goal this week to cut the annual deficit at least in half by the end of his term, administration officials said. The reduction would come in large part through Iraq troop withdrawals and higher taxes on the wealthy.

Mr. Obama’s budget outline, which he will release on Thursday, will also confirm his intention to deliver this year on ambitious campaign promises on health care and energy policy.

The president inherited a deficit for 2009 of about $1.2 trillion, which will rise to more than $1.5 trillion, given initial spending from his recently enacted stimulus package. His budget blueprint for the 2010 fiscal year, which begins Oct. 1, will include a 10-year projection showing the annual deficit declining to $533 billion in the 2013 fiscal year, the last year of his term, officials said.

While that suggests a two-thirds reduction, exceeding Mr. Obama’s goal of at least half, advisers note that the current deficit as a starting point is inflated by one-time expenses to stimulate the economy.

Measured against the size of the economy, the projected $533 billion shortfall for 2013 would mean a reduction from a deficit equal to more than 10 percent of the gross domestic product — larger than any deficit since World War II — to 3 percent, which is the level that economists generally consider sustainable. Mr. Obama will project deficits at about that level through 2019, aides said.

In his weekly radio and Internet address on Saturday, Mr. Obama said his first budget was “sober in its assessments, honest in its accounting, and lays out in detail my strategy for investing in what we need, cutting what we don’t, and restoring fiscal discipline.â€

Prediction: Obama will take money and benefits from the middle class to pay for benefits to big companies and newly legalized immigrants. All you younger folk, wave bye bye to social security and Medicare.

I think you are right ReggieMay. The rich will leave our country unless they can make a profit here. And the Middle class can't afford to leave, so they will get stuck paying for the third world derelicts and the people that have lost their jobs and/or the i.e. lazy unmotivated workers.

And of course, once the group of illegal derelicts are Amnestied in and become fake Americans, we will have new batches of illegals to deal with.............the new illegal criminals will know that America is the land of opportunity for them and everyone else except, the "real American citizens"!

You cannot reform health care to make it affordable and available to Americans when you just made the US the world's health care agency by expanding SCHIP to include the never ending flood of illegal aliens crossing the wide open border who now only need to provide an easily stolen social security number to obtain benefits (proof of identity and citizenship are not required). Obama will tax ALL Americans and revoke their entitlements which already is happening in Mexifornia as senior citizens and indigent Americans lose their medicare benefits while illegal aliens receive kidney transplants through the UCLA medical campus and other treatment including chemotherapy and dialysis and pregant illegal alien women give birth at taxpayer expense all through medicare instantly qualifying for welfare, wic, food stamps and a plethora of other benefits. He will ignore the 400 billion dollars taxpayers are forced to spend annually for illegal alien health care, welfare, food stamps, home energy assiststance, education, social security, SSI and other benefits while he cuts those benefits for Americans. This so called stimulus was crafted behind closed doors with the Chamber of Commerce, Corporate America, unions. big labor, LaRaza and other open borders cheap labor interests to provide jobs and additional benefits for illegal aliens which is why the Capital Hell thugs killed e-verify and added increased money for benefits denied to Americans. The housing assistance measure will only help those who fraudulently applied for mortgages by falsifying income and employemt status including the 5 million illegal aliens who HUD estimated defaulted on their fraudulently applied for subprime loans with little, no or fraudulent documentation using stolen socail security numbers while telling Americans who lost thier homes after losing thier jobs to go to hell. He says he will shore up social security already trillions on the red but is in favor of totalization with Mexico allowing more illegal aliens to receive the same level of benefits as Americans even if illegal aliens used stolen social security numbers (he supported this in SB2611) and paid only 18 months into it while Americans are required to pay at least 10 years into it. This is now a socialist government which rewards failure, irresponsibility and those who disregard our laws (expanding welfare to those who refuse to contribute to society and illegal aliens) and penalizes those who worked hard and played by the rules. The American people need to awaken from their American Idol and Obama induced stupors and realize this government does NOT care about struggling and suffering Americans, as it is a government of, for and by open borders and cheap labor special interests and illegal aliens.

[quote]“We can’t generate sustained growth without getting our deficits under control,â€