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07-28-2011, 01:15 PM   #1
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Obama's $5 trillion deficit cuts

At least thats what he promised in 2009...

"Under White House projections, this year’s inherited budget deficit of $1.3 trillion will be cut to $533 billion by fiscal year 2013, the end of the first term."

His FY2012 plan included a $1.2T deficit so I guess he plans on somehow halving that next year when the election season is kicked into full gear.

Obama vows to cut huge deficit in half - Mike Allen - POLITICO.com

07-28-2011, 01:44 PM   #2
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Jeez, Obama sucks.

Let's quote some particulars:
QuoteQuote:
The plan will make explicit what Obama officials have been suggesting for months: Contrary to his campaign promise, Obama will allow the Bush tax cuts on the wealthiest Americans expire as scheduled at the end of 2010 instead of seeking their repeal sooner. Officials determined that seeking to raise the taxes earlier during a recession was a bad idea, advisers said.
Weell, that didn't work out, did it? The economy stubbornly stayed dead and the Repbublicans would not permit any of the law to expire as scheduled. So the assumption of more revenue (crucial to fixing the deficit) did not pan out.

QuoteQuote:
The official said the bulk of the savings come from winding down the war in Iraq, additional revenue from raising taxes on the wealthy, and other cuts and savings to be specified later. Officials have said the budget creates room to start an ambitious overhaul of the nation's health-care system, which Obama aides view as a key to the government's fiscal future.
Hmmm, he's made progress with Iraq, no additional revenue... and they're wrangling about the cuts to be specified later.
07-28-2011, 05:34 PM   #3
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The easy way

MAGIC eraser..............

Articles: Can the Federal Reserve Ride in on a White Eraser?

QuoteQuote:
What if they said 'hey, we bought those things with fake money anyway' and unilaterally decided to cancel those debts? What if they simply take out their magic pencil, flip it over to the magic eraser end, wipe all or part of the $1.7T US obligation from their books and notify the US Treasury that they are canceling the debt?

The Treasury will not have defaulted. In fact, the US debt will be reduced by the amount the Fed forgives clearing room under the debt ceiling for additional lending. No need for Congress to act. No missed checks.

QuoteQuote:
cavu Yesterday 06:11 AM
The FED, a private corporation, buys $1.4 Trillion of Government Bonds from the Treasury Dept. with nonexistent money. Ben Bernache buys these Bonds from Timothy Geithner with “Special Reserve Checks”. Geitner has to deposit these checks into a USA Government checking account at one of the Federal Reserve Banks . The checks are void everywhere else. These Special Reserve Checks are not cleared thru any conventional clearing house or commercial bank. There is no actual money in the FED’s Special Reserve Checking Account. This is how the FED can balloon its balance sheet, overnight, from $1 Trillion to $2.4 Trillion without any additional paid-in-capital, retained earnings, or proceeds from the sale of additional common stock shares.
In summary, the Federal Government adds colored ink to a piece of paper and calls it a bond. A private banking cartel – The FED - buys the bond with imaginary money and electronically adds 1’s and 0’s to the Federal Governments checking account balance, the “magic pen”. Geithner then prints and mails Federal checks, effectively redistributing the wealth, imaginary wealth. No need for a printing press to print wheelbarrows of paper currency.
So, if the FED can put $1.4 Trillion on its private corporate balance sheet with a ‘magic pen’, it can also erase $1.4 Trillion with a ‘magic eraser’.
The FED also collects the annual interest on these $1.4 Trillion of Government Bonds - $1.4 trillion * 3.4% equals $47 Billion. This is used to cover payroll, bonuses, and operating expenses. So we have a private banking cartel collecting $47 Billion a year in interest paid on bonds purchased with imaginary money. It doesn’t get any better than that.
07-29-2011, 06:48 AM   #4
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QuoteOriginally posted by Nesster Quote
Weell, that didn't work out, did it? The economy stubbornly stayed dead and the Repbublicans would not permit any of the law to expire as scheduled. So the assumption of more revenue (crucial to fixing the deficit) did not pan out.
That was a great failure on his part, he should have just let the damn cuts expire. I think he will have another chance to do that after the election since they will be up for renewal during the lame duck session. It looks like hes not going to get his "balanced" approach so that might be the only way he can touch the tax rates.

What would be a masterful play on his part would be to take one of these bills that are out there and make the tax cut for <250K permanent in exchange for accelerating the end to the tax cuts for 250K+.

07-29-2011, 06:58 AM   #5
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QuoteOriginally posted by mikemike Quote
That was a great failure on his part, he should have just let the damn cuts expire.
Yes this was a failure and a mis calculation. Except that they are held hostage, some Reps might have supported a tax cuts for <250K only... I suppose Obama's calculation was that these tax cuts were the only stimulus he could get passed.
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