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The Mystery Of The Shemitah

Barack Obama’s Budget For 2012: A Complete And Total Joke

Is Barack Obama trying to play a joke on all of us?  The budget that the Obama administration has submitted for fiscal 2012 is so out of touch with reality that it may as well be a budget for "Narnia", "Fantasy Island", "Atlantis" or some other mythical land.  You can view the hard numbers for Barack Obama's 2012 budget right here.  Obama's budget assumes that the U.S. will experience economic growth of over 5 percent for most of the coming decade.  That is so far-fetched that "optimistic" is not the right word for it.  It also assumes that U.S. government income (primarily made up of taxes on all of us) will more than double over the next ten years.  For 2011, the budget projects that the U.S. government will take in a total of 2.1 trillion dollars, and for 2021 the budget projects that the U.S. government will take in a total of 4.9 trillion dollars.  For the Obama administration to assume that the federal government will be able to drain an extra 2.8 trillion dollars per year out of the American people by the year 2021 is ridicul0us beyond belief.  In his new budget Barack Obama does propose some very, very modest spending cuts that he knows have no chance of getting through Congress.  Barack Obama's budget for 2012 also does not even attempt to make any cuts to entitlement programs such as Social Security and Medicare.  In essence, you can sum up Barack Obama's budget proposal for 2012 by saying that it is a complete and total joke.  This budget is so delusional and so out of touch with reality that it is hard to imagine anyone taking it seriously.

Oh, but Obama is really trying to sell it hard.  When Obama unveiled this new  $3.7 trillion budget for 2012 at a middle school in Baltimore, he insisted that his plan will make it "so that every American is equipped to compete with any worker anywhere in the world."

Well, that is a nice sound bite, but as I have written about previously, unless Barack Obama suddenly finds a way to stop multinational corporations from paying slave labor wages to their workers on the other side of the globe the job losses in America are going to continue.

But that is a topic for another day.  Getting back to the 2012 budget, Obama is proposing to cut more than a trillion dollars from federal budget deficits over the next ten years.

That sounds really good until you figure out that means that the cuts only amount to about $100 billion a year.  Considering the fact that Obama's budget is projecting that we will have a $1.6 trillion budget deficit this year alone, that really is not a whole heck of a lot to be cutting.

The truth is that Barack Obama should be proposing spending cuts that are at least ten times as large if he was actually serious about addressing our budget woes.

But at least Obama is not proposing an increase in spending.

Oh wait, he actually is.

In fact, under Obama's budget, U.S. government spending will soar from 3.8 trillion dollars this year to 5.6 trillion dollars in 2021.

But the mainstream media is solely focusing on the budget cuts that Obama is proposing.

Apparently they are trying to cast him as some sort of "fiscal conservative".

Try not to laugh.

But the modest cuts that Obama is proposing are at least some place to start.

Under Obama's budget, approximately half of all government agencies will have their funding decreased from 2010 levels.

In fact, approximately 33 billion dollars would be saved by scaling back or shutting down 200 federal programs.

Of course Obama's fellow Democrats in Congress will never go along with many of these cuts, but at least it is something.

However, this is where most in the mainstream media stop their analysis.

They don't take a closer look at the numbers in Obama's budget.

They don't question the wacky economic growth assumptions.

They don't question the bizarre government income projections.

But even with the Obama administration's crooked numbers, the federal deficit still never drops below 600 billion dollars over the next decade and a total of 7.2 trillion dollars is still added to the national debt over the next decade.

If economic growth ends up being much lower, or if the U.S. government is not able to get twice as much money out of the American people by the end of the decade then the projections would look much, much different.

So where does the Obama administration assume all of that extra money for the government is going to come from?

Oh, from raising taxes of course.

The Obama budget assumes that there will be significant tax increases starting in the year 2013.

A recent article on CNBC summarized some of the tax increases that the Obama budget calls for....

The plan unveiled Monday includes tax increases for oil, gas and coal producers, investment managers and U.S.-based multinational corporations. The plan would allow Bush-era tax cuts to expire at the end of 2012 for individuals making more than $200,000 and married couples making more than $250,000.

Wealthy taxpayers would have their itemized deductions limited, including deductions for mortgage interest, charitable contributions and state and local taxes.

There are many liberals (such as my friend Gary) that would love to see these tax increases go into effect, but Obama knows that there is no chance that they will ever see the light of day unless the Democrats retake the House of Representatives.

But most of Obama's budget for 2012 is based on things that simply never even have a chance of happening.

The reality is that Obama's budget for 2012 is a great work of fiction.

Meanwhile, the U.S. government continues to accumulate staggering amounts of debt.

In fact, Obama's budget admits that we will witness the biggest one year debt increase in history this year.

In 2011, the gross federal debt with surpass 15 trillion dollars.  In fact, it is being projected by some analysts that this will be the year when the debt finally becomes larger than the size of the entire U.S. economy.

Ouch.

But Obama insists that he is taking this debt problem very seriously.

Obama insists that he is committed to making "deep" cuts.

In fact, as he announced this new budget Obama stated that these budget cuts hit "many programs whose mission I care deeply about, but meeting our fiscal targets while investing in our future demands no less."

Do any of you actually believe him?

Not that the Obama administration is in an easy position.  The truth is that the U.S. government (both Republicans and Democrats) have been horribly irresponsible with our money for decades.

The 14 trillion dollar national debt problem that we have now did not develop overnight.

Neither will it be solved overnight.

But Obama is not even trying to address the tough issues such as Social Security and Medicare.

The truth is that the federal debt problem cannot be solved without addressing our out of control entitlement programs.

So why didn't Obama address them in his budget?

Well, the reality is that Obama is not stupid.  Social Security and Medicare are political sacred cows.  Obama is not going to do anything at this point that would cost him millions of votes in 2012.

So Barack Obama ignored most of the $4 trillion in budget cuts recommended by the White House-appointed deficit commission.

It kind of makes you wonder why Obama ever appointed a "deficit commission" in the first place.

One area that Obama does attempt to cut in his new budget is military spending.  Obama's budget for 2012 sets military spending at 5 percent below what the Pentagon requested for 2011.

In fact, Obama's defense budget would slash military spending by $78 billion over the next five years.

His budget also assumes that we are not going to get involved in any more wars, which is not necessarily a safe assumption.

So will these military spending cuts actually get through Congress?

Not likely.

The Republicans control the House of Representatives, and they are not likely to take too kindly to large cuts to the defense budget.

In fact, the truth is that not too many of Barack Obama's spending cuts are likely to survive in Congress.

As a recent article on CNN explained, Barack Obama's budget plan must navigate a vast array of congressional committees in the coming months and by the time it emerges it is likely to be radically changed from its current form....

Before it gets back to Obama’s desk for a signature, the spending blueprint will go through no less than 40 congressional committees, 24 subcommittees, countless hearings and a number of floor votes in the House and Senate.

As our Congress critters have demonstrated over and over and over, they love to spend our money on some of the most wasteful things imaginable.

For example, a total of $3 million has already been granted to researchers at the University of California at Irvine so that they can play video games such as World of Warcraft.

Something seems to happen to people who get elected to Congress.  Almost all of them seem to develop an addiction to spending our hard-earned money.

Let us hope that something changes in that regard, because right now government debt is completely and totally out of control.

In fact, the U.S. national debt is currently increasing by approximately 4 billion dollars every single day.

In the end, if something is not done about all this debt it will destroy the entire U.S. financial system.

But our politicians just keep putting it off and putting it off.

Eventually we will reap what we have sown.  Debt is a very cruel master, and nobody can run from it forever - not even the U.S. government.

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  • mondobeyondo

    “Oh, but Obama is really trying to sell it hard. When Obama unveiled this new $3.7 trillion budget for 2012 at a middle school in Baltimore, he insisted that his plan will make it “so that every American is equipped to compete with any worker anywhere in the world.”

    ************ Doesn’t Obama know that just about every other middle school citizen in the world is better equipped than U.S. students are, in dealing with daily circumstances and life?? Ugh.

  • Progressive Ed

    Let’s sign on to it, with the proviso that we defund completely the NEA, FCC, and EPA.

  • charge it

    u can pretty much kiss the dept. ceiling goodbye if these numbers are correct. raising the dept ceiling by a couple trillion won’t even hold till 2012. borrowing 2 trillion this year, three next, why even have budget?

  • DownWithLibs

    It’s a good thing that the world is going to end in 2012. I would hate to be here in 2013 for the tax increases!

  • flubadub

    Another excellent article. Thanks!

    Even though I and many others attribute the existence of Obama’s presidency to nothing more than a cult of personality, he alone is not responsible for our nation’s fiscal depravity. Line up every member of Congress before a camera and ask them, one by one, if we should cut or even modify social security, medicaid or medicare. Other than those few members not intent on running for re-election, they will equivocate, or change the subject to blame the opposing party for some unrelated problem for which they’ve probably all been complicit in creating anyway. Those 3 entitlements, along with the interest on the national debt, are the main contributors to our fiscal mess and modifying them is the only hope we have of avoiding the financial disaster that we are otherwise surely headed toward. Without term limits, which would make much of the seated House and Senate ineligible every election, the career politicians will continue doing whateverer they deem necessary to extend that career.

  • PaulF

    Another nice post. “Joke” is indeed the right word.

    There are a couple parts of the subterfuge here you didn’t mention specifically:

    1) He’s using 2009-2010 – when federal spending skyrocketed up by something like 20%, NOT counting the “stimulus” – as the new baseline. That’s ridiculous in itself.

    2) A lot of the “savings” he touts are “savings” over spending the same amount we are now on our two wars for the next *ten years* – something even the most committed hawk would not desire or find realistic. In other words these are purely BS “savings”.

    As the country self-destructs our politicians are sinking to new Orwellian lows. Who could buy this stuff? My wife & I are watching 1984 on this Valentine’s Day eve – fitting.

  • Gary2

    I honestly do not know or interact with anyone who ever talks about debt/deficit nor cares a rip about it. I do have right wing friends and family and no one ever even brings it up. I am beginning to think all the deficit talk is media hype. I know the right is not serious as they extended tax cuts for the rich which cost a ton of money.

    Why should I have to share in austerity when I did nothing to cause this mess and was quite negativly impacted by it? How can we talk austerity when wal street and ceo’s are getting record bunuses? When hedge fund income is taxed at 15% capital gains rate?

    I am utterly astounded at how Republicans don’t see the hypocrisy of going to the mat to extend the Bush tax cuts, and then turn around and propose ruthless cuts to social programs because the situation is so dire. Disgusting.

    I really believe that more and more people are very dissatisfied with capitalism and even though those in power will dig in their heals to prevent change they will have increasing problems from the masses who no longer see capitalism delivering the goods anymore. As long as capitalism was delivering the goods people went along but now that it no longer provides a rising and widely shared increase in living standards(this is the delivering the goods) people are open to change. Hopefully people will wise up and demand we be more left of center like Scandinavia/Western Europe.

    To Michael-thanks for the shout out! We will be taking back the house so yes the taxes for the rich will finally go up:)

  • http://www.planorperish.com/ Gutter Economist

    This budget is not worth the paper it is printed on.

    Albert Einstein best describes our insane politicians:

    “doing the same thing over and over again and expecting different results”

  • Brad

    The rich rule over the poor,
    and the borrower is servant to the lender.

    It’s in The Book!

    Let’s quit borrowing and be an example to our Congress.

  • Gary2

    Anyone who does not think we need to tax the rich and spread the wealth needs to go to this web site. I do not know how anyone can disagree with me on this. We need to tax the rich hard and spread the wealth. Before you call me names please go to the web site.

    http://ourfuture.org/blog-entry/2011020612/understanding-extreme-incomewealth-gap

  • Colin

    Why are Republicans against the EPA? One of your past leaders, Richard Nixon, proposed the creation of this agency and signed into law in 1970. A healthy environment is critically to our national security and economy. There have been successful efforts in other countries that have proved that people will come to enjoy each country’s natural treasures. These visits add money to the economy. Our own country has many wonderful natural treasures.

    As for the NEA, I agree that this program should be cut. I don’t think many people visit museums nowadays, and I don’t see the economic incentive in this program.

    As for the FCC, I think that this agency has become too close to the corporations at the detriment of the people. The latest ruling, giving Comcast permission to buy NBC, is proof of this statement.

    I think we are emulating the Soviet Union in that we spending most of our money on the DoD. How many programs can we cut that aren’t needed in the asymmetrical warfare that we now fighting? How many bases can we cut considering that some of the bases are holdovers from the Cold War? (The Soviet Union went bankrupt in 1989. Within a few years, the Warsaw Bloc had collapsed.)

  • bob

    Obama’s budget and the rot of American capitalism.

    There is link to good article on Obama budget. The truth is, there is dramatic underspending, not overspending for basic population needs.

    http://www.wsws.org/articles/2011/feb2011/pers-f15.shtml

  • Freeman

    http://www.youtube.com/watch?v=IlMq1R-64Qc

    I found Gary at the end of this video.

  • http://n/a jgouig

    I’ve been reading this blog for awhile now, and I have to say I’ve come to the conclusion that Gary2 makes more sense than the author himself, who has a need to constantly sensationalize things. Barack Obama did not get us into this mess, dude…let’s start from there!

  • edgeman.au

    Without taking a chainsaw to the bloated monstrosity that is the pentagon and its budget, a balanced budget will remain a pipe dream, America cannot continue to pump 1/3rd of all tax revenue into it and expect to stay afloat.

  • http://ichabodsview.com ichabod

    You hit the nail on the head but still have not grasped the enormity of the problem. The US debt clock says for each American citizen, interest on “ALL” debt is over $15000 for this year.

    That is $45,000 for a family of three.

    The US dollar is not worth anything. When the world figures this out, and they will, American’s lives will be worse than that of the great depression.

    The government has committed suicide and murdered its population with it.

    That is where it stands

  • SHIT OF WEB

    This website is immoral. only intended to scare people to create winning trend The worst thing is that if the market gets scared too you guys going to miss ..

    United States recovers

  • Michael2

    O’Bushma takes being a corporate tool to new level.

    There are two things that have been severely cut from O’Bushma’s plans, the campaign slogans of change and hope. . .

  • Mark

    There is only one way out, a round of hyperinflation combined with a final realization that globalization with Asia is killing us and has to stop.

    It’s not that I really want to go through hyperinflation, but I see it as the only medicine for this very sick patient, and the only hope that we will ever be able to make a clean new start.

    If you have another solution that doesn’t involve having the next generations being debt slaves, please let me know.

  • Martin

    @Flubadub
    Obama is not alone responsible but if you have seen this film you understand the situation a lot better.
    http://www.youtube.com/watch?v=VebOTc-7shU
    The movie is called
    The fall of the Republic

  • john

    When will America wake up? Probably not until they can not get water from the tap, turn on a light or buy food. Just ask people living in tent cities. Please, please America, pull your head out of the sand. Remember, there is only 545 of them leading 300 million of us.

  • SPECTRE of Deflation

    Gary2, you are exactly where TPTB want you. The problems are so big you can’t get your head around the debacle, so you have decided to ignore the problems just like a good little sheeple. Taking back the House? ROFLMAO! Delusional comes to mind. Not only will you not take back the House, but you will lose the Senate, as anyone who has looked at the Senate races can see that they are in states where voters will wear out the Demoncrats this next go round. Anyone who thinks that the Two Party System works can’t find their way out of a paperbag with directions.

    “It’s hard to get a man to understand something when his job depends on him not understanding it.”

  • Gregg Riggs

    @mondobeyondo, I tutor a middle school kid. You should’ve seen him when I first got him! His brain was completely numb. He had no idea how to “learn.” I dove right in and started challenging him, hammering him, forcing him to come out of his daze. Now? He brings me his homework, checks through it like a dynamo, then sighs and wonders why his work is so simple. Then we spend the rest of our time challenging his starving but growing mind.

    There is nothing wrong with our children! Just as mondobeyondo says. There seems to be some sort of weird cabal seeking to destroy kids’ minds here in “The States.” I deal with it on a personal level, though I have no affiliation with the governmental school system whatsoever. I suggest more “old school” people visit their local literacy council and volunteer. There are young minds at stake! There is a nation at stake!

  • mondobeyondo

    Any cuts that Obama proposes will be only token measures, designed to make the sheeple feel warm and fuzzy. They will have no effect on the big picture.

    At some point, the issue of the Three Big Pigs (Medicare, Medicaid and Social Security) will have to be addressed. It is unavoidable. If something isn’t done, such as severe cuts or total elimination of 1,2, or all 3, it will wreck our national finances. Eventually, all three will huff, and puff, and blow the entire national budget to smithereens.

    Grandpa and Grandma have been spoiled, getting their monthly Social Security check in the mail. Gee, how did seniors ever survive before 1935, when Roosevelt signed Social Security into law? Somehow they managed to do so. Maybe it’s time to bring back the family doctor – the guy who used to come to your house (something called a “house call”) and give you a checkup. And no deductible either! Those were the days…

    And that isn’t even mentioning the Department of Defense – another huge money pit if there ever was one!

  • Kevin

    Basically their attempting to fight a fire on a sinking ship where the fire fighting water is flooding the compartments and the skipper orders a futile attempt to bucket the water out by hand. If they shut off the firefighting hoses the ship is quickly consumed in flames the alternative is to continue firefighting and have the water sinking the ship sometime later.

    It’s a rock and hard place position that was decades in the making.

    Maybe the crew will abandon ship and the Canadians can concern themselves with illegal immigration from her southern neighbor.

  • http://erectuswalksamongstus.com Max Hardwood

    Gosh, I didn’t see one word about welfare, food
    stamps, section 8 housing, free hospital care
    for illegal aliens, or other ENTITLEMENTS.
    Social Security an entitlement? Why, yes…I
    feel entitled to repayment of 40 years of taxes
    extorted out of each and every one of my pay-
    checks. I PAID for this, and I expect to get
    it back. Who pays for welfare? ME! But, what
    did those people do to deserve it? NOTHING! In
    fact, it’s a REQUIREMENT that they do nothing.
    Just lay around, make babies, get free shit….

  • slim

    I don’t know about you, but I’m getting sick and tired of the deficit resolution always ending up with “entitlements”. Social Security and Medicare were paid for by the American people. “Someone” stole that money and used it for something else. Why don’t we make the financial institutions and GM for that matter pay back the stimulus money at the interest rate I have to pay. That would put a dent in the deficit.

  • Alice

    People should call their representatives in Washington and tell them we want real financial reform ASAP. 20% cuts across the board, balance budgets, reduce debt/deficits etc….Jobs created with borrowed money to produce nothing are not real jobs, it’s just paying someone to look busy! Too many lies are being told! I’d rather pay someone welfare for work ($21,000), than government salaries/pensions/heath care ($112,000 a year) for the same service.

  • Smash the Control Machine

    The tax cuts we need are not being done. Cutting social programs seems unrealistically inhuman. We need tax cuts that help actual people not the corporations. When will the “have yachts” start listening to the “have nots”? Our beloved country is going down hill fast. The party will soon be over for you fat cat banksters and greedy congressional bastards. Live it up now because you dont even realize what is waiting for you here on earth or what is waiting for you in the afterlife. Luke 6:24-25 24“But woe to you who are rich, for you are receiving your comfort in full. 25“Woe to you who are well-fed now, for you shall be hungry. Woe to you who laugh now, for you shall mourn and weep.

  • Gabe

    Tax cuts + increase spending = poorer govt = more debt = OH NO!

    We help Americans find jobs and prosperity in Asia. Visit http://www.pathtoasia.com/jobs/ for details.

  • http://thecivillibertarian.blogspot.com/ Frankenstein Government

    Each time Obama talks about “tough choices” and budget cuts- he asks the rhetorical question, “Is that who we are?”

    I answer that question at the link.

    http://thecivillibertarian.blogspot.com/2011/02/obama-asks-is-that-who-we-are.html

  • Denny

    Of course the cuts most likely to make it through the process will be accomplished on the backs of those with the least influence and voice connected to the direction of our government spending. These ‘representatives’ of the people (Democrats and Republicans both) always sink their teeth into the poorest and most vulnerable members of society – the sick, the infirm, single parents, the dispossessed, the jobless, in other words, the damaged and the victims of their greed and need for power. America is certainly in the process of de-industrialization, but it still leads the world in damage and victim creation. Its damage industry was bound to turn on its own citizens and it has. The fraudsters and banksters of Wall Street and finance have impoverished a large segment of our citizenry and they aren’t done yet. They haven’t been penalized or prosecuted for their larceny, lies and on-going destruction of our nation and its future. Instead, they have been rewarded and in certain instances encouraged to keep up the destruction. It’s not left-right anymore, but rich-poor.

  • Michael2

    O’Bushma, I mean Obama has added new meaning to the term, corporate tool.

    And there are for sure two things that have been severely cut from O’Bushma’s, I mean Obama’s plans, his campaign promises of change and hope.

  • mondobeyondo

    Won’t work. NOTHING Obama is proposing will work. It feels good, but morphine tends to do that to you. The underlying problems aren’t cured.

    Sorry Obama – you’re trying to cure a heart attack with a band-aid. Aspirin won’t help what’s ailing our economy. We need a couple weeks in the ICU. Stop trimming the branches, and go after the roots. (“Oh no, not the roots! This is going to hurt! Our lifestyle will suffer! They’ll cut off my heat and gas! How will I pay for groceries??”) Welcome to How The Rest of the World Lives.

    Indeed it will hurt. But at this point, there’s no other way. The can has been kicked down the road one too many times. We thought we were immune. Nope.

    Basic laws work no matter where you live. Gravity, physics, etc. Economics works the same in the USA as it does in China, or in Cameroon – or Zimbabwe, for that matter. America is not immune.

    The U.S. has had its fun. The piper’s asking for some cash right now. Time to pay the piper. (Owwww!)

    P.S. Grow your own veggies. Tomatoes come from a plant, not from a shrink wrapped package. Did you know that?

  • Gary2

    I agree both parties suck. The Dems suck less but they both suck! We need a third, fourth,fifth party. As another poster said it is a rich/poor not left/right. Or the have yachts vs. the have nots and the never wills.

    Again-myself and a very large portion of the citizens of this country did not share in the gain so now why should we share in the pain?

    I will believe congress will be serious about the budget/deficit/debt when the rich are heavily taxed and we have a maximum wage for CEO’s who get gov contracts. When there is no corporate welfare. When I see this then I will agree to share the pain. I have never been out of economic pain, what more pain can I share? These folks at the web site below need to share the pain way before the rest of us need to:

    http://ourfuture.org/blog-entry/2011020612/understanding-extreme-incomewealth-gap

  • SPECTRE of Deflation

    Both Political Partys, save for a few, are completely legal crime syndicates who receive tribute from those they protect and in fact serve. I imagine they all have a good laugh each day because of the ease at which they are able to play one citizen against another while they help the Bankers steal the last nickel from the American Treasury before leaving for parts known and unknown.

    The Democrats were the majority Party in the House and Senate since 2006, and we have had a Democratic President since Jan. of 09. They had an oportunity to do the right thing for Main Street for years, but instead protected the Bankers and added $5 Trillion Dollars to the deficit for what exactly?

    At any rate, we have now reached a deficit that is equal to our GDP. I don’t think most people understand exponential growth of money/credit/debt and compound interest. We are screwed!

  • http://www.danielrevelationbiblestudies.com Robert Stout

    Your articles really show the tremendous investigation skills you and staff have!!! I really appreciate it!!! There is no way out of this financial mess our leaders in government have done to all of us!!! It’s just a matter of time before everything collapses all around us!!! I’m a serious student of Bible prophecy and this is all happening according to Bible prophecy and we will all see serious fulfillments happen very soon!!! The food crisis is going to hit everyone in the back pocket, prices will escalate and rioting over food even here in the USA will be next!!! Get prepared very soon and go to http://www.survivorblog.com and http://www.danielrevelationbiblestudies.com for spiritual encouragement and serious Bible study to help prepare mentally for what’s coming this year!!!

  • flubadub

    A 98 second video providing a little budget perspective while demonstrating how a deficit reduction panel justifies earning 90 days worth paychecks.

    http://www.youtube.com/watch?v=Yk_jToBbpWU

  • William

    America has little chance unless the EMPIRE is abandoned. The DOD and DHS spending is obscene and unnecessary. If the DOD budget is “off the table”, we are doomed. DOD needs to be cut to about $450 Billion a year. We can not afford the EMPIRE pursued by the Smirking Chimp and war criminal Bush.

  • punapeter

    simple… bring back Bill and make sure he has plenty of interns. He’ll bring us out of debt and leave us with a surplus like he did when he left office. Rather have a president who get’s BJ’s or one who robs you blind?

  • Gary2

    I think folks may be looking at extremes maybe like the left/right debate. As I see things unregulated, sweatshop capitalism and communism are two extremes of the economic spectrum. Both are failures. The best solution is in the center, as usual. All economies in the world are a mixture of the private sector and the gvt. We are both capitalist and socialist.

    We had the mixture right from the 30s to 1980 with high taxes at the top and strong regulation of the corporations – which nevertheless were thriving. With the onset of “voodoo economics” in 1980 we started moving toward the sweatshop extreme, with predictable results: a deteriorating middle class and a growing oligarchy. I do not see how we can get from here to there without spreading the wealth more equally and strengthening our social safety net programs. This will include heavily taxing the rich and spreading the wealth.

    I am really trying to not just say tax the rich but to say tax the rich with evidence that this is the solution. Good thing I am off on Tuesdays!

  • Alice

    HAVING ONLY A DEMOCRATIC AND A REPUBLICAN PARTY IS LIKE HAVING BOTH PARENTS COLLUDING/OPPRESSING/DICTATING, AGAINST THE KIDS, AND NEVER GIVING THEM A CHANCE. IT’S TIME FOR THE INDEPENDENT AND TEA PARTY TO TAKE CHARGE!

  • sharonsj

    Mondobeyondo, how are your grandparents spoiled? They paid into Social Security their entire lives. They had to work for 45 years before collecting (whereas a Congressperson gets a full pension after 5 years). By the way, the average SS money is $12,000 a year. Try living on that.

    As for the rest of you, we are fucked because the super rich own the government. The Republicans don’t give a crap about you because you can’t bribe them. The House has introduced 400 bills this year–only one of them is about jobs.

    Meanwhile, all these cuts will result in more jobs lost. They want to cut energy funding that keeps the poor and elderly from freezing to death. They are cutting money for abused women’s shelters. The Republican nutcases in the state legislatures want to make it legal to kill abortion providers, and take away assistance for rape victims (as ways around Roe v. Wade).

    Anyone who votes for a Republican or a turncoat Dem deserves every rotten thing happening to this country. Better stock up on food and ammo, because this won’t be pretty.

  • Hope@ZeroKelvin

    It doesn’t matter what is in the US budget, IT NEVER HAS. These raving lunatics in DC just continue to spend, spend, spend, spend, tax, tax, tax, fine, fine, fine, regulate, regulate, regulate.

    Well, the Golden Goose has been murdered and is now happily composting somewhere, so sorry.

    Remember that the Dems didn’t even pass (or offer) a budget in 2010!!

    Yet, somehow, the money gets borrowed, allocated (=stolen), the Leviathan of the fed.gov continues to grow, blah, blah.

    I wonder if Obama is putting forth this total POS of a budget because he knows all economic hope is lost?

    Also, can someone also please tell me why this is printed out instead of on a thumb drive?

  • economicminor

    Big subject. Debt is the cause of our economic woes. Debt based upon exponential growth is mathematically impossible. Cutting SS or Medicare will do nothing to address the fact that everything is leveraged and leverage has a cost. Debt has to be serviced or repudiated. There is only so much diddling you can do to when the cost of debt is more than your income plus the cost of staying alive. You can only borrow more to a point.

    This country is on the same path as the USSR was. The actual profits made from real value added enterprise has dwindled while the service costs of our debt have risen.

    The answer will come… and that will be defaulting on the pyramid of debt and starting over. No other option is available in the end.

  • The Unicorn

    It might as well be a gazillion.We can’t pay off the debt.We might be able to cover the interest if we can keep borrowing. Carter set the stage for relations with China this might have been in response to the soon to be embargos (Grain) with Russia? The Soviet invastion of Afghanistan started Dec.24,1979 Carter & China was Jan.1,1979.

    And now we are coming to a complete circle.

  • http://TheEconomicCollapse Dave

    Cutting government spending during a recession is not going to create many new jobs as promised. Cutting government spending only will put more people out of work. Cutting government spending is not going to get us out of the hole. We have to announce to the world that no nation has been playing the free trade game fairly, therefore the U.S. is no longer going to support free trade. Then we slap a tariff on all products not made in the U.S. Tariffs will get government out of the hole and factories will begin opening up all over America with help wanted signs in front of them. Sure we will not be able to buy clothes at Walmart for $3.00 anymore, but we will be back on a pay as you go system for our country.

  • The Beast

    Some 4 billion USD for high speed rail network….hahaha….that’s a highlight on the big joke.

    • Darnell D

      You are so very correct.

      America has become almost entirely blind to its folly. We’re very close to that point of critical mass, when everything comes crumbling down. Better start prioritizing things based on reality, folks. All this feel-good BS is sinking us. Why are we so firmly entrenched in fantasy-land? Have any of you actually sat down and watched the insane ideas being tossed around in Congress these days on C-Span? It’s scary – it’s like watching an episode of The Simpsons. Except that it’s not at all funny. Common sense and logical thought processes are ENTIRELY absent, particularly on the left side of the aisle. (Sorry, GOP, you don’t get a pass, either – you’re almost as deluded as the Dems.)It’s nothing short of embarrassing. When are we going to stand up and say, “No more!”, as a collective?

      This can’t even be REAL.

  • http://www.planorperish.com/ Gutter Economist

    FUZZY MATH

    $3.73 trillion FY2012 total budget

    $235 billion net interest at 6.31 % of total budget

    http://www.whitehouse.gov/omb/budget (explore the budget)

    $416 billion average interest on national debt (2008, 2009, 2010)

    $169 billion interest on national debt for past 4 months (oct, nov, dec, jan)

    $507 billion annual interest (above number X 3)

    http://www.treasurydirect.gov/govt/reports/ir/ir_expense.htm

    What happens if interest rate keep rising?

  • Mel

    The only thing that really need to be cut is the defense budget..Stop all the wars and close all the 700 bases around the world. But idiot American would have none of these for fear of imaginary enemies. Anyone who propose a defense budget cut would be labelled as a traitor..Even at their worst, Islamic terrorists can only kill 3000 Americans…But bankruptcy of a nation would definitely starved million of American to a slow death!

    • Darnell D

      Some folks refuse to acknowledge the past, don’t they? Be careful what you wish for.

      Bear in mind also, that what you are talking about doing away with is THE primary duty of the federal government.

      Too bad so many folks insist on bringing checkers to a chess game…

  • mondobeyondo

    Will Obama’s new budget proposals make life better for the average American?

    No.

    The world is a vampire (Smashing Pumpkins, circa 2003). Scream all you want. In spite of your rage, you’re still just a rat in a cage.

  • mondobeyondo

    “The U.S. Dollar isn’t worth the paper it’s not printed on” – Gerald Celente

    So, so true.

  • angellight

    Actually, Obama stated that he would End billions of dollars of Tax payers subisdizing oil companies; and

    Close tax holes, loopholes and shelters of the rich and rich corporations so that everyone will pay their fairshare of taxes.

    Those two things alone, will go a long way toward a more fair and equitable economic situation and generate money into the U.S. economy.

    Also, check out today’s ThinkProgress.com article. I believe it is the first one displayed. Great ideas on how to improve U.S. budget and economy.

  • 1985

    Hi, it’s me, 1985, and with me is David Stockman, the gentleman who WARNED you about this 25 years ago.

    Were you listening then?

    No, you weren’t. So stop acting like this isn’t your fault. And by you, I mean…

    YOU, the reader.

  • Klaus

    Actually, it not a joke. Under this administration and a Democratic controlled Congress, our politicians have ruined America. I’m not sure we can come back from this disaster, even if we vote them all out.

  • mondobeyondo

    @ Sharonsj

    Compared to life before Social Security, our present seniors have it pretty good. Yes, they paid into Social Security during their working lives, and are reaping the rewards, as well they should. The younger generations will pay into it their whole lives, and get nothing in the end. Not fair, if you ask me, but then, the world is an unfair place.

  • Sam

    30 days ago, both parties knew that keeping the Bush tax cuts as-is would bring exactly this result. This is not “Obama” anything.

  • James

    The unemployed and poor don’t pay taxes. So, where is this sudden avalanche of money going to come from? There is only one place left, the rich. The middle class don’t count since they don’t exist anymore.

  • http://www.osixs.org morpheus

    The real joke is on us. But it’s really hard to laugh when you want to cry.

    Memo to America. Stop waiting for Democrats and Republicans to save you.

    “WAKE UP! – JOIN THE REVOLUTION
    Read “Common Sense 3.1” at ( http://www.revolution2.osixs.org )

    We don’t have to live like this anymore. “Spread the News”

  • http://www.danielrevelationbiblestudies.com Robert Stout

    Thanks for the time and effort in doing this article!!! Obama and his administration has put this country past the point of no return!!! The only way that Obama can get re-elected is to declare “Martial Law.” There can be no election of any kind during martial law in the country and he knows this to be true!!! When he called for “Change,” you got it, spiraling debt that is going to push us all over the cliff!!! Financial Armageddon is almost upon all of us!!! Better be getting prepared for the worst, it is almost here!!!

  • Ted

    “Well, that is a nice sound bite, but as I have written about previously, unless Barack Obama suddenly finds a way to stop multinational corporations from paying slave labor wages to their workers on the other side of the globe the job losses in America are going to continue.”

    What he means is that workers in the USA will be paid the same as workers anywhere in the world. That amounts to about $2 per day. All we need to do is repeal the minimum wage laws and we are off and running.

  • JMT

    Oh please more doom & gloom. Don’t forget the GDP has been growing faster than anyones predictions. Remember the ‘double dip recession’??

  • angellight

    The GOP argument on tackling Social Security NOW because it will be out of money by 2050, is bogus and disengenuos. I say this because the GOP are well aware that we are running out of oil production by the year 2030, yet they do not want to tackle that problem NOW! Which could bring the U.S. to a standstill.

    “The Peak of the Oil Age” published in Energy Policy by Prof. Kjell Aleklett, Global Energy Systems, Uppsala University, Sweden, concluded: “… future growth in (worldwide) gross domestic product (GDP) must be dependent upon fuels other than OIL if GDP is to continue as expected.

    This, in turn, defines the Beginning of the end of the “Oil Age,” and society will have to seek other driving forces for future GDP growth. In all our projections, future oil production by 2030 will have decreased from present levels. The world appears most likely to have passed the peak of global oil production and to have entered the descent phase. If this is the case, then the world has reached the “Peak of the Oil Age.”, that is why we should invest heavily in high-speed rails and electric cars. Do we have brains in this country, or do we just follow the “yellow brick road” Oil!

    Also see: February 8, 2011 The Guardian.co.uk.”

    There is a great need for public awareness on the fact that we are running out of oil and that now we should be investing and researching into creating alternative energies and fuel. It is in our National Interest & Safety that we do so! We can not afford to let certain Political Parties and persuasions hold progress back.

    The GOP want to slash Entititlements and attack the middleclass and working poor. “Well, it looks like this situation is finally getting some recognition at least from the millions who have been demoted from the comforting life style of middle classiness and the additional millions who daily hear the threat of their own impending devaluation. The descent into the lower class reality is not anything that these people have ever expected or been prepared for. It is an absolute mind blower. It consists of realities that have been totally out of the vision of comfort into which they were more than likely born and with which they had been accustomed: unemployment, after the 99weeks of unemployment, zero income, eliminating their own, let alone their kids, cell phone coverage. If they still have a house, turning off the heat in every room except the one they are in. Food shopping if they have the cash, at Costco, otherwise looking for food banks at which they will not be recognized. No new shoes. Clothes from the good-will for everyone. Forget Christmas!

    It’s like falling off a cliff that has no discernable bottom. The story keeps getting more and more horrendous. Soon there is no medical insurance. You get to watch the children get and stay sick just as you get and stay sick.

    This is wake up time. Time to get resurrected. Time do something about this intolerable and totally unfair and un-American situation. This is the Land of the Free and the Home of the Brave. Time to be both free and brave. That is if you want Liberty and Justice for all. This is a Soul call. This is the Big Knock on the Door that we needed to wake up.

    We can and will straighten this mess out. This is not what the United States of America is about. This is not what we, when we were the Forefathers, gave our lives for. This is not the Nation dedicated to the fact that “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty, and the Pursuit of Happiness. That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed….”

    So, what are we going to do? Not just sit here and take it! ”

    Tom; ttp://thoughtlineblog.blogspot.com/

    “And, courageously they attempt to ‘break that which has silenced daring’—a silence which is akin to darkness and in which no daring voice could previously be heard. So often the din of customary sounds and words drown out the voices of daring. This must not persist. And here is the point: the essence of daring is unusual. That which is customary does not understand it and cannot express it. We cannot express daring by forever doing what we are accustomed to doing. The true daring one has to be ready for radical departures.”

    Michael D. Robbins, www/moryafederation.net

  • impeachRonPaul

    It is still better than Bush and his endless wars and give aways to the top 2%. How can that continue?

    • Darnell D

      When are morons like you going to stop parroting ridiculously hollow, one-line talking points, and step up to the plate and try to be part of a solution? What, are you ten years old?Can’t you see all this drivel exists for ONE reason – TO KEEP US DIVIDED? Come on – that tripe is SOOOOOOOOO tired. Wake up. Sitting on your arse, spouting drivel does nothing to help the problems at hand.

  • Mikyla

    Since I know that even when the world economy falls to pieces I’ll be okay, all of this doesn’t worry me, it makes me excited!

    • Damian

      I agree with you 100%! We need more people with that mindset in this world.

  • Kevin

    Angellight

    “So, what are we going to do? Not just sit here and take it! ””

    We’re going to watch the remaining manufacturing in the US flee to virtual slave labor nations and watch our standard of living decline until we equal (or come close to) the low cost producers. It’s a big sh$t sandwich and we’re all taking a bite from the professional down to the unemployed former laborer.

    Impeach

    None of this can continue while retaining our former standard of living. The futile wars, the entitlements, the creation of money as opposed to the creation of wealth, the debt used to displace manufacturing; kiss it all good by. We can confiscate all the wealth from “The rich” and that is still insufficient.

    President Obama is trying to soften the hard fall but cannot alter neither the direction or magnitude of the decline. At best a very small pillow will be at the landing after a very long drop. This mess was decades in the making and supported by both party’s.

  • Hameed Alwi

    Abraham Lincoln designed a policy not only to end slavery but also freedom from ‘economic slavery’. Presently, the majority are wages and salary slaves at best. The first thing a government must do is not to borrow and create huge national debt. This alone would solve 50% of the economic problems. It can print money so why borrow? Reduce tax and improve purchasing ability of the populace. This will improve corporate profitability.
    Stop banks from creating plastic money. change to credit based system from the present debt based system.

    thank you.

    for more details write to me.

  • Dwayne

    One poster commented about coming to Canada. I wouldn’t
    bother. The country is filled with foreigners.
    Apparently there is a labor shortage. foreigner
    Displace entry level jobs. The US Canadian
    dollar are even. Minimum wage is 9.25 but take
    off a couple bucks for tax. A can of pringles
    Chips is $3.29. Food is astronomical. No
    Section 8. No Pell Grants nothing. Yes there
    Is basic health care. Canadians blew money on
    Consumer goods. The average family is $100K
    in debt. Tried to take a course here. I room
    Cost $800 a month. Its back to the US. Canada
    is no answer

  • http://www.kittycatchats.com mr KC

    http://www.kittycatchats.com/search/label/Political

    Obama and 2012 , another 4 years? I would be concerned and if I were to predict say buy oil futures and you will make a fortune since if this happens the only way the price of oil is going is up fueled by all the hot air being expelled.

    http://www.kittycatchats.com/search/label/Political

  • http://www.youtube.com/user/BohemianNightmare?feature=mhum Lee

    If 50 million of us changed our tax status to exempt to send a message to them. See how they like that. If they want to balance the budget then quit giving welfare to the big corporate giants and penalize them with back taxes with interest. Quit foreign aid stop Obama health plan. Let no bill be attached to another, let them all stand alone to be voted on and trim the government down to the size of the district of Columbia.

  • bittingm

    Next few years the debt problems and crisis will come to surface and gradually negatively affect are economy and future. It is real and the magnitude of problem not understood by vast majority of Americans. Everyone needs to educate themselves on governement revenue vs. governement debt and future obligations (present debt, medicare costs, social security, entitlements, defense). People continually comment and form opinions without having any true understanding of the problem and the fact that it is virtually certain it would severely negatively affect our standard of living in this country. I’ve seen numbers that based on future obligations debt is $170,000 per person. How can our economy pay that off even at low interest rates. High present debt $14+ trillion at low interest rate held in short term bonds that need to be continuously reissued/sold/bought. Foreigners with less money and confidence in debt to purchase treasuires. Higher future interest cost on debt. $75 trillion in future Medicaid, medicare, social security obligations next 50 or so years. Government tax revenue of 2 trillion per year. No industry/job growth in this country since cost to produce goods high due to high government costs and high medical costs. Medicare costs set to rise substantially due to baby boomers. New medical plan adding 40 million low income people. 50 million low income americans on government subsidies. Housing mortgages government purchased. Only way out is government to cut all government spending, entitlements, etc and balance budget now. Fed trying to refuel economy with low interest rates but U. S citizens are financially extended. Bank lending is constrained by bank capital requirements and risk measures such as higher down payments. This crisis will soon lead to the government being forced by purchasers of U.S. government debt to balence the budget. China holds almost 1 trillion U. S. debt and like India and Dubai don’t want us to default. Government spending will then have to be cut by at least 1/3 which means cutting everything drastically and possibly tax increases. This will lead to lower salaries, governemnt and private jobs lost, mortgage defaults, reduced medicare funding, restrictions on social security, recession and high inflation and/or depression Obama economics/high governemnt spending isn’t working. Debt has gone from 9T to 14 T in short time under Obama. Housing market is getting worse. Government needs to be cut just like states like Ohio are doing. The U.S. is in deep deep trouble. Obama has done nothing to address cost of immigration, unions, cutting budget and has racked up huge deficit. Numbers don’t lie. You can blame it on 2007-2008 financial crisis but fact is his programs have had high costs and yielded little economic growth. Add cost of new medical program which is most likely way understated. The budget deficit needed to be addressed before he rammed through a medical program. His budgets assume government tax revenue increases of 5% a year. And now you see him daily traveling to promote his image for reelection. Everyday and for long hours he should be working on this budget problem. Dems want to cut this and Reps want to cut something else. Everything needs to be cut. Don’t worry about future wars since are military budget will be cut 1/3 to 1/2 or more within 5 years. Marijuana will be legalized shortly to provide tax revenue and jobs. Mexico cartels will be weakened when marijuana legalized. New day is dawning and days of reckoning are coming. Educate yourself there are many books recently explaining the reality of the problem. Please note that the media is also poorly educated on this problem and therfore don’t understand and convey the drastic magnitude of the debt problem.

  • Bill Plat

    You can whistle any tune you like, Republicans are to blame, Democrats are to blame, but the sound coming out will say they are all to blame. At this critical time in our country we could not have a worst president. Would you like to know what will fix it? It will get fixed when people hear their stomachs growling because there is nothing in it. Trust me a hungry person can get mean real quick. If any one and I mean any one thinks that our economy is getting better then they are living in a dream world. The bubble will pop and you can take that check to the bank and cash it.

  • Damian

    Everyone needs to open their eyes. This problem is much greater than money. All problems are rooted from the ego, and all ego created institutions will soon crumble before your eyes. “It will get worse before it gets better”
    “Change is coming”

  • Scottar

    You should show Obomber in a clown suite cause that is what he is, typical liberal, socialist clown.

  • samtman

    This is got be the mother of all conspiracy theory Postings I ever seen, congrats.

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