Author Topic: Obama: "Trillion dollar deficits for years to come."  (Read 1055 times)

Bindare_Dundat

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Obama: "Trillion dollar deficits for years to come."
« on: January 07, 2009, 07:48:47 AM »
An expensive economic recovery plan will add to the short-term federal shortfall. But experts warn the bigger problem by far is the long-term picture.

NEW YORK (CNNMoney.com) -- President-elect Barack Obama is inheriting the worst economy in decades and says he'll need to "invest an extraordinary amount of money" to get it back on track.

Indeed, Obama's first act in office will be to push through what is expected to be an $800 billion economic recovery plan.

The stimulus package, combined with the $7.2 trillion the government has invested or loaned in the past year to combat the financial crisis, will add greatly to the federal budget deficit.

"At the current course and speed, a trillion-dollar deficit will be here before we even start the next budget," Obama said Tuesday. "And potentially we've got trillion-dollar deficits for years to come, even with the economic recovery that we are working on at this point."

Soul Crusher

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #1 on: January 07, 2009, 07:59:52 AM »
An expensive economic recovery plan will add to the short-term federal shortfall. But experts warn the bigger problem by far is the long-term picture.

NEW YORK (CNNMoney.com) -- President-elect Barack Obama is inheriting the worst economy in decades and says he'll need to "invest an extraordinary amount of money" to get it back on track.

Indeed, Obama's first act in office will be to push through what is expected to be an $800 billion economic recovery plan.

The stimulus package, combined with the $7.2 trillion the government has invested or loaned in the past year to combat the financial crisis, will add greatly to the federal budget deficit.

"At the current course and speed, a trillion-dollar deficit will be here before we even start the next budget," Obama said Tuesday. "And potentially we've got trillion-dollar deficits for years to come, even with the economic recovery that we are working on at this point."


GWB is going to look like scrooge after Barry has his way with the budget.

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #2 on: January 07, 2009, 08:22:07 AM »
GWB is going to look like scrooge after Barry has his way with the budget.

Only difference is, Obama's bailout will come in the form of $500 checks to you and me, as well as to new jobs rebuilding US roads.

Bush handed the money to banks, which refuse to account for it but haven't been lending either.  I'd much prefer the guy who puts it in the hands of Americans, instead of shoveling it to the corps.

Soul Crusher

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #3 on: January 07, 2009, 08:28:22 AM »
Only difference is, Obama's bailout will come in the form of $500 checks to you and me, as well as to new jobs rebuilding US roads.

Bush handed the money to banks, which refuse to account for it but haven't been lending either.  I'd much prefer the guy who puts it in the hands of Americans, instead of shoveling it to the corps.

I dont want a $500.00 check as a bribe.  I want fiscal sanity and spending cuts across the board in line with reality. 

tonymctones

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #4 on: January 07, 2009, 09:03:13 AM »
I dont want a $500.00 check as a bribe.  I want fiscal sanity and spending cuts across the board in line with reality. 
bump for that 500 bucks isnt gonna do shit but float you on a bill not bills but a bill for a month congrats you put it off for another month and wasted money awesome.

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #5 on: January 07, 2009, 09:18:05 AM »
$500 is more than you got from bush.  Unless you worked for Haliburton.

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #6 on: January 07, 2009, 09:24:26 AM »
I dont want a $500.00 check as a bribe. 

Did you send your $600 bribe back to Bush?  ;)

Soul Crusher

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #7 on: January 07, 2009, 09:29:02 AM »
Did you send your $600 bribe back to Bush?  ;)

I used it to pay my estimated taxes for that quarter.

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #8 on: January 07, 2009, 09:58:26 AM »
I used it to pay my estimated taxes for that quarter.

So you wanted 600 from Bush, but you don't want 500 from Obama, then?

tonymctones

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #9 on: January 07, 2009, 10:00:33 AM »
just b/c you recieved it doesnt mean you thought it was a good idea 240, i was against it then and im against it now...just like the bail outs.

LurkerNoMore

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #10 on: January 07, 2009, 10:01:37 AM »
I used it to pay my estimated taxes for that quarter.

but you still took it.  didn't tear that check up in protest did you?

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #11 on: January 07, 2009, 10:04:48 AM »
but you still took it.  didn't tear that check up in protest did you?

Remind me of joe the Plumber.

He complained about socialism until it was revealed he grew up on welfare. 
He complained about Obama's tax plan until he learned it'd benefit him much more than Mccain's would.

Suddenly he was all smirks and mumbles and they minimized hsi speaking roles..

LurkerNoMore

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #12 on: January 07, 2009, 10:07:51 AM »
Yes, it is like watching Merry Go Round riders talk in the wind as they go round and round in circles.

Soul Crusher

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #13 on: January 07, 2009, 10:09:06 AM »
but you still took it.  didn't tear that check up in protest did you?

Do you want to know how much I paid that year????  $600.00 was an insult.

shootfighter1

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #14 on: January 07, 2009, 10:37:34 AM »
The last stimulus package did not work, that is a consensus opinion.  Why are they trying this again?
Also why does Obama want to give the most tax rebates to people who don't pay federal income tax?  If there is a stimulus, checks to needy individuals will not change the economic predicament or bad choices.  Its all about business, financial and consumer confidence.  Make loans available and cut people's taxes so they have more $ to spend and invest.

Most poor people are going to pay bills, rent and food with a stimulus check, just like last time.  This is not an economic stimulus.  This $500 check will not go to business investments and spending that meaningfully affects the overall economy.
We must cut spending.  What did families do historically when they had less $...they cut their spending.  Gov must do the same.

The financial bailout makes sense because it should have provided banks the money to loan to needy businesses and individuals who qualify...it is failing because no one made the financial institutions accountable.

Lessons: stimulus checks to individuals do not work; if the gov gives any bailouts they must come with full accountability and conditions.
Other lessons: cut capital gains taxes, cut overall tax burdens so people will spend and invest more, and cut foolish spending and bloated gov programs!

Soul Crusher

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #15 on: January 07, 2009, 10:41:06 AM »
The last stimulus package did not work, that is a consensus opinion.  Why are they trying this again?
Also why does Obama want to give the most tax rebates to people who don't pay federal income tax?  If there is a stimulus, checks to needy individuals will not change the economic predicament or bad choices.  Its all about business, financial and consumer confidence.  Make loans available and cut people's taxes so they have more $ to spend and invest.

Most poor people are going to pay bills, rent and food with a stimulus check, just like last time.  This is not an economic stimulus.  This $500 check will not go to business investments and spending that meaningfully affects the overall economy.
We must cut spending.  What did families do historically when they had less $...they cut their spending.  Gov must do the same.

The financial bailout makes sense because it should have provided banks the money to loan to needy businesses and individuals who qualify...it is failing because no one made the financial institutions accountable.

Lessons: stimulus checks to individuals do not work; if the gov gives any bailouts they must come with full accountability and conditions.
Other lessons: cut capital gains taxes, cut overall tax burdens so people will spend and invest more, and cut foolish spending and bloated gov programs!

Amen.  Cut the damn spending. 

LurkerNoMore

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #16 on: January 07, 2009, 10:46:37 AM »
Do you want to know how much I paid that year????  $600.00 was an insult.

Again, you took it.

Soul Crusher

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #17 on: January 07, 2009, 10:48:43 AM »
Again, you took it.

I was ripped off by thousands of dollars, so $600.00 was a small concession. 

 

MRDUMPLING

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #18 on: January 07, 2009, 11:05:27 AM »
Giving a check to people who don't pay taxes is wefare.  Period. 


shootfighter1

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #19 on: January 07, 2009, 11:09:26 AM »
Some argue that they don't pay federal tax but are subject to other taxes.  I don't buy this argument, because federal tax is the largest tax.  The broadly defined middle tax always seems to get the shaft and here again, Obama is trying to redistribute wealth...not to the middle class, but to the poor.  People who don't pay federal income taxes are not the ones who will have a significant effect on changing the overall economy.  We must have meaningful tax relief for the whole middle class and for small businesses (really it must be all businesses).  I am in favor of tax relief for all classes of people, and less spending but the tax relief must target businesses and middle and upper middle class folks to have meaningful change. 

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #20 on: January 07, 2009, 11:10:18 AM »
Giving a check to people who don't pay taxes is wefare.  Period. 



Unless the cut $$$$$$$$$$ in spending across the board for years to come, we are finished.

MRDUMPLING

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #21 on: January 07, 2009, 12:05:56 PM »
Yeah, and at least Bush gave us $600!  I was hoping for a grand this time!  LOL  ;D

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #22 on: January 07, 2009, 12:23:04 PM »
Yeah, and at least Bush gave us $600!  I was hoping for a grand this time!  LOL  ;D

sounds like this 'obama' guy, if that is his real name, is LESS of a socialist than Bush.

shootfighter1

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #23 on: January 07, 2009, 12:32:17 PM »
But the one to repeat a prior mistake is more foolish!  I have some faith in Obama though...we'll see.
Another round of stimulus checks is just dumb.

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Re: Obama: "Trillion dollar deficits for years to come."
« Reply #24 on: January 07, 2009, 12:49:55 PM »
But.  You.  Still.  Took.  It.  From.  Your.  Boy.  Bushy.

he rip you off bad?