Anonymous
Anonymous asked in Politics & GovernmentPolitics · 1 decade ago

Hasn't Obamanomics turned into an unprecedented disaster of runaway government spending?

Obamanomics has turned into an unprecedented experiment in runaway government with no plan to pay for it, save, perhaps, for a big future toll on the middle class such as a value-added tax. White House budget director Peter Orszag promises that next year's budget will have a "plan to put the nation on a fiscally sustainable path." Hide the children.

A burst of sustained economic growth, which we'd love to see, would substantially boost tax revenues and reduce future debt. But there's nothing in the Obama budget that nurtures or rewards growth or small business. Most of the major policy initiatives, such as the $1 trillion cap-and-trade energy tax, are a drag on growth. Mr. Obama wants to raise capital gains, dividend and income tax rates, which will reduce risk taking, innovation and investment. The House health-care bill would impose an 8% payroll tax on millions of small business owners, which will destroy jobs.

The White House issued a statement yesterday that the President is "very concerned about these out-year deficits." But apparently not so concerned as to stop pushing for a new $1 trillion health-care entitlement that is conveniently not included in these latest budget forecasts.

The real fiscal crisis in Washington is that neither Congress nor the White House are offering any escape from these trillion-dollar deficits. Mr. Obama has not called for automatic and immediate spending cuts. He has not proposed eliminating hundreds of wasteful programs. To the contrary, the White House still hasn't ruled out another fiscal stimulus, as if a $1.6 trillion deficit isn't Keynesian stimulus enough. The Administration's celebrated scrub through the budget this summer identified $17 billion in agency savings. That's what Uncle Sam is borrowing every three days.

Update:

The source is the Wall Street Journal. Sorry if intelligence offends you.

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  • Anonymous
    1 decade ago
    Best Answer

    Ist I have to say one thing....someone said we have to spend money. WE have never had a problem spending money..that is not the issue. The issue is that PEOPLE need to spend their money..until they are comfortable..we have jobs and businesses and people are confident...the government can spend money out the whazoo...it won't matter. YOU need to spend your money...so you dems who believe in the economy and in this bozo in office...spend your money and let's see how confident you are IN THAT!

    IT also is that he isn't worried ENOUGH when he gives Brazil 2 Billon dollars for off shore drilling which gives them jobs and oil....why not US?

    This green crap is just that...CRAP! we are on the lowest end of the scale in pollution....at 25 percent...China is at 99. Why are we wasting money on more green crap? Gore is making billions on this and since he invented the internet he had to have a new project and this is it.

    He not only wants to be responsible for inventing the internet...but for saving the world too. Then what? Will he save outer space and the aliens? the man has imagination that is for sure!

    the earth has been warming and cooling since it's birth. It is mostly caused by sun spot activity. It is not man made carbon dioxide emissions into the atmosphere. Carbon dioxide is not a pollutant..it is plant food...it sustains all life on earth because it helps produce oxygen by keeping green plants and trees alive. 90 percent of so called green house gases are not carbon dioxide...but water vapor!

    So give us our jobs....and our drilling and let us be FREE and independent...but that is not in the socialist program....

    Cap and trade will increase energy bills by at least 25 to 40 percent. Many businesses will go bankrupt and millions of jobs will be lost. Public schools and local government operating costs will skyrocket, focing great increases in property taxes.

    This has been passed by congress and is on it's way to senate. It is a major fraud desined to rob money from U. S companies and citizesn and give it to our government, foreign governments and to the private perpetrators of this fraud..meaning al gore.

    This green crap is just that...CRAP! we are on the lowest end of the scale in pollution....at 25 percent...China is at 99. Why are we wasting money on more green crap? Gore is making billions on this and since he invented the internet he had to have a new project and this is it.

    He not only wants to be responsible for inventing the internet...but for saving the world too. Then what? Will he save outer space and the aliens? the man has imagination that is for sure!

    the earth has been warming and cooling since it's birth. It is mostly caused by sun spot activity. It is not man made carbon dioxide emissions into the atmosphere. Carbon dioxide is not a pollutant..it is plant food...it sustains all life on earth because it helps produce oxygen by keeping green plants and trees alive. 90 percent of so called green house gases are not carbon dioxide...but water vapor!

    So give us our jobs....and our drilling and let us be FREE and independent...but that is not in the socialist program....

    We are at 25 percent of pollution and the rest of the world does not care....we cannot save the world...only ourselves. So if you believe in this...why isn't doesn't THIS government stop being cowards and tell other governments to have an honest discussion on what to do. But they won't do it...because other governments are busy building up their economy and world power while our government makes us sit on our hands and loan out 2 BILLION dollars to Brazil to do our dirty work for us ! We lose the jobs, our money and the independence.

    We also have to get the illegal alien thing settled soon...

    1. $11 Billion to $22 billion is spent on welfare to illegal aliens each year by state governments.

    2. $2.2 Billion dollars a year is spent on food assistance programs such as food stamps, WIC, and free school lunches for illegal aliens.

    3. $2.5 Billion dollars a year is spent on Medicaid for illegal aliens.

    Verify at: http://www.cis.org/articles/2004/fiscalexec.HTML

    4. $12 Billion dollars a year is spent on primary and secondary school education for children here illegally and they cannot speak a word of English!

    Verify at: http://transcripts.CNN.com/TRANSCRIPTS/0604/01/ldt...

    5. $17 Billion dollars a year is spent for education for the American-born children of illegal aliens, known as anchor babies.

    Verify at http://transcripts.CNN.com/TRANSCRIPTS/0604/01/ldt...

    6. $3 Million Dollars a DAY is spent to incarcerate illegal aliens.

    Verify at: http://transcripts.cnn.com/%20TRANSCRIPTS/0604/01/...

    7. 30% percent of all Federal Prison inmates are illegal aliens.

    Verify at: http://transcripts..CNN.com/TRANSCRIPTS/0604/01/ld...

    8. $90 Billion Dollars a year is spent on illegal aliens for Welfare &social services by the American taxpayers.

    Verify at: http://premium.CNN.com/TRANSCIPTS/0610/29/ldt.01.H...

    9. $200 Billion dollars a year in suppressed American wages are caused by the illegal aliens.

    Verify at: http://transcripts.cnn.com/TRANSC%20RI%20PTS/0604/...

    10. The illegal aliens in the United States have a crime rate that's two and a half times that of white non-illegal aliens. In particular, their children are going to make a huge additional crime problem in the US

    Verify at: http://transcripts.CNN.com/TRANSCRIPTS/0606/12/ldt...

    11. During the year of 2005 there were 4 to 10 MILLION illegal aliens that crossed our Southern Border also, as many as 19,500 illegal aliens from Terrorist Countries. Millions of pounds of drugs, cocaine, meth, heroin and marijuana, crossed into the U. S from the Southern border.

    Verify at: Homeland Security Report: http:// tinyurl.com/t9sht

    12. The National policy Institute, estimated that the total cost of mass deportation would be between $206 and $230 billion or an average cost of between $41 and $46 billion annually over a five year period.'

    Verify at: http://www.nationalpolicyinstitute.org/PDF/deporta...

    13. In 2006 illegal aliens sent home $45 BILLION in remittances to their countries of origin.

    Verify at: http://www.rense.com/general75/niht.htm

    14. 'The Dark Side of Illegal Immigration: Nearly One million sex crimes Committed by Illegal Immigrants In The United States .'

    Verify at: http: // www.drdsk.com/articleshtml < http://ww/ w.drdsk.com/articleshtml >

    The total cost is a whopping $ 338.3 BILLION DOLLARS A YEAR AND IF YOU'RE LIKE ME HAVING TROUBLE UNDERSTANDING THIS AMOUNT OF MONEY; IT IS $338,300,000,000.00 WHICH WOULD BE ENOUGH TO STIMULATE THE ECONOMY FOR THE CITIZENS OF THIS COUNTRY.

  • 1 decade ago

    If you truly just used "runaway government spending" and "unprecedented" in the same sentence without a hint of irony, congratulations, that's quite an accomplishment. Runaway government spending has been the rule for decades, with only brief interludes when semi-sensible budgeting occurred.

    What I find funniest about the Republicans (I was one a long time ago) is that, now that Bush is out of office, they suddenly claim to see the light on how horrible budget deficits are. Most decent economists since Keynes (maybe all decent economists) will tell you that it's OK to run up some deficits when the economy is in recession and then you pay the debt off when the economy gets better. The Republicans may know their politics, but by running up debt when times were good and then screaming to balance the budget during a recession, they've proved themselves twice as stupid about economics as they seemed before.

  • JG
    Lv 4
    1 decade ago

    It doesn't matter what your political affiliation is, or if you even have one. You CAN'T disagree that if Congress does not fix its inability to spend within its means, we will short-circuit any kind of economic recovery, and remove any hope at not jacking up tax rates on every class.

    The fact of the matter is that no one on either side of the aisle or in the oval office has put forth any proposal to reign in this spending, and the only discussion has been about adding programs to the budget with only a guestimate as to how it will be paid. That's further recipe for disaster that our grandchildren will still be paying for.

  • It really has. He has been in office in less than a year and we have seen TRILLIONS of dollars go down the toilet. The left believes the economy is getting better because Bernanke said so. LOL. Bernanke and the rest of the putzes at the Federal Reserve are crooks. I don't trust anything that comes out of their month.

    Obama acts as though the American people have given him a blank check. It's a disaster, and it's bound to get worse, much worse.

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  • Jimbo
    Lv 7
    1 decade ago

    I can't wait to see how many libs say, "He's only been in office for 7 months and he's already done more than Bush did in 8 years." And then there's this one........"He's only been in office for 7 months. You gotta give him some time." They'll be saying the same damned thing in two years from now.

  • 1 decade ago

    Yes, evan simple Democrat things like cash for clunkers is a disaster. Spending money trying to force change to fast.

  • Anonymous
    1 decade ago

    Yes - it's without a doubt the biggest financial disaster in the USA's history.

  • 1 decade ago

    People don't understand there also was ALOT of cuts also which saved money. As for the spending..... sometimes you have to spend money to make money and jump start the economy. What do we do, just sit around and try nothing? Bush did that and look where it took us!

  • 1 decade ago

    Yes.

    Source(s): socialist.
  • Anonymous
    1 decade ago

    They've only spent the tip of the ice berg so far. This has just begun.

  • Anonymous
    1 decade ago

    Obamanomics is even a worse joke than Ebonics was.

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