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Thread: Obama Plans Huge Shifts in Spending

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    Obama Plans Huge Shifts in Spending

    Today, President Obama unveiled a sketch of his Administration's first budget. For FY 2009, the OMB estimates a $1.75 trillion deficit. During the FY 2009-2011 timeframe, the cumulative deficit will come to just over $3.8 trillion. The New York Times reported:

    President Obamas new budget blueprint estimates a stunning deficit of $1.75 trillion for the current fiscal year, which began five months ago, then lays out a wrenching change of course as he seeks to fund his own priorities while stanching the flow of red ink.

    By redirecting enormous streams of deficit spending toward programs like health care, education and energy, and paying for some of it through taxes on the rich, pollution surcharges, and cuts in such inviolable programs as farm subsidies, the $3.55 trillion spending plan Mr. Obama is undertaking signals a radical change of course that Congress has yet to endorse.
    http://www.nytimes.com/2009/02/27/us...pagewanted=all

    For those who are interested, one can find President Obama's speech and his budget sketch at the following links:

    Speech: The White House - Press Office - Remarks by the President on the Fiscal Year 2010 Budget

    Budget Sketch: http://www.whitehouse.gov/omb/assets...nsibility2.pdf

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    Re: Obama Plans Huge Shifts in Spending

    Tax the rich, slash the military. Gee no dem ever did that before!


    There are threads where his tax the rich math does not add up.
    Let evil swiftly befall those who have wrongly condemned us

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    Re: Obama Plans Huge Shifts in Spending

    Quote Originally Posted by Reverend_Hellh0und View Post
    Tax the rich, slash the military. Gee no dem ever did that before!


    There are threads where his tax the rich math does not add up.
    There is a 4% increase in military spending.

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    Re: Obama Plans Huge Shifts in Spending

    I don't know what to think here.

    The debt is scary and I think it's a bad thing for a country to carry.

    Yet I think the plans that Obama wants to carry though are top notch. There is no doubt to me that healthcare, education, infrastructure, and greener policies need to be either revamped or implemented.

    Honestly, I don't know enough about econimics to know if what Obama plans to do is sucidal. I can't help but wonder if he's trying to do too much too fast.
    No men are anywhere, and Im allowed to go in, because Im the owner of the pageant and therefore Im inspecting it, Trump said... Is everyone OK? You know, theyre standing there with no clothes. Is everybody OK? And you see these incredible looking women, and so I sort of get away with things like that.

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    Re: Obama Plans Huge Shifts in Spending

    Quote Originally Posted by winston53660 View Post
    There is a 4% increase in military spending.



    Link? HE said the other day he would be slashing it.
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    Re: Obama Plans Huge Shifts in Spending

    Quote Originally Posted by Reverend_Hellh0und View Post
    Link? HE said the other day he would be slashing it.
    I just saw it on CNBC so it might be a minute or two

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    Re: Obama Plans Huge Shifts in Spending

    From the article:

    The deficit, which at 12.3 percent of gross domestic product is expected to touch its highest level since 1945, could grow this year if the economy worsens significantly and a new infusion of capital into distressed banks is ordered
    When we came out of World War II, the top tax rate was an insane 91% to pay off the war debt. These projections for cutting the deficit in half by 2012, unless we see some solid economic growth, I don't see it happening. Of course, deficit projections have never been very accurate more than a couple of years out.

    I just don't see how we are going to be able to afford to do Universal Healthcare right now. Debt service as a percentage of Federal Outlays could hit an all time high. It is foolish for Democrats to take on a huge expansion of public sector spending on Healthcare right now given the current deficits, and it was very foolish for Republicans to squander the large surpluses they inherited from the Clinton years. We were on a solid track to retiring a large amount of public debt had the Republicans not cut taxes twice and sent spending through the roof.

    Just the same, the past cannot be changed and we have to contend with the hand we have been dealt. It seems to me that due to current deficits, the amount of money its going to take to recover from the financial crisis, and the amount of money its going to cost to fix Medicare, that Universal Healthcare has got to be off the table right now. We are going to have to cut Defense spending down to a military we can afford. We are going to have to completely eliminate the costly Medicare Advantage plans. We are probably going to have move to some kind of Medicare means testing. We are going to have to return marginal tax rates to 90s levels (but not until the economy starts recovering), we are going to have to do something about disability which is taking up more and more of federal outlays, and we are going to have to curb a lot of these farm subsidies.

    Everyone, regardless of whether they are on the right or left is going to have to sacrifice spending priorities or we are looking at a disaster.
    Last edited by SouthernDemocrat; 02-26-09 at 01:21 PM.
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    Re: Obama Plans Huge Shifts in Spending

    President Obama's proposed Defense Spending can be found on page 117 of the following document: http://www.whitehouse.gov/omb/assets...nsibility2.pdf

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    Re: Obama Plans Huge Shifts in Spending

    Quote Originally Posted by winston53660 View Post
    I just saw it on CNBC so it might be a minute or two
    No worries.


    He did say he was going to slash it.
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    Re: Obama Plans Huge Shifts in Spending

    By redirecting enormous streams of deficit spending toward programs like health care
    Redirecting? Are you kidding me? What ever happened to cutting spending? Bush took hits from both parties over this and now after 8years we're giving it a free pass to double that spending...in 8 WEEKS?

    These kinds of social programs can only be sustained during economic growth. Attempting to do it in the middle of a recession could lead to a depression. The amount of taxes that he's going to impose to pay for this stuff is going to stifle growth for sure. Even with Iraq winding down, the military budget isn't going to make up for the amount he wants to spend. Heck you could take the entire military budget and its still isn't going to cover the kind of spending thats going on here or the future spending that usually happens through the year.

    The health of a nation's economy is NOT based off of how much a nation spends, only how much it owes. And this is just the beginning.....
    Freedom is... never more than one generation away from extinction. Every generation has to learn how to protect and defend it, or its gone and gone for a long, long time- Ronald Reagan

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