Tuesday, February 14, 2012
Obama's Grand Finance Plan - Borrow 2.5 Billion per day!
The US has big problems and they are not going to be solved while the Manchurian Candidate is driving the country into bankruptcy with a proposed 1 trillion dollar deficit and it boggles the mind that even his own Democrats would accept that. Of course the Conservative mind has been shown to be inferior to the liberal brain and maybe that is why conservatives who think spending should be reduced cannot understand Obama's brilliant financial solution as well as Democrats The problems of Greece caused by spending money they did not have has been a salutary lesson for all except for Obama who recently had the unmitigated gall to lecture Europe on the necessity to fix their financial problems.
In the last annual budget of his term, President Obama for the first time projects a deficit below $1 trillion and foresees the federal shortfall declining to sustainable levels by 2017.
To help reduce deficits and offset the costs of his proposed spending on job-creation initiatives for infrastructure, job-training and innovation, Mr. Obama uses his budget for fiscal year 2013 to call for raising $1.5 trillion over 10 years from the wealthiest taxpayers and from closing some corporate tax breaks, chiefly for oil and gas companies. For the first time he proposes a higher tax on dividend income of the wealthiest taxpayers, which would raise about $206 billion over 10 years. The budget proposal leaves him short of his goal to cut the deficit in half by 2013.