President Obama’s deficit was nothing more than an early campaign speech.

Posted: April 14, 2011 by The STR in Political NEWS & VEIWS
Tags: , , , , , , ,

Written by:
Steven Bravo

Once again President Obama took to the teleprompter podium to talk about his Deficit reduction plan. I am curious to know what his plan was or is. This is exactly what he did in 2008; give a speech but no plan. This is no longer acceptable, the American people are tired of the lies they are tired of all the BS this President has been dished out. More rhetoric more EMPTY promises, President Obama clearly does not believe in the old saying of “practice what you preach”. As I said in an earlier blog the words of a 1 term President.

So let’s look at this mess:

  1. One quarter of the deficit reduction to be achieved through tax increases, with the rest to come mostly from spending cuts–a split that the president’s liberal base may see as still too heavily tilted toward spending cuts
  2. An end to the Bush tax cuts for the 2 percent of Americans making $250,000 or more
  3. Tax reform aimed at closing loopholes that favor the rich, allowing for a lowering of overall rates, as recommended by the Bowles-Simpson deficit reduction commission
  4. Cuts of $770 billion by 2023 to non-security discretionary spending, another Bowles-Simpson recommendation
  5. Cuts of $400 billion to “security spending”–that is, defense–by 2023
  6. A rejection of the Ryan budget’s approach to Medicare and Medicaid, which the White House believes would unfairly shift costs to seniors and the vulnerable while undermining both programs in the long term. Instead, Obama proposed reforms to reduce the growth of health care spending (beyond those in the overhaul last year) that would save $480 billion by 2023, and at least an additional trillion in the decade following
  7. Cuts to other mandatory programs–the White House listed agricultural subsidies, the federal pension insurance system, and anti-fraud measures–worth $360 billion by 2023
  8. A general effort to “strengthen Social Security for the long haul,” without slashing benefits for future generations
  9. A “debt failsafe,” to kick in by 2014. If long-term deficit projections aren’t looking better by that time, the failsafe would trigger an across-the-board spending reduction (with exceptions for Social Security, low-income programs, and Medicare benefits)
  10. The creation of a committee chaired by Vice President Joe Biden and including members of both parties and houses of Congress, to begin meeting next month in order to “agree on a legislative framework for comprehensive deficit reduction”


Source: YAHOO®


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