Monday, April 11, 2011

UPDATED: Obama to speak on long term deficit reduction this week

Get ready for the next big farce from the Obama administration.  After submitting another $3 trillion + budget for 2012 and then haggling over a minuscule $38 billion in cuts, Obama is now ready to get "serious" debt reduction.
The Hill:  President Obama will give a speech this week that lays out his plan for handling the nation's fiscal management, White House senior advisor David Plouffe said Sunday.
"Later this week the president is going to speak about his approach to long-term deficit reduction," Plouffe said on CNN's "State of the Union."
"He's going to be clear about the type of deficit reduction we need in terms of dollar amounts, over what period of years," Plouffe said.
The White House advisor did not offer specifics of the president's plan, but he said that all options were on the table. [MORE]
Truth be told, all options will not be on the table. Obama's plan is going to be what it was always was meant to be ... raise taxes to pay for all the wild spending. Sure there will be some cuts here and there, but they won't even come close to anything Paul Ryan is talking about. Instead, Obama will do the socialist thing and try to soak the rich to pay for the gains in spending the Democrats have made.

Expect Obama's plan to look something like the "The People's Budget" I told you about last week. David Plouffe pretty much confirms this with this line:

Plouffe said that Ryan's budget proposal had some good ideas in it, but that it put too much of the economic burden of debt reduction on economically vulnerable portions of the population.
"Seniors, the poor, the middle class in the congressional Republican plan are asked to bear most of the burden," Plouffe said. "If you weren't giving enormous tax cuts to millionaires, you wouldn't have to do that."
This plan will fail miserably, because the rich do not just sit around and wait to gorged like cash cows (case in point, G.E.'s amazing tax returns). So if the rich can dodge the bullet of higher taxes, who do you think will be the suckers ending up with the tab? Why the middle class of course. 

UPDATE: Told ya so!

Wall Street Journal: President Barack Obama will lay out his plan for reducing the nation's deficit Wednesday, belatedly entering a fight over the nation's long-term financial future. But in addition to suggesting cuts—the current focus of debate—the White House looks set to aim its firepower on a more divisive topic: taxes.
In a speech Wednesday, Mr. Obama will propose cuts to entitlement programs, including Medicare and Medicaid, and changes to Social Security, a discussion he has largely left to Democrats and Republicans in Congress. He also will call for tax increases for people making over $250,000 a year, a proposal contained in his 2012 budget, and changing parts of the tax code he thinks benefit the wealthy. [MORE]
There are no new tricks in Obama's hat. All the man has are the same old tired lefty schemes from the 1970's. 

Obama will no doubt use class warfare to try to sell Americans on the idea that they can still have their cake and eat it too. This is where Republicans will rue the day they did not immediately start educating the America people on just how bad our financial picture is.  Instead, Republicans squandered the time haggling with Democrats over puny cuts that are now being touted as "historic". 

Via: Memeorandum
Via: The Hill

Via: The Wall Street Journal

1 comment:

Euripides said...

No one in government is serious about cutting the budget and those who make any attempts at all are vilified by the opposing side and the press. Seriously, is there anyone with the guts to make cuts across the board (including defense, Social Security, and Medicare)?

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