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Originally Posted by Riot
Yes, I seriously say Obama has been fiscally responsible. Up to you to show different.
TARP - carrying forward what was started by Bush. Not Obama's spending initiative - and btw, he has NOT spent alot of TARP funds that are sitting there. He's saved TARP funds to the tune of 2 billion. They were approved, but weren't needed, haven't been spent. Banks have already paid back about 2 billion, too.
He has indeed already given a tax cut. Look it up if you don't do your own payroll.
Would you have preferred a Great Depression to the Great Recession? That the government should have spent no money at all? And should not spend money on any jobs initiative?
Health bill - we'll have to see what the final form is, the final cost, and if it's true it won't be signed into law unless self-funding.
Is going to cut taxes going forward? We'll have to see. You have blamed him for things he hasn't done yet, I don't care to.
Your turn. Show the fiscal irresponsibility. Convince me. Feel free to use facts.
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You are so far offbase that it is scary.
Lets start with taxes. Please name the tax cuts that we are seeing. What was passed?
Number 2. Obama is 1-9 to let the Bush tax cuts expire. That act would be in effect raising taxes. There is a better shot of kickin n Screamin being named horse of the year than him extending those.
His first "stimlus" package was $800 billion, mostly wasted. That was his not Bushs'. Here read about his budget...
http://online.wsj.com/article/SB123569611695588763.html
The falling deficit also assumes the largest tax increase in U.S. history, starting in 2011 with the repeal of the Bush tax rates on incomes higher than $200,000 for individuals and $250,000 for couples.
In the real world, two of every three tax filers who fall into this income category are small business owners or investors, who are certainly capable of finding ways to invest that allow them to declare less taxable income. The real impact of this looming tax increase will be to cast further uncertainty over economic decisions and either slow or postpone the recovery. Ditto for the estimated $646 billion from a new cap-and-trade tax, which no one wants to call a tax but would give the political class vast new leverage over the private economy
The biggest illusion in this budget may be its optimistic economic forecast. The White House assumes that the economy will decline by only 1.2% this year, before growing by 3.2% next year. This assumes the recovery will begin later this year and gather steam quickly to return to normal levels of growth. By 2010 to 2013, the budget adds, the economy will be cooking by an average of 4% a year -- which is also how it conjures up magical deficit reduction
This growth is a lovely thought, but how? The only impetus for growth in this budget comes from the government spending more money that it is taking out of the job-producing private economy. With $1 trillion of new entitlements, $1.4 trillion in new taxes, and $5 trillion in new debt, America's entrepreneurs aren't getting any help soon from Washington.
TARP was a questionable program however if anything is going to be credited with saving us from the imaginary depression, that would be it. Oh yeah Obama wants to spend the rest of that money too despite the law stating that it is to be used for deficit reduction. Remember that thing he was going to reduce? Bank of America just finished off paying back $68 billion to TARP. Citibank is getting ready to pay back theirs.
I like the part where you say he hasnt spent alot of TARP funds. BECAUSE HE ISNT ALLOWED TO!!!! HELLO!!!
What jobs initiatives have been so successful? Unemployment is still at 10%.
Anyone that believes that this health debacle they are tossing together isnt going to cost trillions is drinking thier own bathwater. For the naive, the healthcare bill is supposed to be about "history" for Obama. Regardless of the moral arguments or details dealing with it, it is hardly a stretch to say that it will be extremely costly and the chances that it will do what it says it will for what it says it will cost are extremely slim (and thats being conservative).
The fact that Stimlus number 2 is being conjured up already, that is the new one where we throw small business a bone since they are getting ready to be savaged, shows the ineffectiveness or in some cases waste of the first $800 billion.
Despite the complicated nature of the economic scene, it really boils down to a few simple things. One is that govt spending is unsustainable without a source of the revenue for that spending since so very little of it causes real growth. Our corporations are already among the highest taxed in the world and are getting ready to get hit by a huge new round of taxes to pay for that govt spending. Corporations will not be able to expand nor reinvest already diminishing profits therefore not be able to create jobs or grow the economy. Some will streamline or downsize or relocate off shore.
Then the federal budget which is based upon 3% growth next year (complete pipedream) will fall way short because those darn tax reciepts are short because of those evil corporations not doing thier part. That will force Mr Obama to reignight his spending spree again because you know we need to kick in that economic growth and govt spending is the only way we know how!
I suppose that Cuba and Russia and those other anti-capitalist, free spending govts felt this way too. Thier economies have been great models to follow...