WSJ: The Cee Lo Green Budget

Happy hour starts in 5 minutes

Lanky Livingston

The Commissioner
Joined
Jul 15, 2009
Messages
27,017
Reaction score
0
Points
0
Location
Houston, TX

Florida Atlantic


This was supposed to be the moment we were all waiting for. After three years of historic deficits that have added almost $4.5 trillion to the national debt, President Obama was finally going to get serious about fiscal discipline. Instead, what landed on Congress's doorstep on Monday was a White House budget that increases deficits above the spending baseline for the next two years. Hosni Mubarak was more in touch with reality last Thursday night.

The White House actually touts as tight-fisted a budget proposing a record $1.645 trillion deficit for fiscal 2011, due largely to a new surge in spending to 25.3% of GDP. That's more spending than in any year since 1945. Federal debt held by the public—the kind we have to pay back—will rise to 75.1% in 2012, which is the highest since 1951 and more than double what it was as recently as 2007. (See the nearby chart.)

This $3.73 trillion budget does a Cee Lo Green ("Forget You," as cleaned up for the Grammys) to the voter mandate in November to control spending. It leaves every hard decision to the new House Republican majority. And it ignores almost entirely the recommendations of Mr. Obama's own deficit commission. No wonder the commission's Democratic co-chairman, Erskine Bowles, said Monday that this budget goes "nowhere near where they will have to go to resolve our fiscal nightmare." And he's an ally.

How unserious is this budget? Although the White House trumpets $2.18 trillion in deficit reduction over the next decade, those savings are so far off in the magical "out years" that you can barely see them from here. More than 95% of the savings would happen after Mr. Obama's first term in the White House is over, and almost two-thirds of the promised deficit reduction would arrive after 2016. Pretending to cut deficits by pushing all real cuts into the future is Budget Flimflam 101.

From hard experience, we know that what matters are the cuts and reforms a White House is willing to make now. The Obama budget doesn't cut a penny from the deficit in the last seven months of fiscal 2011. Over the next three years—through 2013—the spending reductions in this budget add up to a paltry $20 billion net, out of a projected $3.5 trillion deficit. That's a 0.57% reduction in red ink and less than what the feds spend every two days.

Click link for the rest of the article.

----

I've defended Obama a lot, but this new budget is a tad ridiculous, and definitely out of touch. The government and lots of contracting industries are slowing to a crawl without a budget, and putting out a DOA budget like this doesn't help anything. All he accomplished here was burning more tax-payer money printing out all those copies.

Starting to get sick of this...
 

Lanky Livingston

The Commissioner
Joined
Jul 15, 2009
Messages
27,017
Reaction score
0
Points
0
Location
Houston, TX

Florida Atlantic

The worst part is - Obama is actually polling very well right now, beating out all his potential Republican challengers. This budget was his chance to hit one out of the park, and solidify a second term. After this, he may not even run for a second term.
 

Alaskan

The 1st Round Pick
Joined
Oct 23, 2009
Messages
706
Reaction score
0
Points
0
Location
Anchorage, Alaska


The politicians think the voters are a bunch of ignorant, immature children that will hold their breath until they turn blue if they don’t get every new toy they see.

Unfortunately the politicians are right.
 

Henry

Coaching Staff
Staff member
Joined
Apr 12, 2009
Messages
9,835
Reaction score
155
Points
219
Location
Fairfax, VA


Despite the tightening in my chest I get from reading the article, at least the title gave me a chuckle.
 

Alaskan

The 1st Round Pick
Joined
Oct 23, 2009
Messages
706
Reaction score
0
Points
0
Location
Anchorage, Alaska


Despite the tightening in my chest I get from reading the article, at least the title gave me a chuckle.
No matter how tight your chest gets, if you ever have the urge to grace us with a Chris Lee photo, please resist.
 

Users Who Are Viewing This Thread (Total: 1, Members: 0, Guests: 1)

Private conversations
Help Users
    You haven't joined any rooms.
    Chat 0
    Top