Posts Tagged ‘imbalance’

Obama Leads U.S. To Largest Tax Month Deficit EVER RECORDED

May 14, 2010

It sounds pretty bad:

Federal budget deficit hits April record
By MARTIN CRUTSINGER, AP Economics Writer Martin Crutsinger, Ap Economics Writer   – Wed May 12, 6:40 pm ET

WASHINGTON – The federal budget deficit hit an all-time high for April as the government kept spending to aid the recovery while revenue fell sharply.

The Treasury Department said Wednesday the April deficit soared to $82.7 billion. That was significantly higher than last year’s April deficit of $20 billion and the largest imbalance for that month on record.

The government normally runs surpluses in April as millions of taxpayers file their income tax returns. However, income tax payments were down this April, reflecting the impact of the recession which has pushed millions of people out of work.

Total revenues for April were down 7.9 percent from a year ago.

The Obama administration forecast in February that the deficit for this year will hit an all-time high of $1.56 trillion, surpassing the current record $1.4 trillion set last year. Many private economists believe this year’s imbalance will be closer to last year’s figure and that deficits will remain high for years to come.

But as bad as that sounds, it’s actually EVEN WORSETwice as “worse,” in fact:

You have to love it….

U.S. posts record $82.69 billion deficit in April, 19th straight month of budget shortfalls – Reuters

Nonsense.

Here’s the REAL table of numbers from Treasury itself, including the theft from the FICA and Medicare accounts: (click for the larger copy)

If I did accounting like this I’d go to prison.

$82 billion my butt.  The real number is $175.6 billion, more than double the reported amount, and the cumulative year-to-date (calendar years) is $637.4 billion, or a run rate (annualized) of $1.912 trillion.

If you’re wondering why the “stock market” has been generally supported (even though it’s not up much from the first of the year) this is the reason – the government is spending roughly 13% of GDP beyond what it collects in taxes!

Oh, and April is “tax month” too, which means that those who owe have to settle up in April.  Of course those who get refunds…..

Don’t believe the reported numbers – as horrific as they are – for a second.

They’re more than twice as bad as are being reported.

Let’s see.  From a deficit of $20 billion last year to $175.6 billion this year.

Well, when unemployment spiked to 9.9% and the U-6 unemployment rate increased to 17.1% this month, Obama said it was “very encouraging.” So I guess this must actually be really good news, too.

Or not.  By which I mean, or not.

Unemployment is going to be sky-high throughout Obama’s failed presidency.  And that even according to the Obama administration’s own numbers.

We’re spending 13% more than we collect in taxes.  And it’s going to get worse and worse and worse.  Greece is just around the corner for us – and being Greece is not a good thing (and please notice that when the fit hits the shan, it’s going to be the political left that creates chaos and foments revolt).

Advertisements

Democrats With TWICE The Time Still Managed To Lose Health Care Summit

February 26, 2010

The breakdown as to the time spent talking at the health care summit:

Democrats: 114 minutes
Republicans: 110 minutes
Barack Obama (uber Democrat): 119 minutes

Which means that for every one minute Republicans were allowed to speak, Democrats allowed themselves more than 2 minutes to speak.

How bipartisan of them.

Obama by himself spent nine more minutes talking than he allowed the 17 Republicans combined to have:

“President Obama pledged to “listen” at the outset of his much-ballyhooed bipartisan health care summit on Thursday. Turns out he meant he’d be listening to his own voice.”

Obama acknowledged the massive disparity and the massive unfairness of the meeting this way:

“You’re right, there was an imbalance on the opening statements because – I’m the president.” Half the room laughed. “I didn’t count my time in terms of dividing it evenly.”

But that’s not the whole story.  Oh, no.  Obama not only gave himself more time to talk than all the Republicans combined, but he also gave himself more time to talk than all the other Democrats combined.

And Obama spent most of his time attacking the points made by Republicans, who were rarely ever allowed to respond and defend themselves as Obama dictated the event.

Throughout the event, Obama – ever the ideological moderator – remarked while Republicans were getting one of their rare chances to speak that they were behind the time schedule.  At one point while Republican Senator Dr. Tom Coburn was speaking Harry Reid said, “Mr. President, if I could just say, I’m not an expert on much but I am filibusters and we’ve got 40 members of Congress here.”  But the problem CLEARLY wasn’t Dr. Coburn and it clearly wasn’t the Republicans.  Rather, the problem was Obama and his “Help! I’m talking and I can’t shut up!” problem.

Still, as unfair and partisan as it was, it was still the closest by far and away that Democrats have been “bipartisan.”

The Democrats took unfair partisan advantage and cheated.  But the Republicans still kicked their asses today.

From Don Surber’s Daily Mail:

Rave reviews for Republicans

Their sampling of quotes:

CNN’s WOLF BLITZER: “It looks like the Republicans certainly showed up ready to play.” (CNN’s “Live,” 2/25/10)

CNN’s GLORIA BORGER: “The Republicans have been very effective today. They really did come to play. They were very smart.” (CNN’s “Live,” 2/25/10)

BORGER: “They took on the substance of a very complex issue. … But they really stuck to the substance of this issue and tried to get to the heart of it and I think did a very good job.” (CNN’s “Live,” 2/25/10)

BORGER: “They came in with a plan. They mapped it out.” (CNN’s “Live,” 2/25/10)

CNN’s DAVID GERGEN: “The folks in the White House just must be kicking themselves right now. They thought that coming out of Baltimore when the President went in and was mesmerizing and commanding in front of the House Republicans that he could do that again here today. That would revive health care and would change the public opinion about their health care bill and they can go on to victory. Just the opposite has happened.” (CNN’s “Live,” 2/25/10)

GERGEN: “He doesn’t have a strong Democratic team behind him.” (CNN’s “Live,” 2/25/10)

THE HILL’S A.B. STODDARD: “I think we need to start out by acknowledging Republicans brought their ‘A Team.’ They had doctors knowledgeable about the system, they brought substance to the table, and they, I thought, expressed interest in the reform. I thought in the lecture from Senator John McCain and on the issue of transparency, I thought today the Democrats were pretty much on their knees.” (Fox News’ “Live,” 2/25/10)

THE WEEKLY STANDARD’S STEVE HAYES: “I think to me the most important thing to come out of the morning so far is that Republicans have spent a great deal of time talking with great passion, and I think eagerness about their plans, detailing the plans that until this morning them Democrats had been saying didn’t exist. Well, you now see, I think, in great detail that Republicans do have plans, that they care about the same issues and that they feel passionately about it.” (Fox News’ “Live,” 2/25/10)

My take is this is health insurance is a boring topic that has shown just how boring and dull this president is. He is hopelessly lost in the Land of Actuarial Tables, where co-payments and deductibles reign.

I’m beginning to see why he keeps flogging this dead horse: He has nothing closer to a unicorn than this; it is all he knows.

There’s a lot more than that.  TPM provides another slew of liberals who basically give the Republicans the win including this one:

“I think it was a draw, which was a Republican win,” said Democratic political consultant Dan Gerstein. “The Republican tone was just right: a respectful, substantive disagreement, very disciplined and consistent in their message.”

If Democratic strategist Dan Gerstein says it was a draw, it was a Republican ass-kicking.

There were several moments that were illustrative of the sham of Obama’s faux-bipartisan summit (e.g., Obama’s personal attack against John McCain by telling him, “We’re not campaigning any more.  The election’s over” – which was a personally harsh and incredibly hypocritical charge given the fact that even Democrats acknowledge that Obama has done little BUT constantly campaign); but one moment stood out to me as summing up Obama’s strategy to forcibly twist the Republicans to either bow to his agenda or demonize them as “obstructionists”:

THE PRESIDENT: “Dave, I don’t mean to interrupt. But the — we’re going to have the whole section talking about deficits. And we can talk about the changes in Medicare. We were trying to focus on costs related to lowering families’. And the only concern I’ve got is — look, if every speaker at least on one side is going through every provision and saying what they don’t like, it’s going to be hard for us to see if we can arrive at some agreements on things that we all agree on.”

Let’s recap: The Republicans had asked/begged/demanded that Obama take the current 2,700 page Democrat bill off the table.  Obama refused.  And then Obama offered his own even worse and more expensive version of that 2,700 page Senate Democrat bill.

Obama and the Democrats used the word “agree” so many times that it was simply unreal.  Clearly, the idea was to represent the Republicans as being in substantial agreement with the Democrats’ bill, and then demand why they weren’t supporting a bill which they basically agreed with.

Only the Republicans DIDN’T agree with the Democrats’ 2,700 page monstrosity.  And they wanted to explain why.

This was unacceptable to Obama.  He wanted to make the Republicans appear to agree with him, so he could later demonize them as the obstructionist party of no.

If Obama had really wanted to seek agreement with the Republicans, he would have withdrawn the 2,700 page howitzer he was aiming at them.  And he would have taken off the table a second howitzer of using reconciliation (aka “the nuclear option”) to fundamentally change the Senate rules to shove that 2,700 page howitzer down the Republicans’ throats.

But he refused to do that.  He refused to allow the Republicans to talk about what they could agree on, and instead forced them to confront the 2,700 page ObamaCare boondoggle which they – and the overwhelming majority of the American people – had already completely rejected.

This was never about Obama seeking agreement from Republicans; this was all about attempting to use a “bipartisan summit” to make them look bad so he could demagogue them.

Only – too bad, so sad for Barry Hussein – the Republicans didn’t look bad.  In fact, they looked pretty dang good.

Judging from the polling, Americans overwhelmingly came away from the summit believing that it was nothing more than political theater.  Which was exactly what it was.

Obama Refuses To Take Any Responsibility For His Failing Presidency

December 10, 2009

There comes that moment in every great man’s life when he realizes that it’s time to put up or shut up.

Obama hasn’t reached that moment yet.  And I personally don’t believe he ever will.  Or even can.

Obama gave a speech at the Brookings Institute yesterday, December 8.  He said:

One of the central goals of this administration is restoring fiscal responsibility. Even as we have had to spend our way out of this recession in the near term, we have begun to make the hard choices necessary to get our country on a more stable fiscal footing in the long run. Despite what some have claimed, the cost of the Recovery Act is only a very small part of our current budget imbalance. In reality, the deficit had been building dramatically over the previous eight years. Folks passed tax cuts and expensive entitlement programs without paying for any of it – even as health care costs kept rising, year after year. As a result, the deficit had reached $1.3 trillion when we walked into the White House. And I’d note: these budget busting tax cuts and spending programs were approved by many of the same people who are now waxing political about fiscal responsibility while opposing our efforts to reduce deficits by getting health care costs under control. It’s a sight to see.

To begin with, sixty percent of the overall deficit from the last ten years has occurred during the last three year period that the Democrats have been in control of both the House and the Senate.  Any claim that Democrats were the fiscally responsible party is just frankly a complete lie.

And as we look to which party is accumulating debts that have never been seen in the history of the human species, take a look at this graph of reality, to the tune of Joe Wilson’s hit song, “You lie!”

Link

You don’t have to be an economist or financial expert to see that the Marxist red Obama bars utterly dwarf the gray Bush bars.

Let’s take a look at the real numbers:

The Obama Administration Budget released today contains a total $2.867 trillion in red ink, just 38 days after Obama’s inauguration on January 20.

In contrast, the Bush Administration ran up a $2.7519 trillion deficit over an 8-year period that included 7 years of war in Iraq and Afghanistan; the economic downturn after 9-11; the addition of a prescription drug benefit to Medicare; a massive increase in federal education spending under No Child Left Behind; and the current recession and 2008 Wall Street bailout.

Bush Surplus/Deficit Fiscal Years 2001-2008 (billions of dollars)
Congressional Budget Office (CBO) Statistics
2001    128.2
2002    -157.8
2003    -377.6
2004    -412.7
2005    -318.3
2006    -248.2
2007    -160.7
2008    -454.8
TARP    -750.0
Total  -2751.9

Obama Budget Deficit FY 2009/10*
Office of Management and Budget (OMB) Statistics
2010       -1750
2011       -1117
Total      -2867

*The Obama deficit total does NOT include the impact of the $787 billion Stimulus package approved by House Democrats in February.  It also excludes any effect of an Obama contingency request for an additional $750 billion to use for bank rescue.  If the contingency amount is included the total deficit for FY 2009/10 is $3.617 trillion

So what we basically learn is that Obama’s deficits in just two years are greater (which means worse) than Bush’s entire 8 years in office.  And if you factor in the spending that Obama racked up all by his lonesome, he accumulated greater deficits in just ONE year than did Bush in eight.

We need to realize that the $787 billion stimulus – which is not counted under Obama’s deficit that STILL outdoes the deficits racked up during Bush’s entire eight year presidency – was not a “mere” $787 billion.  It was actually $3.27 TRILLION according to the Congressional Budget Office.

As Newsmax reporter David Patton put it:

The gargantuan stimulus bill Congress has rubber-stamped with virtually no Republican support contains tens of billions of the very spending projects that made the legislation a lightning rod for criticism.

And although the bill is generally described as costing $787 billion, the Congressional Budget Office reports the actual figure is now closer to $3.27 trillion.

That stems from the $744 billion it will take to pay for the additional debt the legislation will create, and $2.527 trillion in increased spending from the new and expanded programs the bill will spawn over the next decade.

That put-us-into-the-poorhouse stimulus spending was ALL on Obama.  And while we go from fiscal year to fiscal year (i.e. October 1 to September 30) to “officially” calculate a president’s deficits, it is simply a moral crime to saddle George Bush with Obama’s $3.27 trillion porkulus that no Republicans voted for, and then blame Bush for the most massive spending program in human history that was passed by Obama and for Obama.

Nor do the numbers reflect that President Bush only used HALF of the $750 billion TARP money, and left the rest of it for Obama to spend.  That money all went on Bush’s deficit “tab,” but thanks to George Bush’s efforts, Obama got half of it for himself.  Pretty sweet deal for Obama.  And yet he still bit the hand that fed him:

(CBS/AP) Acting at Barack Obama’s behest, President George W. Bush on Monday asked Congress for the final $350 billion in the financial bailout fund, effectively ceding economic reins to the president-elect in an extraordinary display of transition teamwork.

Obama also sharply criticized Bush’s handling of the money and promised radical changes.

Bush’s move sets the stage for Obama to get swift access to the $350 billion and the opportunity to overhaul the much-criticized rescue package after taking office next Tuesday.

Bush’s classiness was outmatched by Obama’s classlessness.

In any event, no matter how you slice it, we are looking at Obama red ink that so profoundly drowns out the Bush red ink that only a fool would say anything else.

And yet that is precisely what Obama is doing.

Here we are, just today, with Democrats passing another $1.1 trillion in spending in a 1,088 page, earmark-laden pork package, with not one single Republican supporting it.

And they are determined to pass a health care that’s going to cost this country at least $2.5 trillion every ten years.

And take a moment to calculate America’s “share” of the $10 TRILLION dollar tab that Barack Obama and many in the Democrat Party are trying to commit this country to pick up in the guise of saving the planet from “global warming.”

We’re seeing more spending and more deficits and more debt under Barack Obama than any human being who has ever lived has ever seen in human history.  And he blames Bush for it?

What’s wrong with him?

Any real leader worth a dog turd in the back yard doesn’t waste time blaming the leader before him for problems.  Rather, he puts that “the buck stops here” sign on his desk, he takes responsibility for the situation he is facing, and he solves the problem.

If I had a nickle for every time Obama has said that he “inherited” the crises he is now facing, I would be very rich indeed.  As it is, the president who promised that he would put “an end to the petty grievances and false promises, the recriminations and worn-out dogmas that for far too long have strangled our politics” has defined himself by doing the precise opposite.  George W. Bush, by contrast, inherited a severe recession following the dot com bubble collapse beginning in December 1999 just as Clinton was leaving office that led to $10 trillion in equity being erased.  And of course he inherited the foreign policy and domestic security failures that led to the 9/11 attack – which damaged the economy even further.

But you didn’t find Bush giving speech after speech (or any speeches at all) blaming his predecessor.  Rather, Bush “manned-up” and took responsibility for the nation as it was.

That may be why Bush has made such a dramatic comeback in public opinion:

Perhaps the greatest measure of Obama’s declining support is that just 50% of voters now say they prefer having him as President to George W. Bush, with 44% saying they’d rather have his predecessor. Given the horrendous approval ratings Bush showed during his final term that’s somewhat of a surprise and an indication that voters are increasingly placing the blame on Obama for the country’s difficulties instead of giving him space because of the tough situation he inherited. The closeness in the Obama/Bush numbers also has implications for the 2010 elections. Using the Bush card may not be particularly effective for Democrats anymore, which is good news generally for Republicans and especially ones like Rob Portman who are running for office and have close ties to the former President.

More and more Americans are getting furious that Obama is spending all his time and energy blaming Bush for what is going on during Obama’s presidency.

The very real question is whether Obama can do anything OTHER than blame Bush.  Thus far, he hasn’t solved much of anything.