President Barack Obama is facing a $9 trillion deficit over the next 10 years and his administration expects to reduce it in four ways as reported by the Wall Street Journal:
-“White House economists expect the economy to recover more quickly thanks to the fiscal stimulus package, speeding growth and increasing tax revenues.” Hmm…would those be economists employed by Obama? That is why they think debt will lead to growth.
-“As Obama promised on the campaign trail, he’ll roll back the Bush tax cuts on families with income greater than $250,000 when they expire at the end of 2010.” So raising the taxes cuts out spending? The administration plans to close international tax loopholes as well which should lead to more revenue.
-“By “winding down the war” and reducing commitments in Iraq and Afghanistan, the administration is hoping to cut defense costs over time, although next year’s Pentagon budget will still exceed the current one.” I’m pretty sure we are sending a surge into Afghanistan so how does this work?
-And lastly, White House budget director Peter Orszag said increased efficiency in government spending would save taxpayers billions. Some savings will come in the form of cuts to agricultural subsidies. Other savings will come from eliminating inefficient measures, like tax credits that cost more than they are worth in taxpayer errors. “And spending on oversight, Orszag promised, would pay out $1.60 in savings for every dollar invested.” My goodness the backwards thinking of these people. I’m pretty sure that that sentence says spending right before savings. In the words of Newt Gingrich, “They think we’re dumb.”
So the president keeps up his double speak and magical tricks. There are no true cuts to spending. And keep in mind that this is projected out ten years so he is leaving much of the responsibility to another president. And we need $2 trillion in spending cuts now – starting with the porkulus bill.