Obama calls for 'smart' deficit reduction

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  • 0

    Serrano

    "After all, as we learned in the 1990s..."

    That government "surplus" was about as real as the dot com bubble economy.

  • 1

    zurcronium

    Serrano,

    sour grapes as usual. The budget surplus created by Clinton and the democrats was real and would have eliminated the US debt by now if bush had not cut taxes and tanked the economy. Facts.

    But regarding this article, Obama our second term by a landslide again black President, he said "smart": so that means no cooperation from the republicans. They still think cutting taxes is the magic potion that fixes the economy, as we have seen clearly in the last five years it does not. Still living in the 1980s they are.

  • -3

    Steve Christian

    Don't confuse budget surpluses with dollar amounts held that could actually dent the crushing public debt. Budget surpluses are not actual cash and don't come in amounts to do that. The US government has to borrow to have money for any budget. A budget surplus is basically money that America did not borrow, not money that America has left to spend.

    That said, America needs to real in the outrageous spending on the U.S. military that amount to high tech weapons we don't need and lining the pockets of a few rich men. This policy of outspending the world combined on the military will drag America down to the bottom.

  • 4

    noriyosan73

    This situation is just ridiculous. Just take the money out of foreign aid by an equal proportion. The USA taxpayers are impotent when it comes to influencing their congressmen. 8 billion dollars to Egypt is not appropriate when the USA taxpayer has to wait in longer lines for homeland insecurity to look through the underwear, which is the warning that is presented on the nightly news over and over. It is just another power game the President Obama and Mr. Boehner play to punish the USA taxpayers for electing them.

  • 0

    Laguna

    The US government has to borrow to have money for any budget.

    Sorry, Steve - not true. The budget includes payments to service the debt - i.e., to pay interest and principal payments on bonds with maturities of up to 30 years - so while a surplus does not erase the debt, it is an actual surplus of cash. The government could sit on it, could potentially retire debt early, could spend it, or could reduce revenues to make the surplus disappear. Bush obviously chose the latter case.

    Obama's mistake is going along with the wink-wink Republican pronouncement that they are very concerned with deficit reduction. They are not. They are interested in spending and tax reductions but don't have the cojones to specify what spending they would like to cut. Herein lies the problem: the GOP is demanding that the Democrats (either the President or the Senate) unilaterally propose a shift in sequestration cuts entirely away from the Pentagon to other discretionary spending without a penny of revenue; Democrats won't play this game again; thus, unless the sequestration law itself is abolished, it will happen as scheduled.

  • 0

    globalwatcher

    Agreed with Obamanomics.

    1)smart spending cut

    2)entitlement reform

    3) tax reform

    4) Job growth

  • 0

    Laguna

    Obama's so-called "on the block" jobs, are not all federally paid jobs, but state funded..

    The Federal government provides funds to states to help them meet local shortfalls. Obama was stating that these revenues would be decreased and was noting possible results. Certainly, states could cover the shortfall by raising their own taxes, but it is not a ploy. Even Republican governors are concerned about this.

  • 0

    Steve Christian

    Sorry, Steve - not true. The budget includes payments to service the debt - i.e., to pay interest and principal payments on bonds with maturities of up to 30 years - so while a surplus does not erase the debt, it is an actual surplus of cash.

    Yeah, but a man who is bankrupt can still have ten dollars in his pocket.

    When was the last time the U.S. Congress put together a budget that did not require borrowing? I can't answer my own question, but I bet was before Reagan. And that is my point. Congress is borrowing America into one tremendous hole. Whatever inflow there is, the outflow dwarfs it.

  • 3

    Laguna

    When was the last time the U.S. Congress put together a budget that did not require borrowing?

    In 2001.

    http://www.factcheck.org/2008/02/the-budget-and-deficit-under-clinton/

  • 0

    Serrano

    "automatic spending cuts threatening thousands of American jobs"

    Basically taxpayer-paid jobs, not private-sector jobs.

  • 0

    globalwatcher

    LagunaFeb. 24, 2013 - 09:37PM JST

    When was the last time the U.S. Congress put together a budget that did not require borrowing?

    In 2001.

    http://www.factcheck.org/2008/02/the-budget-and-deficit-under-clinton/

    Hey, I want Clinton back!!

  • -2

    Wolfpack

    Obama is a spending machine. He cannot be taken seriously as long as he continues to refuse to reform entitlement programs based on a 1930's view of governing. He will not even propose a serious budget to reform government; he can only double down on the same old failed and failing programs of the past. Anyone with a brain in their head knows that Obama's goal is to remake the US into a true European socialist state whereby the American tradition of individual rights is replaced by the backward notion of 'social justice'. This view of governing is basically to apply the police powers of the state to anyone that doesn't get with the Leftist program.

    Obama has run up more than $6 trillion in debt in just four years. Anyone trying to make the case that Obama has any interest at all in reducing the debt has an impossible task ahead of them. Obama- like Cheney - doesn't think that debt matters.

  • -3

    Lizz

    The best thing about the sequestration will be when all of Obama’s dire predictions don’t come true.

    Perhaps the citizenry will not be so afraid when next year's spending level is lower than the previous year's once they survive a few....

  • -1

    Surf O'Holic

    If Obama's so-called recovery is so heavily dependent on government-funded jobs, can it really be called a recovery? The loudest complainers about cuts are about military or military-related spending. That's an indicator of how government-dependency is the exact opposite of what an economic recovery should look. It's funded on the backs of the tax-extorted. The supposed cuts are like a sunburn: There'll be some pain, but not life-threatening. The lesson to be learned is to not get overexposed. But the lunkheads in charge will have learned nothing and will just continue getting overexposed, blisters and all. The cancer has now developed and requires surgery.

  • -3

    Lizz

    So, brace yourselves for a 3.95 percent decrease in government efficiency. If you actually had creative people in charge who know how to manage, I bet you could cut (I mean a real cut) 50% and they shouldn't miss a beat.

  • -2

    Vast Right-Wing Conspirator

    Why the constant hysterical language? The sequester is merely 3% of the federal budget. Plus, the federal budget is still higher than last year. The sequester merely slows the growth of the federal government.

    Howabout the politicians and govt workers all take a 5% pay cut? That would take care of a big part of these minor adjustments.

    The president GOT his revenue increases in the form of taxes. Now, the ball is in HIS court. Time to cut the fat and get some people off the gravy train.

  • 3

    SuperLib

    Wolfpack: Anyone with a brain in their head knows that Obama's goal is to remake the US into a true European socialist state whereby the American tradition of individual rights is replaced by the backward notion of 'social justice'. This view of governing is basically to apply the police powers of the state to anyone that doesn't get with the Leftist program.

    Sounds pretty paranoid to me.

  • 0

    Lizz

    The Constitution was written for one purpose, to limit the federal government.. no other reason.. and to make it responsive to the people it was originally intended to serve. Our representatives are elected not to "do well" or "transform" but to serve, defend and protect the Constitution. The entire Federal Government needs to be Sequestered with a meat cleaver to the point that the harm it inevitably does through corruption and waste at least stands a chance of being reduced or controlled.

  • 0

    Steve Christian

    In 2001.

    Thank you. I would have lost the bet,...but, one year hardly counts in decades of borrowing, especially considering that the whole time we were still deep in debt and the surplus hardly dented it.

    I don't want my point to get lost on these side issues. America is deep in hock. In the belief that we can spend our way out, the government has been borrowing under both Bush and Obama. But what needs to be done is to cut the fat. The military makes up far too much of the budget. Its either that or stop having the government subsidize Granny's meds...in fact, we might need to do both...but the military should be sharply reduced in expenditure.

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