Obama urges creation of U.S. deficit panel

Discussion in 'Politics, Religion, Social Issues' started by KingYaba, Jan 24, 2010.

  1. KingYaba macrumors 68040

    KingYaba

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    #1
    Reuters

    Yea I'm not surprised by this. I think President Bush tried to do the whole green thing with alternative fuels or something with his state of the union address. A pressing need was it? Anyway, if Obama can be credited with reducing the deficit and overall government spending his 2012 bid will be a lot easier. I just hope he goes into detail explaining how. What programs are to be cut? What programs are to be scaled back? Specifics please.
     
  2. Peace macrumors Core

    Peace

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    #2
    This wasn't Obama's idea.

    "The plan has been offered by the top senators atop the Budget Committee, Kent Conrad, a Democrat form North Dakota, and Judd Gregg, a Republican from New Hampshire, who see it as the only way for Republicans and Democrats alike to take the leap into the treacherous business of curbing the deficit with politically unpopular tax increases and spending cuts."
     
  3. GfPQqmcRKUvP macrumors 68040

    GfPQqmcRKUvP

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    #3
    I'm hoping he goes into specifics too, but I doubt they're going to be what I like to hear. What I expect? A myriad of additional taxes on high-earners coupled with little to no spending reductions.
     
  4. NT1440 macrumors G4

    NT1440

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    #4
    While it sounds like a great idea, like most "bipartisan" efforts today I see it just becoming ridiculously polarized to the point where its just a bickering panel. Nothing will get done, but hey, its great PR.
     
  5. flopticalcube macrumors G4

    flopticalcube

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    #5
    Its going to be difficult. Expect cuts in military spending but little else. Half of all states have already run out of unemployment funds and are leaning on the Fed for more cash. If revenue doesn't start building soon, even bigger deficits look ever more likely, maybe even another stimulus package.
     
  6. CorvusCamenarum macrumors 65816

    CorvusCamenarum

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    #6
    Here's a radical idea: stop spending money. Stop spending money we don't have doubly so.
     
  7. Rodimus Prime macrumors G4

    Rodimus Prime

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    #7
    Looks like another things to add to the growing list of "Feel Good" ideas from Obama.

    Obama administration is looking like it will become known as the "Feel Good" administration.
     
  8. Eraserhead macrumors G4

    Eraserhead

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    #8
    Which is the best place to do the cuts. That money is largely wasted.
     
  9. ucfgrad93 macrumors P6

    ucfgrad93

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    #9
    Bingo, we have a winner!
     
  10. hulugu macrumors 68000

    hulugu

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    #10
    The US government can't just stop writing checks today without creating a ripple-effect so disastrous that whatever gains that might be temporarily made would evaporate in time.

    The reality is a fix will require both spending cuts and new taxes.

    Furthermore, what do you think should be cut? And, by how much?
     
  11. ucfgrad93 macrumors P6

    ucfgrad93

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    #11
    While I agree with that, the sad reality is that the government will most likely not deliver any substantial spending cuts. ALL departments should be cut. There should not be anything that is exempt from cuts.
     
  12. Desertrat macrumors newbie

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    #12
    The accumulated debts already racked up are already calculated to create deficits of around a trillion greenies a year for the next nine or ten years.

    Rocks and hard places. Budget cuts mean reduced incomes for those surviving via government spending. Tax increases during this Depression--which actually is just underway--can't be all that much, and certainly can't reduce the future deficits in any meaningful way.

    With the rate of monetization of our debt, at some point the dollar will resume its slide--which is the only way the government can reduce its debt: Inflate the currency, paying off with cheaper dollars. Which of course is why only our very short-term debt is selling. Foreigners aren't buying our long-term debt.

    But an inflated dollar means that whatever money you have will continue to buy less and less and less.

    That's the ongoing history of all fiat-money systems.

    Ah, well. No matter what this study group determines, any recommendations will impact the authority of the Speaker and of the Chairman of the House Appropriations Committee. Ought to be an interesting cat'n'dog fight.
     
  13. Shivetya macrumors 65816

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    #13
    Isn't this slated to not start until after the next election?
     
  14. Desertrat macrumors newbie

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    #14
    "Isn't this slated to not start until after the next election?"

    MIght do some good if that's the deal. But only if some of the wild-eyed spenders find a new line of work after November's election.
     
  15. hulugu macrumors 68000

    hulugu

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    #15
    I'll make you a deal, you get rid of yours, I'll get rid of mine. So to speak.
     
  16. Rodimus Prime macrumors G4

    Rodimus Prime

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    #17
    I expect to see otherss point bring that up later.

    I look over what Obama is wanting to do in the paper today. Lets just say it confirmed my thoughts on that this is nothing more than a "Feel good" thing.

    It does nothing to rain in the projected trillion dollar deficit for 2011. It cuts an entire 15 mil out of a trillion in the spending and we all know they will find a way to spend that extra 15 mil. The act "freezes" spending on none defense spending basicly and even then that not saying much and it clear to me that this is just there to make us "feel good" and it look like they are trying to rein it in but really it going to allow them to spend more and cover it up.

    This is a true "Feel Good". Got to love our "Feel Good" administration we have now.
     
  17. Eraserhead macrumors G4

    Eraserhead

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    #18
    Shocking. I wouldn't have guessed that for a minute.
     
  18. ucfgrad93 macrumors P6

    ucfgrad93

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    #19
    I was to cut $15 Billion, not million.;) The big thing about this was President Obama was only freezing discretionary spending. And unfortunately, that part of the budget is relatively small. Like you said, this is nothing more than a "look I'm trying to cut the deficit" and a feel good measure.
     
  19. Rodimus Prime macrumors G4

    Rodimus Prime

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    #20
    Those 3 zero could be important. The less than 15% of the project deficit was what I was thinking. either way it is chump changed and truly a feel good. Clinton tried to rein it in. I will cut bush some slack for 01-02 because the economy was in the crappier and 9/11 but he failed to address it when get spending under control by 03 he should of had to bring it down

    Obama I already can see going on a spending crazy not trying to rein it in just like Bush.
     
  20. Dont Hurt Me macrumors 603

    Dont Hurt Me

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    #21
    No one is going to tell these guys what to, I dont think they even care that they have run us into the ground. Just amazing, we really need a new revolution in this country to take back our govt that was suppose to represent us.
     
  21. flopticalcube macrumors G4

    flopticalcube

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    #22
    Clinton left a surplus, did he not? If you are going to cut Bush slack for 01-02 then you must certainly cut Obama slack for 09-10. This recession is far worse than the previous one and its entirely a different beast as well as there was no credit contraction last time. Generally when it comes to politicians and deficit spending, I never get the feeling that it has anything to do with them. As Nixon once said, "We're all Keynsians now."
     
  22. Thomas Veil macrumors 68020

    Thomas Veil

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    #23
    Maybe not a revolution, but something else. The Tea Party loons fancy that they represent The People, but in fact they're just one more flavor of the far right fringe. The Republicans are also on the right, and the Dems are center-right. That leaves nobody representing the rest of us, and if any new party ever needed to be formed, it is from the direction of the left.
     
  23. Eraserhead macrumors G4

    Eraserhead

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  24. flopticalcube macrumors G4

    flopticalcube

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    #25
    Oh dear...

    http://www.marketwatch.com/story/deficit-to-hit-13-trillion-in-2010-cbo-says-2010-01-26


    Deficit to hit $1.35 trillion in 2010, CBO says

    I would not expect any progress on the deficit until at least the next Presidential election.
     

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