The Truth President Obama: You Are Spending And Taxing The United States Into Radical Socialism And Bankruptcy!

Posted on March 25, 2009. Filed under: Blogroll, Books, Communications, Economics, Employment, Energy, Investments, Links, People, Philosophy, Politics, Quotations, Raves, Regulations, Resources, Taxes, Uncategorized, Video | Tags: , , , , , |

Obama Spends Recklessly

 red_socialism

 

Obama administration breaking the law


 

Summary of Americas Current Economic Condition

U.S. – A Nation of Debt

US National Debt Clock

http://www.brillig.com/debt_clock/

 

President Obama’s  2010 Budget Projected 

Budget Deficits

National Debt Increases

 2010_budget_-_deficit_and_debt_increases1

http://upload.wikimedia.org/wikipedia/en/3/3b/2010_Budget_-_Deficit_and_Debt_Increases.png

 

president_obama_budget_national_debt

http://www.heritage.org/Research/budget/bg2249.cfm

family_spending_per_household

 

Obama forecasts mammoth budget deficit

Among conservatives and libertarians President George W. Bush was a great disappointment in terms of massive budget deficits and running up the National Debt.

However, President Obama’s budget proposals would result in deficits over four times that of President Bush.

Even the Congressional Budget Office is characterizing the deficits as unsustainable.

In order to partially pay for these huge increases in government spending, a new tax on energy is being proposed–the cap and trade tax.

The cap-and-trade energy tax will impact every American that uses electricity, drives a car or truck, or buys goods and services from businesses who use electricity and transportation.

The cap and trade carbon tax’s real purpose is not to stop or mitigate man-made climate change by reducing carbon dioxide emissions.

Carbon dioxide is not a pollutant.

Nor is carbon dioxide or man’s carbon emissions the primary cause or driver of global climate change.

However, that is the story or fraud the radical socialist peddle to the ignorant.

The majority of American  people think it is rubbish.

They will not sit silently by as their electrical bills and gasoline prices rise due to a tax increase.

There will be a tax revolt over any proposed carbon or cap-and-trade tax.

Instead, the new tax will be used to fund a much bigger government and budget for Socialized Medicine, Alternative Energy subsidies for wind and solar power, even more money for education and massive bailouts for failing businesses.

Those who do not pay Federal Income Taxes now will still be hit with higher electricity bills and gasoline prices if the cap and trade  carbon tax is passed.

Furthermore, the deficits will need to be financed by selling Federal Government notes and bills.

This will significantly increase the National Debt from about $11 trillion today  to over $14 trillion by the end of 2012.

No wonder several countries including Communist China have proposed a new international reserve currency to replace the US dollar.

Amazingly the Treasury Secretary, Timothy Geithner, actually said it is an idea worth serious consideration.

President Obama quickly made it known at his press conference that he does not support a global currency.

World Government and New Global Currency – 3.24.2009 – Glenn Beck

Hear The Truth America news: Obama: ‘I don’t support a global currency’

President Obama is wrecking the US economy, destroying  jobs, and devaluing the US dollar, what did you expect from the most inexperienced and first radical socialist to be elected President.

Actually, I was expecting exactly this and tried to warn people about it, few were listening.

Now they are starting to listen and are getting sacred. 

America is turning against Obama

Soon, President Obama , you too will join Prime Minister Brown and become the devalued President of a devalued Government.

Daniel Hannan MEP: The devalued Prime Minister of a devalued Government 

obama_tax_increase

  

Background Articles and Videos

British Political Hero Daniel Hannan Talks with Glenn Beck

 

Deficit Projected To Swell Beyond Earlier Estimates

CBO Expects Trillions More in Borrowing

 

By Lori Montgomery

Washington Post Staff Writer
Saturday, March 21, 2009; Page A01

“…In the first independent analysis of Obama’s budget proposal, the nonpartisan Congressional Budget Office concluded that Obama’s policies would cause government spending to swell above historic levels even after costly programs to ease the recession and stabilize the nation’s financial system have ended.

Tax collections, meanwhile, would lag well behind spending, producing huge annual budget deficits that would force the nation to borrow nearly $9.3 trillion over the next decade — $2.3 trillion more than the president predicted when he unveiled his budget request just one month ago.

Although Obama would come close to meeting his goal of cutting in half the deficit he inherited by the end of his first term, the CBO predicts that deficits under his policies would exceed 4 percent of the overall economy over the next 10 years, a level White House budget director Peter R. Orszag yesterday acknowledged would “not be sustainable.”

The result, according to the CBO, would be an ever-expanding national debt that would exceed 82 percent of the overall economy by 2019 — double last year’s level — and threaten the nation’s financial stability.

“This clearly creates a scenario where the country’s going to go bankrupt. It’s almost that simple,” said Sen. Judd Gregg (N.H.), the senior Republican on the Senate Budget Committee, who briefly considered joining the Obama administration as commerce secretary. “One would hope these numbers would wake somebody up,” Gregg said.

In the first independent analysis of Obama’s budget proposal, the nonpartisan Congressional Budget Office concluded that Obama’s policies would cause government spending to swell above historic levels even after costly programs to ease the recession and stabilize the nation’s financial system have ended.

Tax collections, meanwhile, would lag well behind spending, producing huge annual budget deficits that would force the nation to borrow nearly $9.3 trillion over the next decade — $2.3 trillion more than the president predicted when he unveiled his budget request just one month ago.  …”

http://www.washingtonpost.com/wp-dyn/content/article/2009/03/20/AR2009032001820.html

 

The Obama Budget: Spending, Taxes, and Doubling the National Debt
by Brian M. Riedl
Backgrounder #2249

“…During his presidential campaign, President Barack Obama promised the American people a “net spending cut.”1

Instead, he signed a “stimulus” bill that spends $800 billion, and he has proposed a budget that would:

  • Increase spending by $1 trillion over the next decade;
  • Include an additional $250 billion placeholder for another financial bailout;
  • Likely lead to a 12 percent increase in discretion­ary spending;
  • Permanently expand the federal government by nearly 3 percent of gross domestic product (GDP) over pre-recession levels;
  • Raise taxes on all Americans by $1.4 trillion over the next decade;
  • Raise taxes for 3.2 million taxpayers by an average of $300,000 over the next decade;
  • Call for a pay-as-you-go (PAYGO) law despite offering a budget that would violate it by $3.4 trillion;
  • Assume a rosy economic scenario that few econo­mists anticipate;
  • Leave permanent deficits averaging $600 billion even after the economy recovers; and
  • Double the publicly held national debt to over $15 trillion ($12.5 trillion after inflation).2

Before the recession, federal spending totaled $24,000 per U.S. household. President Obama would hike it to $32,000 per household by 2019— an inflation-adjusted $8,000-per-household expan­sion of government. Even the steep tax increases planned for all taxpayers would not finance all of this spending: The President’s budget would add trillions of dollars in new debt.[1][2] …”

http://www.heritage.org/Research/budget/bg2249.cfm

 

Obama’s budget FOUR TIMES THE DEFICITS OF BUSH

“… President Barack Obama‘s budget would produce $9.3 trillion in deficits over the next decade, more than four times the deficits of Republican George W. Bush’s presidency, congressional auditors said Friday.

The new Congressional Budget Office figures offered a far more dire outlook for Obama’s budget than the new administration predicted just last month — a deficit $2.3 trillion worse. It’s a prospect even the president’s own budget director called unsustainable.

In his White House run, Obama assailed the economic policies of his predecessor, but the eye-popping deficit numbers threaten to swamp his ambitious agenda of overhauling health care, exploring new energy sources and enacting scores of domestic programs. …”

http://www.ireport.com/docs/DOC-233039

IOUSA part 1 of 8

 

IOUSA part 2 of 8

 

IOUSA part 3 of 8

http://www.youtube.com/watch?v=urd13kgsxs0&feature=related

 

IOUSA part 4 of 8

 

IOUSA part 5 of 8

 

IOUSA part 6 of 8

 

IOUSA part 7 of 8

 

IOUSA part 8 of 8

 

 

Obama’s New Budget Deficit Math
Lee Cary

“…So, President Obama is folding his $1 trillion stimulus package (when you roll in interest) into the ’09 budget deficit and hanging it around the previous administration’s neck. No surprise there. It’ll be positioned as his inheritance.

Let’s look back. Here’s the litany of Bush deficits from 2004-2008:

2004: $412.5 billion
2005: $318.6
2006: $247.7
2007: $162.8
2008: $454.8
Source – The Government Accounting Office (GAO) document, “A Citizens Guide to the 2008 Financial Report of the United States of America: The Federal Government’s Financial Health”

In old math calculations, the total deficit spending from 2004-2008 (the last 5 years of Bush’s second term in office) was $1.596 trillion and change.

At this point, approximately half of the expected (noted in the WaPo article) ’09 deficit of, at least, $2 trillion is additional spending passed under Obama’s watch. If there’s a second stimulus bill and another TARP, that deficit number will grow. A total $3 trillion deficit is not out of the question.

So, being fair (a concept important to the Obama administration), at least half of the eventual ’09 deficit will be owned by President Obama’s administration. So for comparative purposes between administrations’ deficits, ’09, as a bridge year, is a wash. So it’s,

2009: $1 trillion (Obama’s stimulus package with interest), plus $1.2 (Bush’s original deficit)

According to the Washington Post piece, Obama “proposes” to cut the deficit he inherited in half. Let’s add up the numbers for 4 years, as compared to Bush’s 5 years. Fair to the max.

2010: $1 trillion (“hovering near” – isn’t “hovering” almost always above?)
2011: $1 trillion
2012: (No number mentioned, so let’s do blue sky and assume $533 billion)
2013: $533 billion

That’s a total deficit increase during the Obama term of approximately $3.066 trillion. …”

http://www.americanthinker.com/blog/2009/02/obamas_new_budget_deficit_math.html

TESTIMONY

of

Patrick J. Michaels
Professor of Environmental Sciences
University of Virginia,
and Senior Fellow in Environmental Studies at Cato Institute

to the

Subcommittee on National Economic Growth, Natural Resources and Regulatory Affairs
U.S. House of Representatives

Carbon Dioxide: A Satanic Gas?

http://www.cato.org/testimony/ct-pm100699.html

Carbon Dioxide is Our Friend

Global Warming: How Hot Air and Bad Science Will Give You Staggeringly Higher Taxes and Prices.

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Budget of the United States Government

Fiscal Year 2010The Budget Documents

http://www.whitehouse.gov/omb/budget/

 


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lol. an amusing blog.


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