Obama's Budget

[dgriffin]

Obama's Budget


Released today, Thursday, February 26, 2009

Main Points:

(adapted from: www.marginalrevolution.com/marginalrevolution/2009/02/obamas-budget-plans.html )


1. Obama wants the 2013 deficit to be half the size of the 2009 deficit he inherited.
2. The 2010 deficit is going to be large.
3. Specifically, we’ll go from $1.2 trillion in 2009 to $1.5 trillion in 2010 to $533 billion in 2013.
4. Spending cuts come from the expiration of stimulus money, from a reduction in “emergency” appropriations for Iraq and Afghanistan, from reductions in Medicare Advantage giveaways to private insurance firms, and from medical efficiencies.
5. Revenue enhancements come from the expiration of the Bush tax cuts, from ending the hedge fund manager’s loophole, and from carbon auction permits.
6. Overall, the idea is to get back down to a deficit of about 3 percent of GDP, but to have a better health care system when we do it.


“It’s a clear repudiation of Bush’s policy,” said Peter Morici, an economist at the University of Maryland in College Park. “It’s more Obama Robin Hood.”


Also see:





Obama's budget: $1.75-trillion deficit


www.swamppolitics.com/news/politics/blog/2009/02/obamas_budget_175trillion_defi.html

[gearofzanzibar]

Hear that rumble? That's the sound of Atlas shrugging.

[dgriffin]

Hahahahaha!

[dgriffin]

Obama's budget plan: At a glance


"Republicans are expected to maintain their position, established during the recent stimulus debate, that Obama is calling for too much spending, a bigger federal government and insufficient tax cuts. Democrats will be supportive, but some will question whether the plan goes far enough on healthcare and taxing the rich."


Read major points (at least, from the LA Times point of view) at:

www.latimes.com/news/nationworld/nation/la-na-obama-budget-qanda27-2009feb27,0,2672026.story

[gearofzanzibar]

One of the more glorious aspects of Pres. Obama's plans is the opportunity for all of us to not only pay off the mortgages of ne'er-do-wells that defaulted on their loans, but to actually fund a new government lending program so they can borrow even more money.

Too bad about all you suckers that actually payed your bills. Bwahahahahahahaha!

[Clipper]

Any bailout should be only for first mortgages, and not for the majority of those that seem to be needing a bailout, the ones that have a second mortgage loan on their homes. If they have decided to spend beyond their means and then borrow against their home, I can't feel too much sympathy for them. I don't object to helping those that need help because of failing economics and unemployment, but too much credit card debt, consolidated into a second mortgage doesn't warrant my personal sympathy.

[corner]

so let me get this straight i pay all my bills ahead of time pay my mortgage faithfully and i get "un gotz"? and the priveldge of contributing to paying off some dead beats mortgage!

[gearofzanzibar]

Feb 26, 2009 19:59:50 GMT -5 corner said:

so let me get this straight i pay all my bills ahead of time pay my mortgage faithfully and i get "un gotz"? and the priveldge of contributing to paying off some dead beats mortgage!

Welcome to the Obamanation (TM).

Hope and change!

[clarencebunsen]

CONGRESS' PORKY POLS PIG OUT ON FINE $WINE

www.nypost.com/seven/02262009/news/politics/congress_porky_pols_pig_out_on_fine_wine_157027.htm

"Among the recipients of federal largesse is the Polynesian Voyaging Society of Honolulu, which got a $238,000 "earmark" in the bill.

But the watchdog group Taxpayers for Common Sense calculates that there are an astonishing 8,570 earmarks at a cost of $7.7 billion.

The bill, which critics slammed as larded with pork, has big bucks to combat putrid stenches in the heartland, with $1.7 million for "Swine Odor and Manure Management Research."

That's on top of $1.9 million in each of the last two years, or nearly $6 million over the last three years.

Another earmark, by Rep. Howard Berman (D-Calif.) provides $200,000 for a "tattoo-removal violence-outreach program" in Los Angeles.

The funds would buy a tattoo-removal machine to help gang members erase signs of their past."

I can't think of a sarcastic comment to make.

[concerned]

the poor always reap the benefit from the rich i hear that all the time especially from those who are on the way to a hospital without any insurance.' So ya can't pay for . sign nothing and let the taxpayers pay for it." And the funny thing is that it works, lol and then they go to the disco

[frankcor]

I just watched a replay of the new HUD Secretary testifying before Dodd's Senate banking committee today. He and the senators were touting the fact that helping people refinancing loans at the expense of $75 billion will help prevent the average homeowner who does pay his bills from losing an average $6,000 on their homes.

Somehow they figure that if by helping these people avoid defaulting on their mortgages, it reduces the number of distressed sales that pull all the rest of our home values down.

I'm not sure that I don't prefer taking the$6,000 hit. But that's how they reason things in Washington.

[corner]

SOCIALISM/MARXISM

[dgriffin]

Feb 26, 2009 20:45:39 GMT -5 frankcor said:

I just watched a replay of the new HUD Secretary testifying before Dodd's Senate banking committee today. He and the senators were touting the fact that helping people refinancing loans at the expense of $75 billion will help prevent the average homeowner who does pay his bills from losing an average $6,000 on their homes.

Somehow they figure that if by helping these people avoid defaulting on their mortgages, it reduces the number of distressed sales that pull all the rest of our home values down.

I'm not sure that I don't prefer taking the$6,000 hit. But that's how they reason things in Washington.

Yes, that's in the White House official statement. I have tghe PDF, but can't find the original on line. Essentially, "we've improved your neighborhood by reducing foreclosures, so on average your house won't lose $6,000 more value. Aren't you lucky we're in office?" Expect that figure multiplied the number of American homes to be massaged and trumpted as a "gift" from the Administration.

There's a Q&A here, but it doesn't answer the tough questions:

www.whitehouse.gov/blog/09/02/18/Help-for-homeowners/


For example, why limit the program to homepwmerss whose mortgage is under 105% of the current value of the home? (In another thread, I've suggested a possible reason.)

What would be helpful is "an example sheet that will show you what options might be available to you, depending on the circumstances of your mortgage..." But the link to that page from the above website didn't work for me. Let me know if it works for you.

The White House also announced that "details will be announced on March 4th."

Gear, I'm sort of thick. Do I pronounce Obamanation as abomination?

I don;t think I've had so much fun in 8 years bashing an administration!

[frankcor]

If the details announced on March 4 are lacking in detail, expect another 10% hit to the Dow.

[dgriffin]

Battle Lines Quickly Set Over Planned Policy Shifts



Massive Budget Marks Largest Ideological Swing Since the Reagan Era



Battle lines are rapidly hardening over the broad policy shifts, massive deficits and tax increases President Obama unveiled last week in his first budget request, a 10-year spending plan thick with political friction points.

Yesterday, the president used his weekly radio and Internet address to declare his budget plan a fundamental reordering of federal priorities that would deliver "the sweeping change that this country demanded when it went to the polls in November."

The budget proposal "reflects the stark reality of what we've inherited: a trillion-dollar deficit, a financial crisis and a costly recession," Obama said. He warned off lobbyists and other critics, who, he said, "are gearing up for a fight as we speak."

"My message to them is this: So am I," he said. "The system we have now might work for the powerful and well-connected interests that have run Washington for far too long, but I don't."


www.washingtonpost.com/wp-dyn/content/article/2009/02/28/AR2009022801960.html?hpid=topnews


A thought. What if someone had a plan to run us so far into debt and drive small companies out of business that we all wound up wards of the state?












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