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News & Politics News & Politics

Obama Plan Projects National Debt to Reach 20 Trillion if Re-Elected

Posted by on Mar. 21, 2012 at 11:43 AM
  • 66 Replies
5 moms liked this

This is according to HIS budget predictions...

http://m.cbsnews.com/fullstory.rbml?...3&videofeed=39


" If Mr. Obama wins re-election, and his budget projections prove accurate, the National Debt will top $20 trillion in 2016, the final year of his second term. That would mean the Debt increased by 87 percent, or $9.34 trillion, during his two terms."

Remember Romney asking young people how they could vote for someone putting all this debt on their shoulders?

"Mr. Obama doesn't mention the National Debt much, though he does want to be seen trying to reduce the annual budget deficit, though it's topped a trillion dollars for four years now.

Don't forget the "Win the Future" program, where Mr. Obama called for "taking responsibility for our deficits, by cutting wasteful, excessive spending wherever we find it."

How can this possibly be good for America?  How can Americans support this? Yes, we've undergone an economic crisis but we have to aspire to better than this mess, we have to aspire and work for fiscal responsibility!

by on Mar. 21, 2012 at 11:43 AM
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Replies (1-10):
_Kissy_
by on Mar. 21, 2012 at 11:45 AM

And there will never be another internet boom to get rid of the defecit. its here to stay.

Meadowchik
by Gold Member on Mar. 21, 2012 at 12:02 PM
9 moms liked this


Quoting _Kissy_:

And there will never be another internet boom to get rid of the defecit. its here to stay.

That's like me saying,  "I won't pay off my mortgage in my lifetime, so heck, let's add another wing on the house and increase our debt!  Let the great-great-great grandkids worry about it!"

What an empty, hollow, morally-bankrupt approach.  We have a balance to consider...we're losing our grip as the world's reserve currency...the more careless the US is in fiscal policy, the more other nations' confidence in us weakens, and therefore the more we are weakened...that's just one of a multitude of reasons to reign in spending and deficits, and by extension, ultimately, the national debt.

ExecutiveChick
by Silver Member on Mar. 21, 2012 at 12:16 PM
1 mom liked this

Scares the hell out of me. This debt will haunt my children and grand children for their entire lives. It's the extreme version of the Baby Boomer mentality of "Die Broke" where you spend as much as you can while you can and time it so that when you die, you are either broke or in debt. Look out for yourself and let your family worry about themselves.

Sad!

tnmomofive
by Silver Member on Mar. 21, 2012 at 12:25 PM

BUMP!

tnmomofive
by Silver Member on Mar. 21, 2012 at 12:31 PM

BUMP!

erika9009
by Silver Member on Mar. 21, 2012 at 12:34 PM
6 moms liked this

It makes me ill thinking the baby I just gave birth to last month, Olivia, has to pay off what Pres Obama is doing right now.

I really have to wonder if he is not trying to destabilize things so he can come in and make huge changes that he can't do now because of silly things like the constitution (sarcasm).  I know that's how George Sorros likes to work.  Look at his "handy work" in Europe.

Erika..

Children are a blessing and are never inconvenient.............

Meadowchik
by Gold Member on May. 17, 2012 at 4:08 PM
1 mom liked this

 Our family made sacrifices to pay off our credit-card debt; it was a liberating thing. 

As for the national debt, I'm not naive, it is nearly unimaginable in magnitude...but, I don't like the kind of control over America that the debt is taking out of Americans hands the larger and larger it gets.

 

Pema_Jampa
Report
Happy Halloween!
Yesterday at 10:25 AM
by 2HotTacoTini on May. 17, 2012 at 4:20 PM
1 mom liked this

The problem with Romney's promises on the debt

News Analysis

Mitt Romney is claiming that, if he is elected, he will start to put out the "prairie fire of debt" sweeping the nation. 

But his tax plan, in its current form, would instead feed the flames.

Romney is proposing to cut the top income tax rate from 35 percent to 28 percent and cut other tax rates by 20 percent, among other tax cuts. That would reduce revenue to the federal government and increase the debt and deficit, according to nonpartisan analysts.

Romney says he will offset this lost revenue in part by eliminating deductions and loopholes in the current tax code. Yet he is decidedly mum on exactly which deductions and loopholes he will eliminate. An email to the Romney campaign asking if and when the candidate would fill in the details of his plan was not returned.

Romney has good reason to be vague: Explaining exactly what tax breaks he would eliminate means potentially angering the voters who would be affected. But his decision not to offers details leaves Americans with no choice but to consider the plan as it now stands. According to a March Tax Policy Center analysis, Romney's plan would add $900 billion to the deficit in 2015, when his proposed changes would go into full effect. 

Romney claims that, under his leadership, "[w]e will stop borrowing unfathomable sums of money we can't even imagine, from foreign countries we'll never even visit." The Congressional Budget Office is projecting a $1.17 trillion budget deficit for the budget year that ends in September. If the deficit otherwise stays steady, Romney's tax plan in its current form, with its projected $900 billion in lost revenue, would push that to more than $2 trillion. His plan to increase defense spending would push it even higher -- one analysis found Romney's proposals would mean $2.1 trillion in additional military spending over a decade.  

It appears, then, that if Romney wants to fulfill his promise to "stop borrowing unfathomable sums of money" while dramatically cutting taxes, he'll have to eliminate more than $2 trillion per year from the federal budget. (Even if the as-yet-unspecified offsets save $500 billion, he'd still have to eliminate more than $1.5 trillion.) The federal government spent $3.6 trillion in fiscal year 2011,according to the Center on Budget and Policy Priorities

Twenty percent of the 2011 budget, or $718 billion, went to defense spending, a figure that Romney says he wants increased. Romney's proposal, with its reduction in tax receipts, would thus leave less than $1 trillion (or $1.5 trillion with the offsets) for everything else. To get there would mean drastic cuts to Social Security, Medicare, education and infrastructure programs, benefits for veterans, medical research, the FBI and border control, safety net programs that keep millions out of poverty and other federal spending. Romney does say his tax plan will gave the economy a boost, which would mean there is more overall economic output subject to taxation. But even if the boost goes beyond economists most optimistic projections, severe cuts would still be needed.

Romney has proposed immediately cutting non-security discretionary spending by five percent upon taking office, which falls far short of the cuts needed to balance the budget. He has offered broad plans to reform entitlement programs and "streamline" government, but details are vague, and the proposals do not seem to approach the massive spending cuts that would be necessary to eliminate the deficit.

Romney has also endorsed the House GOP budget plan, also known as the Paul Ryan plan. That plan, which proponents say would cut spending by $5.3 trillion over a decade in part by replacing Medicare with a subsidy for seniors to buy health insurance, would also fall short. 

Romney's campaign would surely quibble with some of the specifics of this analysis, and when you're considering complex budgetary figures and projections, there is room for discussion. But the overall picture is difficult to dispute: If Romney is going to fully put out the "prairie fire" of debt in conjunction with his current proposal to cut taxes, he'll have to preside over the sorts of cuts to federal spending that would dramatically reshape American life. And if he pushes through those tax cuts without huge offsetting cuts to federal spending, then the "prairie fire" is going to keep on burning.

Meadowchik
by Gold Member on May. 17, 2012 at 4:30 PM
2 moms liked this

 A bunch of outside speculation and guessing, here:

Quoting Pema_Jampa:

The problem with Romney's promises on the debt

News Analysis

Mitt Romney is claiming that, if he is elected, he will start to put out the "prairie fire of debt" sweeping the nation. 

 

But his tax plan, in its current form, would instead feed the flames.

 

Romney is proposing to cut the top income tax rate from 35 percent to 28 percent and cut other tax rates by 20 percent, among other tax cuts. That would reduce revenue to the federal government and increase the debt and deficit, according to nonpartisan analysts.

 

Romney says he will offset this lost revenue in part by eliminating deductions and loopholes in the current tax code. Yet he is decidedly mum on exactly which deductions and loopholes he will eliminate. An email to the Romney campaign asking if and when the candidate would fill in the details of his plan was not returned.

 

Romney has good reason to be vague: Explaining exactly what tax breaks he would eliminate means potentially angering the voters who would be affected. But his decision not to offers details leaves Americans with no choice but to consider the plan as it now stands. According to a March Tax Policy Center analysis, Romney's plan would add $900 billion to the deficit in 2015, when his proposed changes would go into full effect. 

 

Romney claims that, under his leadership, "[w]e will stop borrowing unfathomable sums of money we can't even imagine, from foreign countries we'll never even visit." The Congressional Budget Office is projecting a $1.17 trillion budget deficit for the budget year that ends in September. If the deficit otherwise stays steady, Romney's tax plan in its current form, with its projected $900 billion in lost revenue, would push that to more than $2 trillion. His plan to increase defense spending would push it even higher -- one analysis found Romney's proposals would mean $2.1 trillion in additional military spending over a decade.  

 

It appears, then, that if Romney wants to fulfill his promise to "stop borrowing unfathomable sums of money" while dramatically cutting taxes, he'll have to eliminate more than $2 trillion per year from the federal budget. (Even if the as-yet-unspecified offsets save $500 billion, he'd still have to eliminate more than $1.5 trillion.) The federal government spent $3.6 trillion in fiscal year 2011,according to the Center on Budget and Policy Priorities

 

Twenty percent of the 2011 budget, or $718 billion, went to defense spending, a figure that Romney says he wants increased. Romney's proposal, with its reduction in tax receipts, would thus leave less than $1 trillion (or $1.5 trillion with the offsets) for everything else. To get there would mean drastic cuts to Social Security, Medicare, education and infrastructure programs, benefits for veterans, medical research, the FBI and border control, safety net programs that keep millions out of poverty and other federal spending. Romney does say his tax plan will gave the economy a boost, which would mean there is more overall economic output subject to taxation. But even if the boost goes beyond economists most optimistic projections, severe cuts would still be needed.

 

Romney has proposed immediately cutting non-security discretionary spending by five percent upon taking office, which falls far short of the cuts needed to balance the budget. He has offered broad plans to reform entitlement programs and "streamline" government, but details are vague, and the proposals do not seem to approach the massive spending cuts that would be necessary to eliminate the deficit.

 

Romney has also endorsed the House GOP budget plan, also known as the Paul Ryan plan. That plan, which proponents say would cut spending by $5.3 trillion over a decade in part by replacing Medicare with a subsidy for seniors to buy health insurance, would also fall short. 

 

Romney's campaign would surely quibble with some of the specifics of this analysis, and when you're considering complex budgetary figures and projections, there is room for discussion. But the overall picture is difficult to dispute: If Romney is going to fully put out the "prairie fire" of debt in conjunction with his current proposal to cut taxes, he'll have to preside over the sorts of cuts to federal spending that would dramatically reshape American life. And if he pushes through those tax cuts without huge offsetting cuts to federal spending, then the "prairie fire" is going to keep on burning.

 

"We have a moral responsibility to not spend more than we take in." -Mitt Romney 2012

Visit Mitt Romney for President, CafeMom Group

Jambo4
by Gold Member on May. 17, 2012 at 10:57 PM
4 moms liked this

I am just sitting here shaking my head... 

I hope the American public really thinks about this and votes accordingly rather than for somebody that would be "fun to shoot hoops with"

It's time for a real president, not Barry, your Buddy

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