(2009-02-24) — Just a day after President Barack Obama announced he would reduce the federal deficit by half, even while spending more than a trillion dollars on various bailout and stimulus plans, the White House revealed how the president’s plan would work.
“As President Obama always says, he inherited this $1.2 trillion deficit after the demise of the Bush administration,” said White House spokesman Robert Gibbs, “The inheritance tax rate in the U.S. is 55 percent, after the first $3 million or so. So, that’s about $660 billion in inheritance tax revenue which the president will then use to reduce the federal deficit…actually by more than half.”
The Obama administration plan to pay down the deficit by taxing it, said Mr. Gibbs, “is based on the same principle as the stimulus plan, which rescues the nation from a credit crisis by borrowing nearly a trillion dollars.”
46 responses so far ↓
1 camojack // Feb 24, 2009 at 7:07 am
How’s he going to pay off his own deficit?
It makes the one he inherited look like a bargain…
2 mig // Feb 24, 2009 at 7:17 am
Obama is in competition with counterfeiters and determined to win. Just keep printing, just keep printing (sung to the tune by Dory the fish: Just keep swimming)
3 gafisher // Feb 24, 2009 at 7:31 am
Re#2: “Dory the fish” ???
Pardon my cultural poverty, but …
wv - plants blaze - When
MosesBO got the roadmap to the Promised Land.4 gafisher // Feb 24, 2009 at 7:42 am
Barry has obviously learned something from the business world — mark it up, then advertise a discount from the inflated price as a “sale.” Once he’s multiplied the long-term deficit by ten, dropping it to “just” 500% will seem like a bargain.
5 Fred Sinclair // Feb 24, 2009 at 7:54 am
A bankrupt government is going to bailout a bankrupt economy?
Isn’t that the old “1 negative + 1 negative = 1 positive mathematics my schoolteachers taught me didn’t work? They taught that 1 negative + 1 negative = 2 negatives. somebody’s math is askew.
From prior thread - just posted it when this one popped up but worthy of reposting.
Date: 2/23/2009 6:22:23 PM Eastern Standard Time
Alan Keyes tells it exactly as it it is… bigg bill
http://www.youtube.com/watch?v=lqkMfToY9Pk&eurl=http://www.politicususa.com/en/Keyes-Obama
6 Hawkeye // Feb 24, 2009 at 7:57 am
After borrowing a trillion dollars to spend money on Liberal causes, Obama will cut the deficit by ending programs Conservatives favor. Like the Bush tax cuts for starters. Not only will the Bush tax cuts go away, but more new taxes will be invented. Stay tuned…
7 egospeak // Feb 24, 2009 at 8:13 am
ET, re: 59 previous thread,
My suggestion is not to deny the vote to anybody. The point is for people to have a stake in the country, especially its future.
You must be aware that one of the characteristics of a republic devolving into a democracy into anarchy and eventual tyranny is when segments of society realized they can vote themselves benefits at the expense of others in society.
It is my belief that if those that have a stake in the country (income tax payers) are the ones who can vote, they will be less likely to abuse that power at the expense of others who don’t have that franchise, and that those that don’t have it will be more likely to look for work so that they will have it, cause all you’d have to do to have it (the right to vote) is have a job.
Consider me naive or foolish if you want, but how’s our current system working out?
Regards,
ps - no comment on my last post #284 on the “$50 Billion” thread?
8 boberinyetagain // Feb 24, 2009 at 8:13 am
There had better be some new taxes…and soon. I’m not sure how anyone thinks we can get out of this without them…
Good one Scott!
9 Fred Sinclair // Feb 24, 2009 at 8:20 am
It was on the news today that Barney Frank wants to cut the DOD funding by 25%.
American Thinker Blog: Great News: Barney Frank says Dems will cut defense, raise taxes, and spend lots of money
BO has said he wanted to lower the funding by 10% recently.
Hot Air » Blog Archive » A 10% cut at the Pentagon?
“[W]hen the resolution of enslaving America was formed in Great Britain, the British Parliament was advised by an artful man, - who was governor of Pennsylvania, to disarm the people; that it was the best and most effectual way to enslave them; but that they should not do it openly, but weaken them, and let them sink gradually, by totally disusing and neglecting the militia.”
-George Mason, speech in the Virginia Ratifying Convention, 14 June 1778
10 boberinyetagain // Feb 24, 2009 at 8:35 am
So Fred…if we cut Pentgon funding by 10% we will become enslaved? Thats’ quite a leap there big fella
11 Newsman // Feb 24, 2009 at 9:38 am
I think that Obama ought to tax scrappler postings by the ‘word’.
Our government would be out of its financial hole by this July 4th at the latest !
12 pauls // Feb 24, 2009 at 9:51 am
#3: It’s from “Finding Nemo”.
Maybe we should just tax a few more inheritances…like Ted Kennedy and Jay Rockefeller (sp?)?
13 Ms RightWing, Ink // Feb 24, 2009 at 9:54 am
To the tune of the Music Goes Around (whoa ah whoa* ) and it Comes Out Here-so goes the taxes, it goes around and around but where will it come out?
#Censored#
*shades of Betty Boop
14 mig // Feb 24, 2009 at 10:59 am
gafisher #3 Here
15 upnorthlurkin // Feb 24, 2009 at 11:59 am
Bob - How about cutting spending??!!
I know it’s a completely foreign concept to you whiney libs who think you’re entitled to your neighbors’ (obviously ill-gotten) gains, but the way out of this is certainly NOT more taxes!
You want to see the economy start recovering…..convince Dumbo to announce he’s going to make President Bush’s tax cuts permanent!!
16 boberinyetagain // Feb 24, 2009 at 12:38 pm
upnorth, what are you currently getting from the gummint that you’d be willing to live without either personally or for your family/town/county/ state/whatever? Don’t you approve of unemployment benefits…roads…bridges…a whole host of things…
The deficit just a few months back was nearly identical to the amount of tax cuts George enacted. Let’s do the math…the rich kept more of your and my money. That sounds good, let’s do that some more…
17 boberinyetagain // Feb 24, 2009 at 12:42 pm
and be careful what you wish for…they are going to cut spending…mark my words…and that’s when the real wailing and gnashing of teeth will begin in earnest…higher taxes, fewer services…but at least the Iraqis get to vote. Aren’t you happy about that? You should be, you paid for it then and will continue for many. many years. Keep me posted as to how that works out for you. I’m sure they are very grateful…truly they are. That’s why they hurl shoes…to convey the deep loving feelings they harbor
18 upnorthlurkin // Feb 24, 2009 at 1:02 pm
You’re not really that stupid are you, Bob?! My state will be just fine thank-you…We’re one of the only ones not suffering in this economy. We don’t spend what we don’t have….like my husband and I. We pay off our credit card every month. We have a mortgage but otherwise when we want something, we save (read sacrifice) until we can afford it. The government has proved time and time again, they are the worst at handling my money. Just look at what a good job they’ve done with Social Security, medicare, medicaid…
And yes, I am proud the Iraqis can now vote. You, sir are a bigot.
19 upnorthlurkin // Feb 24, 2009 at 1:04 pm
Revenue to the government is about $1.2 trillion right now…..don’t you think that’s enough??!!
20 Tinman // Feb 24, 2009 at 2:06 pm
An email I received from “My Word”.
Obama; Now, my administration inherited a deficit of over $1 trillion, but because we also inherited the most profound economic emergency since the Great Depression, doing little or nothing at all will result in even greater deficits, even greater job loss, even greater loss of income, and even greater loss of confidence.
It might be technically true that his Presidential Administration inherited it, but he himself did not. No, he created it. Before being elected President Barack Obama was a Senator in a party that controlled both houses of Congress with a lame duck President. From 2006-present, the economy has faltered increasingly. However, the big crash happened while he was a senator at a time when Congress ruled the land (ie a lame duck Presidency). Yes, President Bush still had some power, but the majority of power was with the Democratic Party-controlled Congress; with Senator Obama’s Congress. Add to that the fact that President Bush was unusually catering to Pres-elect Obama after the November election, and not only did Bush consult with Obama, but at Obama’s urging he authorized the bailouts for insurance company AIG, for car corporations, and for the $700billion TARP fiasco. Obama himself URGED the first $700billion, the deficit “his administration” inherited was created by a budget that he and his party created in Congress just prior to his election as President.
No, Obama did not inherit the bad economy. He created it, and shame on him for misrepresenting its origin by sly wording rather than honest and genuine admission of mistakes. Bush had enough mistakes to take responsibility for, and the time for scapegoating passed when millions of Democrats (filled with the spirit of hope, change, and bi-partisan unity) booed the figurehead of 46% of the nation as his helicopter left the Inauguration.
Obama and the Democrats created the bad economy, it happened on their watch-because of their budgeting, their bailout demands, and their poor choices. Time to man up Mr President.
21 boberinyetagain // Feb 24, 2009 at 2:57 pm
Your state will be “just fine”?
And you’re asking if I’m stupid?
ok then, good luck with that
22 upnorthlurkin // Feb 24, 2009 at 2:57 pm
Bob, I don’t know why I bother, but this is one of the reasons I’m still proud of our mission in Iraq! There are countless positive stories out there that will warm your heart if you bother to read them.
Oops! According to Gallup, Ackbar’s approval ratings are lower than Carter’s at this stage of his presidency!! And we thought nobody could be worse than Jimmah!!
23 boberinyetagain // Feb 24, 2009 at 2:58 pm
tinman, watch the address tonight then get back to me
24 upnorthlurkin // Feb 24, 2009 at 3:00 pm
My state has a budget surplus and they are going to return the excess to the residents of the state (who have been overtaxed and to whom the money belongs…..funny, huh?!)
25 MajorDomo // Feb 24, 2009 at 3:50 pm
For the edification of President Empty Suit and his sycophants, Doing nothing is far better than doing the wrong thing.
.
All this upside-down stuff about paying off debt reminds me of the Democrat Math, invented 20-odd years ago, when Republicans efforts to reduce a Medicare increase from 11 percent to 7 percent was hailed by Democrats and their press minions as a medicare cut that would throw old folks out in the street. You just have to understand the way tax-and-spend Democrats juggle numbers.
26 MajorDomo // Feb 24, 2009 at 3:54 pm
.. and how they juggle words. Whenever you heqr a Democrat talking about “investing”, you know they mean “spending”.
27 Newsman // Feb 24, 2009 at 4:00 pm
Hey Tinman:
How is it possible a new Junior senator can possibly create so much financial havoc and almost ruin a nation in so short a time ???
There are many polished pols in DC that have been trying to merely put their own socks own every day and haven’t been able to figure that out so this Obama fella must be a friggin genius to do so much in so little time !
28 mig // Feb 24, 2009 at 4:07 pm
There is no doubt that Obama can speak and deliver a message, that’s how he got elected. The great orator. But he will be nothing more than a campaigner. When it comess to putting his foot where his mouth is well . I can not take credit for finding this but I will surely pass it on. Respect the office, respect the office, respect the office. wow. Still hard.
29 egospeak // Feb 24, 2009 at 5:09 pm
Re: 32
Diebold fixed the election? Really?? For some reason I don't remember that being front page news… ever. How in the world did the MSM miss that one? I guess it doesn't matter that in 2001 numerous news organizations (NY Times , LA Times and others) went to Florida and did their own recounts and Gore never came out ahead. Never. Not once. It is more than 8 years later and still no one has proved that Gore won. How much time do you need? You don't have to agree with me, but you are not entitled to your own set of facts.
My suggestion or wish is not a product of Medo-Persian law so it is flexible enough to make allowances such as the one you bring up. The point of the suggestion is to get people off the government dole and into having a stake in the country, its future and its betterment. My apologies if it was too sophisticated for you to understand.
Attributed (but unverified) to Alexander Tytler, 1770 "Cycle of Democracy". "A democracy cannot exist as a permanent form of government. It can only exist until the voters discover they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising them the most benefits from the public treasury, with the result that a democracy always collapses over a loose fiscal responsibility, always followed by a dictatorship. The average of the world's great civilizations before they decline is 200 years. These nations have progressed in this sequence: from bondage to spiritual faith; from spiritual faith to great courage; from courage to liberty; from liberty to abundance; from abundance to selfishness; from selfishness to complacency; from complacency to apathy; from apathy to dependency; from dependency back again to bondage." I thought my brief paraphrase was rather close actually and am astonished that you are unfamilar with it. Do you really believe that it is my paraphrase that is tyrannical?
Where is your outrage at various Democratic administrations (dating back to Carter) and democratic organizations (ACORN among them) that demanded under the force of law (Justice Dept) or community pressure (you're racist if you don't) that banks make home loans to those that did not have the ability to pay them back? Where is your outrage at Democratic congessmen and senators (Barney Frank and Christopher Dodd among others) who denied there was a problem and blocked any reforms proposed by the Bush administration by playing the race card?
Where is your outrage at Timothy Geithner, Tom Daschle, Eric Holder? Where is your outrage over Obama's lie about there being no pork in the stimulus bill? I could go on, so spare me your sanctimonious demands about my outrage.
You complain about whining republicans but all you've done since I came to Scrappleface two and a half years ago is b**ch, b*t*h and bit*h some more about Bu$hitler and Darth Cheney. Physician heal thyself.
BTW, ACORN members in several states were accused and I believe indicted for vote fraud before the election. Guess you forgot about that.
I absolutely believe that we will one day meet a force of which we never dreamed because nobody knows more thugs than democrats.
Regards,
30 Left Coast-Right Mind // Feb 24, 2009 at 4:29 pm
Sure am looking forward to President Obama’s address tonight. The past 36 days have been “Crisis” “Catastrophe” “Great Depression” “Apocalypse” “Armageddon”. And in only one speech, the same mouth will be preaching “Best days are right around the corner” “Encouraging signs of recovery” “Stimulus Plan already working” “Sunshine” “Roses” “Rainbows” “Lollipops”. I wonder which A-list Obama-rocker is going to be the first to re-write “Happy Times Are Here Again”.
The Obama Fan Club (once known as the mainstream media) are going to have to take yoga classes to keep up with, and effectively spin to the masses, the logic pretzels their Lord and/or Savior is putting into their minds. If they were to do so while jumping through flaming hoops, they’d give Ringling Bros. a run for their [bailout] money.
31 boberinyetagain // Feb 24, 2009 at 4:38 pm
upnorth, my question of pride went more to how many of the current budget woes have to do with the war. I’m certain that many wonderful things have happened/are happening I just don’t believe it was worth the price in either $s or our troops.
32 boberinyetagain // Feb 24, 2009 at 4:43 pm
LCRM, tou too will be surprised. I believe we will get the first State of the Union speech in 8 years (at least one that has anything to do with reality). He won’t “bury” half of the real budget “off book” as George was so very fond of doing…for example…the war…that was never “on the books”, not part of any “budget”. I guess it was free, perhaps that oil revenue really did cover it after all…perhaps not…we’ll see tonight…
33 everthink // Feb 24, 2009 at 5:06 pm
Egospeak,
“Consider me naive or foolish if you want, but how’s our current system working out?”
Quite well! Where was your concern in 2000 when Diebold fixed the election, and the Republicans on the Supreme Court refused to allow the time to prove it before awarding it to the least qualified man in my lifetime! Much better than 2004 in Ohio when there were, and will be future, criminal prosecutions.
By your standard many disabled and homeless veterans, who became so in the service of America, would lose there right to vote!
“You must be aware that one of the characteristics of a republic devolving into a democracy into anarchy and eventual tyranny is when segments of society realized they can vote themselves benefits at the expense of others in society.”
No, I am not aware! In fact, I believe such a statement is entirely contrary to the concept of “a government of the people, by the people, and for the people! I believe it is your statement which is tyrannical!
Where was your outrage, when Bush hired his cronies, and other well connected Republicans, and awarded no bid contracts to friends and political backers. Where is your outrage at my substantial loss in 401k owning to Republican Deregulation!
Who’s got the eight billion dollars in “football” Dumbyah handed out in Iraq? Well, stand by, and we’ll see if we can get that answered real soon!
You whining Republicans have “cried wolf” dozens of time since the election. Yet, you produce nothing but Red Herrings, enough to open a fish market!
We won fairly, despite your ACORN whines! We will continue to win! When you attempt to disenfranchised the least among us, Blackwater will not be able to protect you, and your heavily armed Chickenhawk Militia will meet a force of which you never dreamed!
ET
34 everthink // Feb 24, 2009 at 5:13 pm
Re:32
Change: lose there right to vote! To: lose their right to vote!
35 upnorthlurkin // Feb 24, 2009 at 5:52 pm
Newspaperboy, it’s called Democrat/Socialist/Communist policies! They are certainly not business/capitalist friendly!
Dumbo has done nothing hopey/changy since he took office. All he’s done so far is depress the economy with his constant harping about chaos and catastrophe! Can he really wonder why consumer confidence is in the tank?!!
36 upnorthlurkin // Feb 24, 2009 at 5:59 pm
Neveracogentthought, huh?! Diebold fixed the election?!! No wonder your panties are in such a twist! You are a DU/Kozkid plant! Nobody with a braincell believes any of that bilge.
37 baragirl // Feb 24, 2009 at 6:23 pm
Neveracogentthought,
“substantial loss in 401k owning to Republican Deregulation!” Huh?
It is simple There ,Their and They’re.
One doesn’t need a Rocket Scientist nor even a college student. Quote to me one of your ACORN whines, please.
The Democrats did not win fair and square , the ACORN people are being investigated in many states . They’re ( or so you will understand “THERE”) the very worst sort of thugs,but you already know that ,don’t you?
Are you in on the planning to have the UN invade the US? American Military will never come after American Citizens ,no matter who the President is.Un soldiers are the oanly nwones who would attack Americans,and I don’t think our Militia will have much trouble with them.
38 everthink // Feb 24, 2009 at 6:24 pm
Lurch,
“Never a cogent thought”?
Are you sure you understand my post well enough to take issue with it?
I don’t wear panties, even on my head.
When you say bilge, does that mean you were in the Navy, or otherwise know anything about bilge pumps; or are you like the rest here trying to sound “knowing”, when you are the opposite?
I’m not sure the issues of Florida 2000, and Ohio 2004 are finally resolved, are you?
ET
39 everthink // Feb 24, 2009 at 6:39 pm
Prettyold,
“Are you in on the planning to have the UN invade the US? American Military will never come after American Citizens ,no matter who the President is.Un soldiers are the oanly nwones who would attack Americans,and I don’t think our Militia will have much trouble with them.”
You are the last one here who should be correcting me about anything.
“American Military will never come after American Citizens ,no matter who the President is.”
I never said they would; but, how about Lincoln?
As I have told you before, hanging around NCO Clubs, does not make you qualified to discuss all things military.
Now, next time clean your hoofs, before clomping in one of my posts.
ET
40 upnorthlurkin // Feb 24, 2009 at 6:49 pm
Don’t tell me you’re going commando?! EEwwwwww…
Hey, Babs!! You GO girl!
41 Newsman // Feb 24, 2009 at 8:14 pm
baragirl - who killed who at the Kent State massacre ? They weren’t Chinese soldiers ! You probably weren’t alive then but should check your history about who may kill who !
42 Left Coast-Right Mind // Feb 24, 2009 at 8:51 pm
boberinyetagain
Re: 32
I’ll be really surprised if the eloquent and articulate (not to mention clean) President Obama can get through a telepromted speech without “Uh-ing”, “Uhm-ing” and “Ahh-ing”.
He won’t “bury” half of the real budget “off book” as George was so very fond of doing…for example…the war…that was never “on the books”, not part of any “budget”.
You’re right, he didn’t put the war funding in the budget. But I’ve not been able to find evidence that suggests either the Republican-held Congress (2001-2006), or the Democrat-held Congress (2006-2009), who had oversight with regards to the purse-strings during the Bush Presidency, ever required him to do so, which was well within their rights to do. Maybe you’ll have better luck; but for now, your point above is kinda like claiming that Tiger Woods never beat you in a golf match, when you’ve never played against him. Technically you’re right, but in the right context, it doesn’t mean all that much.
43 camojack // Feb 24, 2009 at 9:58 pm
upnorthlurkin // Feb 24, 2009 at 11:59 am
Bob - How about cutting spending??!!
boberinyetagain // Feb 24, 2009 at 12:38 pm
upnorth, what are you currently getting from the gummint that you’d be willing to live without either personally or for your family/town/county/ state/whatever?
Cutting spending…what a concept!!!
In answer to Bob’s question about what spending to cut, the “pork barrel” variety would be an excellent place to start.
Citizens Against Government Waste maintains a database of that; it makes for some interesting reading…you’d be amazed at the CRAP that Congrefs spends our tax dollars on.
(WARNING: Not for the faint of heart…)
44 everthink // Feb 24, 2009 at 11:11 pm
“BTW, ACORN members in several states were accused and I believe indicted for vote fraud before the election. Guess you forgot about that.”
Was the voter fraud about an election that had not yet occurred, or a previous election? You do know if it was before, it is more likely to be voter registration fraud, which was reported by ACORN itself, don’t you?
Diebold fixed the election? Really?? For some reason I don’t remember that being front page news… ever. How in the world did the MSM miss that one?
Evidence has been published, but with the Bush Justice Department evidence gathering was difficult, and prosecution was impossible.
Let’s wait and see what our new Attorney General does.
“You complain about whining republicans but all you’ve done since I came to Scrappleface two and a half years ago is b**ch, b*t*h and bit*h some more about Bu$hitler and Darth Cheney. Physician heal thyself.”
Thank you! Your are correct Carmac! I have done my patriotic duty! Can you point to any false accusation that I have made? My views are now shared by the great majority of Americans, I have worked tirelessly to turn the sweeping tide of ignorance many places under one nom de plume or another. I have been very successful elsewhere, this is the last bastion of ignorance and bigotry remaining. You are faithful to your hate, but I can see that your hearts are warming toward me.
ET
45 everthink // Feb 25, 2009 at 10:29 am
Egospeak,
Looks like I misspelled Carnac. Me! Imagine that!
Answer: Bible belt.
Question: What holds up Oral Roberts’ pants?
Now, “may a bloated yak change the temperature of your jacuzzi”
ET
46 Scott Ott // Feb 25, 2009 at 11:18 am
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