Obama Debt Commission report preview

[docm]

Of course that $1T they want to "save" won't even take us back to where we were before Congress/Obama went on their spending spree

Like stepping on a downed power line....

WSJ....

Sacrosanct tax breaks, including deductions on mortgage interest, remain on the table just weeks before the deficit commission issues recommendations on policies to pare back with the aim of balancing the budget by 2015.

The tax benefits are hugely popular with the public but they have drawn the panel's focus, in part because the White House has said these and other breaks cost the government about $1 trillion a year.

At stake, in addition to the mortgage-interest deductions, are child tax credits and the ability of employees to pay their portion of their health-insurance tab with pretax dollars. Commission officials are expected to look at preserving these breaks but at a lower level, according to people familiar with the matter.
>

 

[MannyPim]

A few points:

First of all, this kind of talk or discussion should be completely off the table as a result of obamas promise not to raise taxes on anyone making less than $250 K.

Secondly, this is a brutally REGRESSIVE tax and I thought liberals were for soaking the rich...

Third, these trial balloons along with the other threat to confiscate our 401Ks are all skirting the real problem and the real cause of our massively crushing debt: OUT OF CONTROL GOVERNMENT SPENDING. The FIRST and ONLY item on the table should be a government SPENDING CUT (As deep as it needs to be to bring us back into fiscal stability) followed by a prolonged period (10 years) of a TOTAL FREEZE in spending (use attrition and dismantling of all non-essential programs to bring government spending under control).

Fourth: Any income generated as a result of economic growth that exceeds the 10 year freeze levels MUST be used to pay down the National debt.

Let us remember two very important datapoints in this discussion:

Nancy pelosi's tenure as Speaker of the House has been DIRECTLY responsible for a $5 TRILLION INCREASE in our National Debt. And 2) obama has added more to the National debt than ALL PRESIDENTS from George Washington to Ronald Reagan COMBINED.

And THESE are the people we want to trust to fix this mess ???????????

 

[adrenalynn]

obama has added more to the National debt than ALL PRESIDENTS from George Washington to Ronald Reagan COMBINED.

I just have to run the scratch-and-sniff test before I quote anything - so I'm wondering: are these corrected numbers? I mean, remember that during that time, we bought probably a quarter of the country for like $0.18 in barter and there was only like ten people living in it. (Note: exaggeration for artistic license/illustration, the point still remains. My hourly consulting rate today would have made me supreme benevolent dictatress for life in the first half of the period you're talking about, unless the numbers are corrected...)

 

[MannyPim]

obama has added more to the National debt than ALL PRESIDENTS from George Washington to Ronald Reagan COMBINED.

I just have to run the scratch-and-sniff test before I quote anything - so I'm wondering: are these corrected numbers? I mean, remember that during that time, we bought probably a quarter of the country for like $0.18 in barter and there was only like ten people living in it. (Note: exaggeration for artistic license/illustration, the point still remains. My hourly consulting rate today would have made me supreme benevolent dictatress for life in the first half of the period you're talking about, unless the numbers are corrected...)

I have read a number of stories on this. Here is one.

Obama Added More to National Debt in First 19 Months Than All Presidents from Washington Through Reagan Combined, Says Gov’t Data

In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.

(CNSNews.com) - In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.

The U.S. Treasury Department divides the federal debt into two categories. One is “debt held by the public,” which includes U.S. government securities owned by individuals, corporations, state or local governments, foreign governments and other entities outside the federal government itself. The other is “intragovernmental” debt, which includes I.O.U.s the federal government gives to itself when, for example, the Treasury borrows money out of the Social Security “trust fund” to pay for expenses other than Social Security.

At the end of fiscal year 1989, which ended eight months after President Reagan left office, the total federal debt held by the public was $2.1907 trillion, according to the Congressional Budget Office. That means all U.S. presidents from George Washington through Ronald Reagan had accumulated only that much publicly held debt on behalf of American taxpayers. That is $335.3 billion less than the $2.5260 trillion that was added to the federal debt held by the public just between Jan. 20, 2009, when President Obama was inaugurated, and Aug. 20, 2010, the 19-month anniversary of Obama's inauguration.

By contrast, President Reagan was sworn into office on Jan. 20, 1981 and left office eight years later on Jan. 20, 1989. At the end of fiscal 1980, four months before Reagan was inaugurated, the federal debt held by the public was $711.9 billion, according to CBO. At the end of fiscal 1989, eight months after Reagan left office, the federal debt held by the public was $2.1907 trillion. That means that in the nine-fiscal-year period of 1980-89--which included all of Reagan’s eight years in office--the federal debt held by the public increased $1.4788 trillion. That is in excess of a trillion dollars less than the $2.5260 increase in the debt held by the public during Obama’s first 19 months.

I believe there may also have been a story from Investor's Business Daily....
I will see if I can locate it.

 

[MasterComposter]

Of course that $1T they want to "save" won't even take us back to where we were before Congress/Obama went on their spending spree

Like stepping on a downed power line....

WSJ....

Sacrosanct tax breaks, including deductions on mortgage interest, remain on the table just weeks before the deficit commission issues recommendations on policies to pare back with the aim of balancing the budget by 2015.

The tax benefits are hugely popular with the public but they have drawn the panel's focus, in part because the White House has said these and other breaks cost the government about $1 trillion a year.

At stake, in addition to the mortgage-interest deductions, are child tax credits and the ability of employees to pay their portion of their health-insurance tab with pretax dollars. Commission officials are expected to look at preserving these breaks but at a lower level, according to people familiar with the matter.
>

If the deficit is ever to really be addressed it's going to require having everything on the table. It's a big sh*t sandwich, and everyone is going to have to take a bite.

I'm actually looking forward to hearing the recommendations when they come out.

 

[MasterComposter]

A few points:

First of all, this kind of talk or discussion should be completely off the table as a result of obamas promise not to raise taxes on anyone making less than $250 K.

Secondly, this is a brutally REGRESSIVE tax and I thought liberals were for soaking the rich...

Third, these trial balloons along with the other threat to confiscate our 401Ks are all skirting the real problem and the real cause of our massively crushing debt: OUT OF CONTROL GOVERNMENT SPENDING. The FIRST and ONLY item on the table should be a government SPENDING CUT (As deep as it needs to be to bring us back into fiscal stability) followed by a prolonged period (10 years) of a TOTAL FREEZE in spending (use attrition and dismantling of all non-essential programs to bring government spending under control).

Fourth: Any income generated as a result of economic growth that exceeds the 10 year freeze levels MUST be used to pay down the National debt.

Let us remember two very important datapoints in this discussion:

Nancy pelosi's tenure as Speaker of the House has been DIRECTLY responsible for a $5 TRILLION INCREASE in our National Debt. And 2) obama has added more to the National debt than ALL PRESIDENTS from George Washington to Ronald Reagan COMBINED.

And THESE are the people we want to trust to fix this mess ???????????

With a no-compromise attitude such as this, it's likely you will never get any tiny piece of what you want. It's a negotiation --- everything needs to be on the table.

 

[MasterComposter]

obama has added more to the National debt than ALL PRESIDENTS from George Washington to Ronald Reagan COMBINED.

I just have to run the scratch-and-sniff test before I quote anything - so I'm wondering: are these corrected numbers? I mean, remember that during that time, we bought probably a quarter of the country for like $0.18 in barter and there was only like ten people living in it. (Note: exaggeration for artistic license/illustration, the point still remains. My hourly consulting rate today would have made me supreme benevolent dictatress for life in the first half of the period you're talking about, unless the numbers are corrected...)

If you scratch it, it will stink.

 

[R1]

Maybe India should fight our wars for us, it's more affordable.