Sunday 22 February 2009

Saying doesn't make it so

Cutting deficits means economic pain. Saying you want a smaller deficit is easy. Implementing expenditure cuts and raising taxes is much harder.

How long do we need to wait before we hear something similar from Brown?

Feb. 21 (Bloomberg) -- President Barack Obama plans to cut the U.S. budget deficit to $533 billion by the end of his first term by increasing taxes on the wealthy and cutting spending for the war in Iraq, according to an administration official.

Obama wants to reduce the deficit because he’s concerned that over time, federal borrowing will make it harder for the U.S. economy to grow and create jobs, said the official, speaking on the condition of anonymity. The deficit Obama inherited on taking office last month was $1.3 trillion. The administration next week is to release an overview of its budget proposal for the 2010 fiscal year, which begins Oct. 1.

8 comments:

AntiCitizenOne said...

Punishing the productive for working productively never works.

Mark Wadsworth said...

What AC1 says.

Well it does work, actually, if your aim is to wreck the economy.

Anonymous said...

Haaahaahahahaaahaaaa! Obama is going to pass a trillion dollar plus stimulus package, spend trillions more on bailouts AND reduce the budget deficit? That's going to make Jesus look like an amateur for only feeding 5000 with 5 loaves of bread and 2 fish. IF he pulls it off. 'Change we can believe in', anyone?

AC! and Mark: 'by increasing taxes on the wealthy.' Didn't say anything about taxing the productive. At the current rate of bankrupcies and deflation, he'd have a hard time finding any of those to tax anyway.

Anonymous said...

And it'll only be the admitted-to deficit - the huge probs with Social Security and Medicare will remain off-budget, I presume? Bah humbug.

K T Cat said...

At the end of his first term, Obama promises to trim the deficit until it's still higher than anything the Bush Administration ever had and will, in fact, be more than the combined deficits of 2006 plus 2007. And for this he gets credit!

Fantastic. Simply fantastic.

Anonymous said...

First Blair, then Brown, now Obama, all with so much in common. To get one leader like these fantasist idiots might be considered unlucky. To get two is very bad luck, but to get three, and all around the same time too, suggests to me that there is something seriously wrong with our electorates.

Perhaps we are witnessing the end of Western civilisation?

Oct3 said...

I don’t think it is as easy as it sounds…
In the mean time, I just came across two helpful articles on 2008 taxes.

http://www.recessioninfocenter.com/2008_tax_tips_for_recession.html

http://www.recessioninfocenter.com/Taxes_in_recession.html

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