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Obama Speech Details Leaked: Promises To Cut $4 Trillion In Deficit Over Next 12 Years (Or Less)
In about an hour, the Teleprompter in Chief will once again address a nation on the topic of the exploding US deficit, which he can only hope has the attention span of an HFT algorithm, and has forgotten his proclamations on the same issue from early 2009. Among the things Obama will discuss:
- Sets a goal of reducing US deficit by $4 trilllion in 12 years or less, according to a congressional source
- Implements a deficit plan would curb deficits to 2.5% of GDP in 2015, 2% toward end of decade according to a congressional source
- Wants US debt on "declining path", enforced by "debt failsafe" trigger of broad cuts, according to a congressional source
- Seeks $770 billion in savings by 2023 in cuts to non-security discretionary spending according to a congressional source
Good luck with that. In the meantime... a clip from Obama circa February 2009 on where Obama saw the budget by the end of 2012. That did not...quite... work... out.
More details on the upcoming speech from Reuters:
According to congressional sources, Obama will propose:
- Reducing the deficit by $4 trillion in 12 years or less
- Curbing deficits to 2.5 percent of GDP in 2015, 2 percent toward the end of the decade
- Ending Bush-era tax rates for the wealthiest Americans
- Seeking $770 billion in savings by 2023 in cuts to non-security discretionary spending
- Saving $480 billion in Medicare and Medicaid by 2023 and at least $1 trillion more by 2033.
Obama will use the speech to try to regain control of the spending
debate by drawing a contrast with a Republican plan to combine an
overhaul of the Medicare health program with lower taxes to reduce the
deficit by $4.4 trillion in 10 years.
Obama was expected to
point to recommendations made last year by his debt commission,
co-chaired by Republican Alan Simpson and Democrat Erskine Bowles, as a
starting point for discussion.
He has so far declined to endorse
their report but in a sign he was moving closer toward their findings,
the panel co-chairmen were expected to attend the speech.
The
deficit issue has become entangled with a vote Congress will consider in
the next few weeks on raising the nation's borrowing limit. Republicans
say they will not vote to lift the debt limit without commitments to
rein in long-term deficits.
The debt is expected to hit the $14.3 trillion ceiling as early as
mid-May and a failure to lift it could raise the specter of default and
ripple through financial markets.
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We are doomed...4 or 6 trillion over a 10 or 12 year period using accounting gimmicks does not help refinance the debt.
O'Hoover is at it again. Cut 12 trillion from defense over the next 12 years and get back to me.
Word.
its funny how everybody here is quick to put him down considering more than half of you voted this punk in office
Go back to grade school... way more than half voted against him or didn't vote at all.
'More than half of you voted this punk in office'...any way you could prove your statement? Maybe no one at all here voted for Obama.
Considering that half your brain is useless, you are half right.
Hahaha. Ouch.
shows how much you know about the workings and anatomy of the human brain
I actually, for the first time in my life, stopped voting...I didn't vote the last two elections. Voting for the lessor of two evils is still a vote for evil. I have lost all faith in government and politicians. Anymore, a vote just legitimizes the illegitimate. They will continue to lie, con, steal, and push special interest that is not in the best interest of the country as a whole. It took a long time for me to come to this conclusion. As a former Marine, I beleived in the U.S. and was very patriotic. Anymore, with all this unconstitutional behavior going on, I would not have any problems taking up arms against this country if it does not start reversing its coarse.
It's quite possible that a militarty coup may be our only route of real change in this country.
Non participation is the only real choice left.
What differentiates you from the apathetic?
We need NOTA.org or similar dissension vote, or as I've asked before what name do I write in for the market anarchism approach? I've always voted for the most viable third party, generally this was Libertarian with Perot a notable exception.
The game is rigged. Playing the game legitimizes it. Acknowledging this puts you in a place of powerlessness that few people want to accept. The truth will set you free.
Only voting republicrat legitimizes the game, and powerlessness is for the religious. After decades of failure I am starting to concentrate my angst locally though, essentially holding a carrot in front of local politicians to buck the national creep.
I voted for him. Most dissappointed over the backsliding on wars and environment. The economy was already squarely headed for a brick wall when he took over.
But heres the thing . . . are all you HZ yahoos thinkin' McCain would be doing better on the economy?
I see very few people here ever argue over whether puppet A or puppet B is better.
I see. Thanks for the tip.
Who knows? McCain's last run was for "years of service" like Dole anyway so it is a moot point.
It is more important to get the Ivy League d-Bags out of the WH. These mental masturbating Little Lord Fauntleroys are so disconnected from the operational side of things they are dangerous.
BTW, I voted for myself last election. If I was going to waste my vote, why not give it a shot.
bush's 3rd term, same policies, different rhetoric
Over the next 12 years.....
Any bets that the majority of those cuts would happen AFTER he has left office? Fvking coward.
Man - we are TOTALLY going to WIN THE FUTURE now!
I love how the 90% of people that voted for him are still in denial.
Impeach the puppet!
no no no no you all misunderstood. in the new economy the power of thought is capable of "disappearing" all kinds of things. sort of a jedi-mindtrick. if no one thinks about it (or opens his big mouth), then automatically, it's gone.
I tried it on some sausages and 3 beers just now. It WORKS.
Hope I have time to put together my "Bullshit Bingo" board. For those who don't know, make a square 5 squares wide, 5 squares long. Middle square is marked "Free". Place buzz words in the remaining 24 squares. When you get 5 squares in a row, yell "Bullshit!" and turn off the speach. BTW don't try this in a work meeting.
Hey Obama, why are you such a PIKER! $4 trillion deficit cut? WEAK! Phhht hey as long as youre shooting bullshit at us with a giant slingshot why dont you just go Full Monty and say by next year youll make every american a multi billionaire!
"The U.S. Federal Reserve risks employing a monetary policy that is too expansive and allows inflation to run out of control, Dallas Fed President Richard Fisher said in an article published on Wednesday."
http://in.reuters.com/article/2011/04/13/idINIndia-56300920110413?type=e...
Let's see... cut the budget = deflation = continued monetization to counter deflation = currency failure. Don't cut budget = continued monetization to pay for budget shortfalls = currency failure.
Am I missing something?
DIE SILVER, DIE!!!
Shorted silver huh? Ouch!
I am long July $25 SLV Puts.
Oh man, ouch! Well come back in mid July we'll see how theyre doing. I guess YOU were the guy the other day who went long $1 million in July 25 silver puts then?
SLV just made a lower high this morning and is getting ready to roll over big time. See you in July.
I am $18/oz bid for size.
All you wankers get on here and piss and moan while paying homage to PMs. Well if you don't like the way things are in your world, then do something about it. Otherwise, STFU!
Silver still $40.30 right now...I really dont see the impetus to drive silver down, only far higher. Good luck though on your puts!
Brilliant!
I will buy physical silver and take purchasing power from leveraged idiots while breaking down the facade of the corrupt, hollowed out system.
The current "plan" can be called the Wimpy Plan: "I'll gladly reduce the deficit tomorrow if you increase the debt ceiling today."
See further : http://www.urbandictionary.com/define.php?term=I%27ll+gladly+pay+you+Tue...
http://www.youtube.com/watch?v=kDLw2x03UmI
Do Chuck E. Cheese tokens count?
Go long on them... they'll be worth something after the economy collapses ;-)
i think that the "(or less)" is supposed to go after the $4 Trillion
That's great expense management. Now what's the top line when these cuts happen???
Also, please note that the Chairsatan's printers are balance sheet items... not part of the income statement.
We don't need cuts... we need a wholesale restructuring to deal with the structural deficit.
I don't see a problem with those numbers.
With upcomming inflation, 4 trillions is only 1 pay check
It will take $5 trillion just to buy a can of Spam!
I hope this wasn't what GS was banking on to crash commodites.
"The Devil is in the Details": $4 trillion is no problem when the dollar loses 90% of it's value.
I am pretty sure we will be averaging 4 trillion in deficit spending within 5 years.
There are lies, damned lies, then there is Obama!
yeah, so different from the truth telling last occupant.
So just to clarify things...At the current rate of spending the National Deficit will exceed 33.5 TRILLION DOLLARS over the next 12 years. So if they are ABLE to cut 4 trillion that would only leave us with a deficit of 29.5 TRILLION in 2023. We will be bankrupt as a nation before then so this speech from the puppet is nothing more then lip service for the sheep and another shell to add to the game for the Government. Watch here and see Rand Paul's explaination get hyjacked by a scrambler at the 2:00 minute mark, fortunately he was able to explain the truth of the cover up later on the phone...
http://www.youtube.com/watch?v=PKGhIcmDcoc
Little O-Gansta Bitch just want's to kick the can down the road until after 2016 when he thinks he will be retired from his second term.
All these ass clowns want to kick the can down the road and none want any pain on their watch.
Fine with me, the reset button will hit even faster now.
Fuck off, all 435 of you spinless little pussies.
The politicians make rules only to help those who are useful to them.
They bail out the bankers and the rich corporations (who should not be in business because of their incompetencies) without even changing their previous management because they fund the election campaigns and also place them in their organisations at exorbitant salaries once they leave office. This class alongwith the rich individuals pay the minimum amount of tax while getting the maximum benefit of the tax collected from the rest of the population in the form of bailouts.
The politicians make promises to unions and pay them salaries which the employees in the private sector can only dream of in return for votes which would get them elected.
The politicians around the world are nothing more than auction items which can be sold to the highest bidder. They will do whatever they can for the lobbyist paying them the maximum amount of money or votes, be it the unions, the banksters, the richest corporations or individuals. They are in the power seat to extract maximum advantage for themselves in the small time frame they occupy the seat of power.
The rest of the population is least of their concerns. The only activity they do is pacify the majority of the population using false statistics and promises of a better future so that they do not lynch them and their masters while they are robbing the taxpayers.
http://www.marketoracle.co.uk/Article24581.html
Don't you need to run a surplus to actually reduce the deficit?
Yes but thats all just semantics, the Emperors robes are splendid!
It's been close to 40 years since I sat in a eco 101 class, maybe the rules have changed and it's "different". But back then, GDP = private consumption + gross investment + government spending + (exports − imports), with a neg export/import value, and bullshit (not real, overstated) "gross investment" numbers, you slash government spending and do you really think "private consumption" is going to increase? Your GDP has to "tank"......
Obviously our standard of living/GDP has been highly subsidized by government spending.
oogs-
Obviously you are not familiar with how the goverment does their books. With the fed gov, you can actually spend MORE money, and show the sheeple how you CUT the budget.
sod
knock off the logic would ya? Get with the spirit of bullshit and "BELIEVE"
Sorry!!
Bullshit! Osama is an empty suit. Sure, he'll cut 4 trillion, but he'll spend 12 trillion somewhere else. The cuts will NEVER be made, the budget will NEVER be balanced, until it all resets on it's own. We are on auto pilot, and it's every corporation for itself, grab and grub every dollar you can- fuck the country and the taxpayers!
I believe Weimar Germany cut four trillion old Deutsche marks from their 1923 budget, so I'm optimistic he can do it the same way they did. I just wonder which government worker is going to have to do with one less paper clip to account for the savings?
The big reward for that? Political fracturing, some bitchin militia battles culminating in the 'Dolf to power 10 years later with what... 32% popular vote? Can't wait to see who our saviour is, and when he sticks his foot into the door, like the "old tyme" brush salesman, we'll know the rollercoaster is at its apex. Your votes matter /sarc off.
Hitler burned productive citizens because he ran out of useless eaters. We've got what, 30 to 40% on some sort of government dole? That makes for lots of "green shoots" smokestack construction ahead.
The short version is that we've got too few productive types and too many parasite types. There will be a leveling.
Go long Sacrete mix and "long" pork.
Nov. 30, 1923 (per Mark)
Silver 543,750,000,000
Gold 87,000,000,000,000
It took 8 oz of silver or 0.04 ounces of gold to pay off 4 trillion of "the budget" in 1923
The "cut" will be from the paper clip budget not spent from last year. This year's budget won't go down.
This is what happens when you let black people run the country. Just the truth.
May you meet a painful death, and soon. People like you just poison the gene pool.
Is that why you voted for him then, genius?
This is what happens when people are stupid enough to think the president "runs" the cunt-ry.
Cut the deficit to 2% of GDP huh?...
so essentially he's saying the deficit will be cut to only our interest expense on existing debt?
in other words.. a completely balanced budget w/ only interest expense adding to the national debt.
LOL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! LMAO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Why do they fucking bother projecting budgets beyond when they'll be in office? I bet there are zero cuts before 2012.
Federal Government of North America already has debt of not less than $14.3 trillion, not including obligations.
http://www.usdebtclock.org/
lol
Do the world a favor, go deep throat a shotgun barrel.
12 years! Their economy will collapse before the end of his term. Barry should stay off the crack.
Thank heavens for Obama; without him black people, the group hit hardest throughout the great depression and taken the greatest advantage of during the mortgage scam, would be rioting in the lilly white suburbs. You can't cry foul about the injustices of the system when one of your boys is holding the highest office in the land, dog. Brilliant, obvious, but still brilliant in the execution, tactical move by the TPTB. Next up- a fist-pounding dictator-type, most importantly... in female form.
You tell em' Milton.
And that was the plan.
True dat.
Word.
yep. Something with emotional, hot button laden speeches void of all intellectual thinking type content and a set of tits > 34D. Its what the sheeple want. Brutal policies that end up killing americans thru starvation or whatever is what the sheeple want ... cus its good for Amerika and will create jobs.
Bush said the same thing about cutting trillions, then turned around and spent even more!
Ye Olde don't tell the left hand what the right hand is doing trick ...don't watch Obummas lips move, watch his actions (financial rape and bankruptcy of the country)
true enough, new boss just like the old boss ... just wasn't visible to the blind faithful
.
This is the same old garbage we've heard from every administration. All the cuts are back loaded, 12 years so he never has to deal with it.......if anybody buy this they're a complete fool!! Of course most in Washington believe everyone not in Washington is a fool.....and for sure there will be plenty of people that will believe the Obama propoganda......therefore proving him/them right about fools.
So Obama sucks... I got that... The part that gets me is who from the other side even has the potential to even come close to fixing this mess? It's a bunch of jokers - who are in it for themselves.
All I see is a race to the bottom. Who gets there first? Europe, US, Japan, China?
At this point I think the consensus is that it's more or less impossible to fix, by anyone. The mathematics have teeth. So the solution may well be the race you mentioned.
http://en.wikipedia.org/wiki/Zimbabwean_dollar
"By December 2008, inflation was estimated at 6.5 quindecillion novemdecillion percent (65 followed by 107 zeros)." -- Impressive!
TRUMP!!!!
GO TRUMP!!!!
LOL.
Trump for Potus would epidimize the corporate takeover of the once great and free United States of America.
Let's make it official. Put Trump's logo on the WH, lease the West Wing to GS and go all private all the time, always.
Fire all the lying pieces of government garbage sacks that are just publicly elected parasites between the deal and the money.
Let's make a deal.
Obama's plan is solid...if the goal is to destroy the dollar and take down the republic.
"Promises To Cut $4 Trillion In Deficit Over Next 12 Years"Full of Shit then
I've got my popcorn, beer and a Doctor ready for Obummas speech, the latter in case i split my sides laughing too hard at this clown
bombing roof instead of debt ceiling
http://politics.blogs.foxnews.com/2011/04/12/taxpayer-calculator-us-cost...
The States in this Union have no choice but to nullify and remove the Federal Government from the country. This is just the beginning of a separation of the nation into several. Same thing is now happening in the Euro-land.
Which parts of this US will be first to do this? It will not be a secession like was done over 100 years ago, but instead will be the removal of the Federal Government and any State or People who support these criminals from the US.
Obama is the last of his kind.
So the answer is a sophistry hammer on spending? What fools are these guys.
The answer isn't less spending. It's MORE!
No, not Krugman style. First you have to cancel the debt, and fraudulent obligations.
Then you kick the federal reserve to the curb, and go with a Hamiltonian style system, instead of a Greece-Roman-Venice-British imperial monetary fraudulent debt based system.
NerObama, doing the work of banksters, even the republican/tea banksters, he wants to be banksteriffic from all bankster sides. (and all those sides are bankster)
Does Nero understand the definition of sophistry? A debt trigger? What complete BULLSHIT. Man that's the sort of crap I would think only Christie, Walker, Ryan, et al would come up with. Some pure fascist crap there. Pure sohpistry there.
Fuck you NerObama, the post-election fascist republican.
Now I'm not against tax increases, if the choice is cutting needed services or higher taxes.....BUT you know what I say.....let's cut the fraud FIRST, and THEN see where we are. It's pretty stupid to leave the fraud (and the system that still carries out and increases the fraud)...and instead cut, print, and raise taxes to pay for it.
My guess is, other than the big banksters themselves, top .1 percent to perhaps top 1 percent, the rest could stay the same. It's the corporations that need to be taxed. It's the fraud that has to be cancelled.
Yep that's nero's answer. Cut, print, raise taxes. Not for entitlements, but for the FRAUDS, the WARS, the BAILOUTS, the anti-american monetary system we are a part of.
Kill Grandma and Grandpa (which will be either you or your parents seeing the years labeled) by cutting medicare and medicaid. What's the new bullshit wall street sophistry modelling trick of the trade? We've already got such bullshit hits as QALY, and CER, what's the next one going to be. Or are they just now going to DEFINITELY use these bullshit 'metrics', to say killing grandma, isn't really killing grandma, because according to their models, the treatments wouldn't of worked (when in reality they would have).
Meanwhile, through all of this, while the 'balanced budget nazi's' mindset is taking full control, the federal reserve (which sets prices) is hyperinflating it's account.
Gee I wonder what that means....the costs going up are an EFFECT, the deficits are an EFFECT. An effect of fraud, an effect of bailouts, an effect of printing, of wars, etc.
You try 'balancing a budget', or 'winning a poker game' when one player can constantly bring in a new set of chips. Guess what, after a while, the pots get insanely big, because the amount of chips put out by one player is unlimited. Meanwhile the federal gov't, through Obama's idiocy, republican idiocy, tea party idiocy (all 3 fascist btw) is trying to play by the same rules. Guess who wins, and guess who loses. You lose. The person with unlimited chips wins.
Glass-Steagall
Not bad, although I think your partisan slant is unwaranted.
This must be a late April Fools joke.
Get ready for the market to take a plunge after the speech is over.
Wouldn't it be great if he got booed when he took the podium? I think the entire press corp should just stand up and boo until he gives up and leaves
unfortunately they are on the same team
-- Mr. Market
The Bernank & William Dudley spotted at Scores, doing lines off Maiden Lane's ample bosom. Passerby asks The Bernank if things are "improving." The Bernank looks at The Dudley and they both burst into uncontrollable laughter.
lock box
Green shoots....Aaahh, those were the days.
He's a smooth talkin' brutha, dats fo show!
Da smoof talkin' brutha in da chief, ayit. Buy silver beeotches.
...what's the point in coming out now when we alll now the details?
i would just call it a day, have a smoke, and focus on nba play-off projections with a tuna sandwich.
If you like this on fb the headline shows up as "4 billion" (not that anyone knows the difference)
Speech delayed 10 mins ... teleprompter being loaded - rebooted?
If I was there I'd pull a Joe Wilson...
LIAR!
Let me be perfectly clear about this. These deficits that I inheritted
are a serious problem that needs to be met head on. Thats why
I am proposing a bold, balanced plan that will reduce our deficits
to just 2% of GDP (Assuming 4% gdp growth each year, dont read
thsi part) by 2024. We owe it to our children. Thanks you.
What does it even mean to say we will reduce the deficit by $4 trillion over the next 12 years? What are the assumptions about what the deficit would be over those 12 years if the changes were not implemented? Are we assuming that without the changes we would run a $1.5 trillion dollar deficit for each of the 12 years for a total of and additional $18 trillion in new debt? So with the changes we only accumulate an additional $14 trillion in debt? What does it mean? If we assume we will be running $2 trillion deficits without the changes it gets worse - of course.
You guys should read more George Ure:
Budget Showmanship
President Obama is preparing to lay out his budget "deal" today in a speech at George Washington University. The big surprise is - that there is no surprise.
This president's budget makes no more sense that the ones offered by his predecessor. For example, he will promise to reduce domestic spending but the reality here is that with an actual reduction, there's be layoffs in government and congress would have less chance to issue pork. So you know, those cuts will be minimal.
Another typical promise is to cut defense sending. Two important features come to mind here: First it's not "defense" so much as the "wars of conquest" budget and with yet another war having been added this year, how we can effective keep reconquering the same countries at lower cost becomes an absurdity. No doubt, we'll have to add another war in the next two years as well, since with no domestic job creation, we have to keep hiring people into the armed forces to keep them off the streets where they might actually otherwise go and start demanding "Change!" That5's a great slogan, for you.
Another budget checkmark will be to promise to reduce excess spending in Medicare and Medicaid. Just what this "excess spending is" when people who are eligible are already being screwed by the lack of honest CPI reporting.
"Harsh and irreverent claim, you backwoods nutjob!"
Then by all means, don't click over and zoom in on the USA data at M.I.T.'s Billion Prices project which shows if you look here, that USA price inflation is up about 3½ very real percent since year ago levels. In the same period, the Labor Department figures inflation was only about 1.18 percent. Oh, and did I mention the gap between the Billion Prices Project and the BLS figures is growing?
What's even more interesting? There seems to be a correlation declining availability and rising prices if you look at the second chart down on this page. If you really was to twist up something in the 'blender between the ears' consider online prices of goods are up about one percent, just in the past two weeks, too.
----
Anyway, that just leaves on possible area of budget cut - that'd be cut loopholes for the rich being closed. The way this works, peering behind the curtain is simple:
First you make a Big Show out of closing some loopholes.
Then you past the loophole closure with a phase-in period.
The first year, the phase-in gets missed because it comes out of conference too late to make the tax year, and then...
The phase-in is phased out in subsequent years after much contribution promising from those poor rich folks and much 2012 election cycle campaigning along the lines of "We'll save you from this terrible phase in, but you gotta give us a good stack of hundreds (what was I thinking?) thousand dollar bills as a campaign contribution to send us back to Washington so we can represent you..."
All of which makes the Budget "deal" a fine piece of showmanship which, in the end, and guess whose end? - will do nothing other than hurt some more.
The US dollar would only buy .6893 of a single Euro this morning, and the fact that isn't not down at half a stinking Euros reason enough to consider attending church this weekend to give thanks we can still buy previous metals cheap.
----
The Obama speech today may rely on last year's Obama Debt Panel recommendations. Sure, why not? If it doesn't work he's got plausible deniability. That's what we like....bravery and leadership (cough, cough...ahem...)
http://urbansurvival.com/week.htm
I am Chumbawamba.
well President, it's an absolutely splendid plan, pure genius; I'm so excited that I can hardly wait. Let's start immediately, right now, today, let's get it going.............wait a minute, you say it has to be phased in over time... like 12 years but you won't be President then; uh ha, ok....in the meantime, could you lend me $10 million and I promise to start paying you back in 12 years or so...if I'm still in the country of course!
OBummer w/o a Teleprompter...
http://www.youtube.com/watch?v=omHUsRTYFAU
RuhRow!!
Yeah... I'm going to take the time to read this, but give me a break. 12 years!?! the fathead is planning ahead on 12 years and yet for the 2 years that he has been in office he has managed to run us into the ground in every way possible...
His "plan", or in Orwellian Newspeak (Non-Plan), has already ended and he hasnt even had a chance to present it to the public.
But for further evidence of his sorrowful ideas, I will record it.
I know I'm aging myself here..
Feels alot like Congress is (still) dancing while Vienna is (already) burning..
Most won't know what hit them until it's too late.
Entitlements are worthless in a system that is no longer trustworthy or recognized.
Time to pull that rug.
So I'm going to have 5 lbs of coffee in my 2 lb coffee can and it's going to go from 7.99 to 3.99 in price because the government is going to turn a system where apache helicopters go from sucking 100 gallons per hour and shooting 80,000 dollar hellfire missiles from drones to a magical system where apachi helicopters actually create 100 gallons per hour of gasoline as they fly sorties and drones collect taxes through a magic money sucking funnel attachment?
I set a goal of sleeping with every super model in the world within 12 years or less.
Obama cuts $4 trillion by proposing to spend that much extra, then not doing it.
Obama is a fucktard...the worst president EVER (and over the past 48 years [ie 2011- 1963], he has had some serious competition for that title). Congrats Obummer...oh yes, and please show us your birth certificate ...I know we New Zealanders dont vote in US elections, but alot of us are kinda interested in who's its President.
Every American needs to tell this Muslim criminal to f*ck off. I hope I never see the guy in the street - it would take all of my will power not to...........
Obama suck shit
Sept 2008 Bush deficit FY 2008-2009 ~$1.07 trill (projected)
Obama, same month promises to halve-it before the end of his first term, if elected. (i.e <$500 billion USD is what he was promising here)
So he gets elected, now it's almost mid-2011 and every deficit is massively larger, and very unlikely to get smaller than even the worst Bush did, whilst he remains in the oval office.
Then he swans about pretending to have made "very hard decisions", when he has NEVER made ANY voluntarily, that he was not dragged kicking and screaming towards with a process-gun to his head.He's never once displayed any tendency to want cut spending, every token 'cut' was preceeded by massive spending expansion.
And it's these trinket cuts that get the tortuous 'debates', not the spending proposal!
So he makes another vast series of disingenuous lies, that he can't possibly deliver on, and actually has no intent to, because the old lie's gloss has turned matte-black, but he now needs to try and CON all into voting for him again ... because his important work is not yet done ... so crucial is it.
It's pretty clear he's a Trojan who got fools drunk on false-hope and pretended to save them - all pretense. If you stripped away all his pretense you'd be left wondering what his agenda actually is, and if there is one at all? Well, he does have one, it just isn't what you think it is.
The new and improved hope-'n-promises season has come early this cycle.
And this time he weelly, weelly meens it.
He's full of crap. He's promising something will happen at least 6 years after he's out of office. Every stupid ass president makes this promise. I remember when Clinton was promising the budget would be balanced in 2004 and when Bush was promising the budget would be balanced in 2012.
They're entirely full of shit.
Why even print a story about an obvious lie?
Why is the Federal Reserve forking over $220 million in bailout money to the wives of two Morgan Stanley bigwigs?http://www.rollingstone.com/politics/news/the-real-housewives-of-wall-st...