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President Obama Explains His "Middle-Class Economics" FY2016 Budget - Live Webcast
President Obama's $4 trillion budget hinges on what Obama calls "middle-class economics," seeking tax breaks for many Americans while imposing increases on top earners, corporations and particularly the financial sector. Many have called it Robin-Hood Economics, and House Ways and Means Committee Chairman Paul Ryan accuses Obama of exploiting "envy economics." Probably the most controversial aspect is his recently announced six-year, $478 billion public-works program for highway, bridge and transit upgrades, half-financed with a one-time, 14% tax on U.S. companies' overseas profits. As Ryan warned, "This top down redistribution doesn't work."
President Obama is due to speak at 1155ET (plan accordingly)
As AP reports,
Obama, interviewed by NBC before the start of Sunday's Super Bowl game, said he believed there were areas where he can work with Republicans, who for the first time in his presidency control both houses of Congress.
"My job is not to trim my sails and not tell the American people what we should be doing, pretending somehow we don't need better roads, that we don't need more affordable college," Obama said.
Obama's budget emphasizes the same themes as his State of the Union address last month, when he challenged Congress to work with him on narrowing the income gap between the very wealthy and everyone else.
Higher taxes on top earners and on fees paid by the largest financial institutions would help raise $320 billion over 10 years which Obama would use to provide low- and middle-class tax breaks.
His proposals: a credit of up to $500 for two-income families, a boost in the child care tax credit to up to $3,000 per child under age 5, and overhauling breaks that help pay for college.
Obama also is calling for a $60 billion program for free community college for an estimated 9 million students if all states participate. It also proposes expanding child care to more than 1.1 million additional children under the age of 4 by 2025 and seeks to implement universal pre-school.
Obama's budget also proposes easing painful, automatic "sequester" cuts to the Pentagon and domestic agencies with a 7 percent increase in annual appropriations, providing an additional $74 billion in 2016, divided between the military and domestic programs.
Many Republicans support the extra military spending but oppose increased domestic spending.
Another centerpiece of the president's tax proposal is an increase in the capital gains rate on couples making more than $500,000 per year. The rate would climb from 23.8 percent to 28 percent.
Obama wants to require estates to pay capital gains taxes on securities at the time they are inherited. He also is trying to impose a 0.07 percent fee on the roughly 100 U.S. financial companies with assets of more than $50 billion.
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Oh, shit. His lips are moving again.
Obamagasm in 3, 2, ..........
Judging by the feeling I have in my backside, I think they have helped us enough already.
pods
This is good for the .1% on Wall Street. Instead of trying to fix the actual problems … getting rid of HFT and other skimming tricks, getting rid of market makers doing prop trading, many of the real problems are well known … this is enshrining the banksters as the elite. “Okay, you can keep making 5 million a year skimming money that should be going to Joe Sixpack’s 401(k), but you just have to pay $300,000 more taxes for the privilege. But you get to stay the .1%.” Furthermore, it gives more money to the same bloated academe and health systems. This is not helping the middle class, it’s just government and its core supporters taking their cut.
I am starting to quiver in aticipation. Like the anxious bride coming down the isle
It is truly remarkable how full of shit Obama is. Just astounding levels of bull shit spewing out of his mouth whenever he gets in front of a microphone. The over throw of reality is complete.
I would rather he explain a few things about his birth certificate.
where's the fainting moonbat (to be caught and supported by our fearless leader, Obankrupt). Shouldn't there be some human prop in the background, or has he been ridiculed and embarrassed enough by previous staged dramas?
"Bailouts for the people" that end up in the accounts of the rich. Yes, redistribution works just fine.
Not to worry! HR resolution 41 just passed: no bailouts for state pension funds! So maybe the rich steal a little back
This is the new POTUS entry song:
https://www.youtube.com/watch?v=qDc_5zpBj7s
I thought it was this one?
Dear Leader Obama's middle class economics is to force as many as he can to move from the middle class to government dependance. So far Dear Leader has excelled in his efforts.
Stunning accomplishment. Would make Castro, Stalin, and Mao proud.
Is the proposed budget balanced? No? Go fuck yourself Mr. President!
"My job is not to trim my sails..."
Wow, a black man made a sailing reference? Now I've seen everything.
No shit!
So Obozo is the helmsmen and we serfs are crew? Now get your ass back on that coffee-grinder and trim bitch!
Wonder if Barry ever goes sailing with Lurch?
Nah, Lurch would not have a negro on his boat, unless they were serving food & drinks!
He always did love seamen.
You mean "now I've HEARD everything." :)
There is no truth in him.
anyone who would suggest Obama policies redistribute wealth downwards is paying no attention at all.
Maybe, or maybe it's because they're on the take.
The only downward redistribution of wealth by the elite is to their children.
All hail, President Free Shitter.... Get in the queue, one cross each....
i love how he keeps saying "the deficits have been cut by 2/3
i just want 1 friggin reporter to stand-up and say "ummm, mr. president, if thats the case, then how is it then that that debt-clock behind you has gone from $8 trillion to $18 trillion on your watch?"
i propose a new rule: anytime 1 of these clowns gets up & speaks, everytime they lie they get a 500-volt electric shock (cables hooked-up to their entire body) so we can all (including the buffoons who still believe he or many/any are telling the truth) tell when they are full of shit.
It's not exactly a lie, it's misdirection. The deficit is the yearly run rate, the debt is the $18trln.
They still fuck with the "deficit" as well. They can say the deficit is only 400 billion and yet debt keeps going up at 1 trillion a year.
When they make the accounting rules, this is what you get.
pods
This is blatant fraud. If you deficit really is 400 billion for the year, then that is in fact how much more will be added to your debt for the year.
The problem, as I see it, is simply that everyone hasn't learned how to use mark to fantasy accounting yet.
Moral hazard is a real bitch when the rubber starts meeting the road.
at this point i'm genuinely surprised "goodwill" hasn't found its way into the govt's balance sheet.
Last time I checked envy economics was called Marxism.
Just call a spade a spade and save the semantics for the water cooler.
So then don't bitch when massive corporate and financial services industry trillion dollar bailouts occur. That would make you envious. Spade.
Did I say anything about bailouts of corps and banks? And how would it make me envious when I've written the exact opposite?
That bailout shit is actually closer to fascism which is the doing of govt which is closer to Marxism than capitalism. It's not even capitalism because by definition capitalism is based on the concept of non-governmental involvement in the market place.
I'm not a spade but you are a douche.
Economy is booming: Pizza sales broke records yesterday
We will all be serving pizza to each other!
7 percent increase (additional $74 billion) for military and domestic programs? And Fox business writes: "In foreign policy, the budget funds efforts to defeat Islamic State militants and support NATO and European allies against Russian aggression, the White House said"
I see.
Nobel. Peace. Prize. Laureate.
sen feinstein's husband just got a woody..more .gov contracts for gods people. she says " .gov work is shitty but somebody's gota do it. so what if we get rich? after all we deserve every penny."
Overseas profits tax should be targetted to those companies siphoning huge profits to overseas phantom or skeletal "subsidiaries" in countries facillitating fraud. There is no value added in the Caymans, Dutch, Luxembourian, etc. locales and therefore the "profit" that resides there is from criminal activity.
While we are at it, let's solve the perrenial call for global warming taxation. Tariff the imports by the likes of Apple, WalMart, etc. coming from nations that grossly pollute in order to steal jobs and factories from nations like the US that have pollution regulation. Tariff them heavy. What are the side effects? Skilled jobs will return to run new automated factories.
I repeat the bullshit, because there are still people that believe their lying eyes. Defecit is not debt, and revenue (aka taxation) is way up. Are we or are we not A) balancing the budget and B) making our debt smaller? I know the answer, OdronA hopes you do not. Fuckstick.
I heard a statement / analysis that is really scary shit. Not sure if rumor or fact buried deep in his budget proposal.
Proposed Inheritance tax will change the basis of assets to heirs. Instead of FMV at date of death or a stepped-up basis to be tax-free (up to $3M or so).
I heard that the heirs will inherit the cost basis of the deceased - ! So a family farm acquired 50 years ago would pass to the heirs TODAY at Fair Value, but tax basis is cost from 50 years ago. The estate and Heirs would pay much more $$ in taxes. His logic is that White folks benefitted from segregation and acquired assets / wealth that his people could not access. White folks with assets today are that way becuase their parents and parent's parents had better access to jobs, banks, productive assets otherwise known as The Man.
and we all known The Man keeps the brother down -
That dude is just detroying this country -
NoVa
White folks greed runs a world in need!
We had to rob some of those folks...
Do you work on your family farm? Of course you don't because you and no one you know has a fucking family farm that might get taxed upon Farmer Grandpa's death. The reality of "the family farm" was destroyed many years ago.
What is really scary shit it that your dick gets hard over some bullshit that if is even true, will not effect 99.99999% of the populace.
Substitute family owned asset for farm. Small company, car dealership, whatever. Maximum delta for tax purpose. Hard dick - you're a real treat.
You can substitute it with any family owned entity you want. It still has no god damn effect on you or anyone you know. Stop carrying water for the Oligarchs. You bitch and complain about a tax you will never realize, but stand there with dick in hand as trillions in private debt are socialized.
Walk over to a mirror and take a good, long look. The financial and economic ignorance of that person is partly responsible for the economic nightmare the rest of us find ourselves in.
I'm not sure where you are from but in Northeast IN I know plenty of people that own and operate family farms.
I didn't even need to finish reading that tripe before I hit the bullshit button.
He is just following the agenda 21 playbook. First reduce then eliminate personal ownership of land. Look it up.
Spoken like a true marxist
As Ryan warned, "This top down redistribution doesn't work."
It did up until the early 1980s. Then something changed. I can't quite place my finger upon it...
Wow, you mean until the early 80's we didn't have any poor? Nixon didn't bankrupt the nation shoveling money to the MIC? Carter didn't shovel money to the Bankers? Did I miss somthin?
Data Manipulation Extends to Weather Forcasting in Punxsutawney PA.
I challenge you to go to weather.com and look at a cloud cover map for 7:30 am and decide if you think Phil could have seen his shaddow with the completely overcast sky. If he saw it today, there are few days that he wouldn't. Maybe the inner circle has puts on some weather-related commodity?
I noticed Bill DeBlasio was not invited this year.
I thought the same exact thing .....I no longer belief anything I Read. Hear. Or Even See !!!
How 'bout a golf clap Zh'ers. Callde this yesterday
Delete
This is the ultimate irony: each side claims to do the exact opposite of what they actually do, and the opposite of their intentions ends proving the point of the other side!
Obama's "robin hood" policies of free money (to the banks and bankers) and tax-the-rich (who can afford to hire attorneys and build tax shelters) actually DRAMATICALLY ENRICH the top earners. This has happened, but somehow, the money hasn't reached the broader economy, proving that trickle-down economics ALONE does not work.
The so-called "opposition" (which is anything but), says CUT taxes and LIMIT spending, when in fact all that happens are tax cuts and out-of-control spending. This increases economic production, and then jobs, proving that government spending CAN be used to support the economy (at least for a while).
What's the answer? Neither is right. Return to the free market and leave charity to the churches. That's the only answer.
Fuck the churches. Tax them. Half the problem solved.
says the guy on some form of government aid.
No, genius, tax NO ONE.
So we're spending more money than we earn, but because we're not spending as much in relation to our (doctored) GDP, it means we can spend more and it would be irresponsible not to!
So taxes were already increased on the rich and middle class and poor's wealth continued to decrease. Shovel ready was tried, middle class and poor's wealth continued to decrease..... Me thinks he be looking at the wrong thing.
Uh Question there Muslim in chief. Uh what will happen when these other countries no longer buy our bonds? Oh and one more question there obongo. Could you please explain to me how the BDI works?
Ha, he said not having a smart grid makes us vulnerable. Having a smart grid makes us very vulnerable. The more centralized a system, the more vulnerable a system.
even my wife, the most mechanically uninclined person in the world, knows a simple electromagnetic pulse can take down any electrical based system.
a central grid means power company consolidation, a national utility oligarch. that would reduce our electric bill. lol.
Since 2003 the government has paid 100% of its interest costs with additional borrowings. There is nothing else needed for explanantion. Debt is and will continue to be out of control.
a meeasly 500 dollar tax credit is top down redistribution?
top down redistribution is bad, bottom up redistribution is good. got it.
Just turn the teleprompter around I can read. I don't need Oboner to read for me
He is not talking to people who can read.
Many have called it Robin-Hood Economics - and all of whom don't understand a childhood tale.
Robin took back from the taxman aka church/state. They were rich, but the target wasn't simply anyone with wealth.
Oblunder will talk about getting rich people and it will sell. People don't know about the biggest wealth transfer in history that they are living through nor are they privy that it is the bottom-up direction.
Zemirou bought in, and has regretted it ever since. Her original 1992 investment would have lost 95 percent of its value by now. "It's too bad they didn't give us paper share certificates,” said the grandmother and former high school principal, who still has 100 shares worth about 3 euros ($3.4)each. "At least we could have framed them, as souvenirs.”
http://finance.yahoo.com/news/special-report-french-investors-euro-disne...
Buy moar stawks!
Fuck You 2016 budget?
http://finance.yahoo.com/news/obama-says-budget-must-balance-164158262.html
Awesome!
Just another proposal that would create the need for more lawyers and legal sheninigans...
As Ryan warned, "This top down redistribution doesn't work."
The other direction isn't working, either, into the hands of the .01%.
Oh, but trickle down does? Ryan is a fucking wanker. STFU.
I think a lot of people misunderstand the term "Trickle Down" economics. Not sure what your interpretation is but for an example I'll explain what I think it means and let's compare.
To me trickle down has meant that with a basic tax system more people will open small businesses. With that creation comes new jobs and increased economic activity. With that increase comes more people working and paying taxes as it relates to sales tax/gas tax through normal commerce. Plus a tax code that doesn't punish success encourages people to start their own business.
The American dream has meant many things but being a business owner and keeping more of what YOU EARN has been what has set us apart from the rest of the collectivist governments around the world.
It has never meant to me that because someone else becomes successful that they were supposed to give their success to other people by paying higher taxes.
Food for thought.
Well, maybe it's because the rich value their own abilities and accomplishments more than the contributions of others. The rich are rich because at the heart of it all they love the money and they will love taking it from whoever they can. Generally the richer someone is the more sociopathic they are, so it's a no brainer that they aren't going to give up anything for anyone else unless forced to.
it works for people getting public aid in one form or another.
The wealth has accumulated at the top and this is where taxes have to come from.
You don't need to redistribute it, you just need to cut taxes at the bottom and raise them at the top.
Those at the top can consume no more and will not raise demand.
There is no trickle down effect as can be seen in any third world nation.
There is a “trickle up” effect.
Those with capital lend it out and charge interest.
Those without capital borrow and pay interest.
If you inherit enough capital there is no need to bother with any of that "work" stuff.
You just invest your capital by making an appointment with an investment banker.
Europe's old money, idle rich and aristocracy have been doing it for centuries.
Run for the fucking hills if he is focusing on the middle class
its a sure sign the middle class is going to get raped
.
Never attribute to malice what can be explained by incompetence or stupidity.
Last year's budget deficit was $483 billion dollars. Nearly half a trillion dollars. Every time I hear this nonsense that we've shrunk the deficit at a record pace it makes me cringe. Sure, maybe the statement is technically true, but, he should say, "We reduced the deficit from 1.4 trillion to 500 billion dollars". That wouldn't sound so good...
Instead of calling the one time tax on US companies doing biz overseas a 'tax', call it what it is: repaying the American Taxpayer for the protection their companies get from our military and the help they've received from Wall Street, all complements of our tax dollars. Why the fuck should I pay taxes for 'entitlements' for the rich? I don't mind that some people have been blessed with a large inheritance. And I certainly don't begrudge someone who busted his/her ass and made boatloads of $$$ doing it. But, I DO f'ing begrudge rich people (regardless of how they got their money) getting money from me, via my hard-earned tax 'dollars', who then bitch about how unfair it is for them to pay taxes when typically their 'success' has been more of a shared effort than any of those fucking ego-maniacs will ever recognize.
I would never go so far as to say - 'they didn't build that' but I would say - 'they probably got a lot of fucking help along the way' and maybe instead of being douchebags they should chip in their fair share if they really care about this country. And if the politicians and banksters really cared about this country, they'd see to it that those tax dollars weren't wasted. But it would seem these days - EVERYONE - whether poor, rich or in between - thinks they're 'ENTITLED' to some fucking thing or other. And that's why western civilization will fail. Simple as that. Bring on the Chinese - it's their turn again. Although they'll probably f it up too.
Now a $4 Trillion dollar budget. If I remember correctly not one of Oboil's budgets were passed when the democrats ran the show and we've been on continuing resolutions since. Not one democrat voted for it in the senate.
The sequester was the starting point of this deflationary period we are going through. if we don't continue to run deficits that surpass the previous years budget then it outs deflationary pressure on the markets.
Mike maloney did a presentation that explained what the fed was doing since 2006, the spending through out our history and overall understanding of the monetary system. If you have some time I highly recommend watching it.
https://m.youtube.com/watch?v=tj2s6vzErqY
Big Failure.
6 years of middle class destruction and no end in sight.
Thanks Barry.