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Obama Presents His 2013 Proposed Budget - Live Webcast
On Friday, we gave the skinny on some of the more amusing and/or aggressive key assumptions in the president's 2013 budget. Now hear the TOTUS, as presented via the president.
And from Friday:
While we have excoriated the unemployable, C-grade, goalseeking, manipulative excel hacks at the CBO on more than one occasion by now (see here, here and here), it appears this time it is the administration itself which has shown that when it comes to predicting the future, only "pledging" Greece is potentially worse than the CBO. WSJ reports that "President Barack Obama's budget request to Congress on Monday will forecast a deficit of $1.33 trillion in fiscal year 2012 and will include hundreds of billions of dollars of proposed infrastructure spending, according to draft documents viewed by Dow Jones Newswires and The Wall Street Journal. The projected deficit is higher than the $1.296 trillion deficit in 2011 and also slightly higher than a roughly $1.15 trillion projection released by the Congressional Budget Office last week. The budget, according to the documents, will forecast a $901 billion deficit for fiscal 2013, which would be equivalent to 5.5% of gross domestic product. That is up from the administration's September forecast of a deficit of $833 billion, or 5.1% of GDP." Where does the CBO see the 2013 budget (deficit of course): -$585 billion, or a 35% delta from the impartial CBO! In other words between 2012 and 2013 the difference between the CBO and Obama's own numbers will be a total of $542 billion. That's $542 billion more debt than the CBO, Treasury and TBAC predict will be needed. In other words while we already know that the total debt by the end of 2012 will be about $16.4 trillion (and likely more, we just use the next debt target, pardon debt ceiling as a referenece point), this means that by the end of 2013, total US debt will be at least $17.4 trillion. Assuming that US 2011 GDP of $15.1 trillion grows by the consensus forecast 2% in 2012 and 3% in 2013, it means that by the end of next year GDP will be $15.8 trillion, or a debt-to-GDP ratio of 110%. Half way from where we are now, to where Italy was yesterday. And of course, both the real final deficit and Debt to GDP will be far, far worse, but that's irrelevant.
More from WSJ:
"The Administration forecast is used to develop the Budget, and at that time we predicted the unemployment rate would average 8.9% in 2012 and 8.6% in 2013. These forecasts were close to the consensus of private forecasters at the time," White House Council of Economic Advisers Chairman Alan Krueger said in a statement earlier in the week.
The budget includes more than $350 billion in short-term measures for job growth; a six-year, $476 billion proposal for roads and other surface-transportation projects; and more than $360 billion in savings in health programs such as Medicare and Medicaid.
The draft documents don't include all the details of the president's budget but show similarities to the budget plan the White House laid out in September 2011. The budget proposal, for example, repeats a call for $1.5 trillion in new revenue, mostly from ending Bush-era tax cuts for families earning more than $250,000 a year.
The White House has said the budget will reflect the president's overall economic message of trying to ensure the economy maintains momentum while everyone is paying their "fair share" of deficit reduction. "The President's 2013 Budget is built around the idea that our country does best when everyone gets a fair shot, does their fair share, and plays by the same rules," one of the budget documents said.
The budget also calls for a 5% increase in nondefense research-and-development spending over the previous year and proposes $2.2 billion for advanced manufacturing research and development—a 19% increase over 2012.
Last but not least, it also means that the Treasury debt ceiling will now with almost absolutely certainty, be breached before the election, meaning as Obama is electioneering, the Treasury will be plunder government pension funds to stay under the ceiling for as long as possible.
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Get the Jaegermeister out. You know the rules here.
Obama's 2012 re-election campaign theme song:
Getting Better- Lennon/McCartney
Got to admit it's getting better/It's getting better all the time!
[It can't get much worse]
Thank you Comrade Obama for informing us of the latest policies from the Goldman Politburo.
I hate it when the president talks about the GOVERNMENT MAKING INVESTMENTS. The Gov, unlike the private sector, is incapable of making INVESTMENTS, just like the Gov is incapable of "creating (productive) jobs".
+15.2 Trillion
...and tax cuts are called EXPENDITURES.
(It would all work if Barry would just dress as the Mad Hatter...)
Transcript courtesy of the satire of Mark Twain:
"It will give the Business a splendid new start. You will see..
Everything is prosperous, now; everything is just as we should wish it...
You will see. It will restore the Business. Also, it will elect the Master of the Game to the vacant place in the Trinity of our national gods...
But now--right now--is the best time to do some profitable rehabilitating work--work that will set us up and make us comfortable..
Twice 2 are 14, and 2 from 9 leaves 35. Figures are effective..
By help of these suggested amendments, Progress and Civilization in that country can have a boom, and it will take in the Persons who are Sitting in Darkness, and we can resume Business at the old stand."
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/drag...
There's always tomorrow (or a few years from then to start cutting deficits, let alone the debt, but it never happens - the opposite ALWAYS happens, but worse than that, in larger and faster increments).
Tomorrow's only a day away, bitchez.
http://www.movementforthepeople.org/wp-content/uploads/2011/04/DebtChart...
http://www.bigpicweblog.com/exp/images/uploads/usgs_line_us_spending.png
http://wakeupca.com/wp-content/uploads/2011/12/nationaldebt47.jpg
http://thehardrightedge.com/wp-content/uploads/2011/07/National-Debt-Cha...
***
U.S. Is Bankrupt - Bloomberg
Watch David M. Walker in the I.O.U.S.A. movie trailer - YouTubeOT: UniCredit is getting clobbered on the MibTel. Shares halted already.
When he says "TAX" Drink MTF!
Did I just hear double down on clean energy? Why yes, I believe I will have a double.
"2013 budget will save $4T over next 10 years." I get it, finally. In order to save we need to spend! Of course, so simple!
Let me contact my creditors and tell them I need a credit increase because in order to be financially stable and prudent I need to spend more to save more. Of course, next time I go to the horse track I'll need to spend more to gain more. Leverage baby! All we need is more debt leverage to dig ourselves out of this hole. Krugman is still smiling.
So fucking sick of these staged events.
Could be worse. They could air them at 8pm on a Weds. evening pre-empting American Idol or Dancing with the Stars (thereby insuring SOMEONE would be actually watching!)
Well, at least you can count on obummer and chair-satan to cause a small bump in PM's when they speak.
I'd be willing to take a 15% haircut on my holdings for them to STFU and stop "helping" me.
Sen. Barack Obama, D-Ill
March 16, 2006
U.S. National Debt was then officially 8.2 trillion USD, or about half of where it will officially be at year end 2012 (doubling of the debt in 6 years)
*Of course, the real national debt is a minimum of 60 trillion, and if one includes all projected entitlement spending, actually 202 trillion. But those are minor details.
I wonder how many of those people behind him have private market jobs or businesses?
Most wholesome looking wallpaper person?
Evey time Tyler posts that mug I just want to slap that smile right off Obummer's face.
2013 budget hahaha, that's funny.
Oh, wait, you were serious?
It's been over 1000 days since congress has passed a budget (a constitutional requirement). But how long has it been since congress has passed legislation that assrapes our liberties?
I will be on Fox Business The Willis Report today at 5:10pm discussing it.
http://confoundedinterest.wordpress.com/2012/02/10/2012-federal-budget-obamas-grecian-formula-of-1-33-in-deficits/
I will be watching this thread over the course of the day for acidic comments to use.
Does this proposed budget officially end the fiction of "I will cut the deficit in half by the end of my first term" so boldly announced by Obama during his first campaign?
"The budget is fairytale bullshit solely intended to rile up the retards on the left who idolize Social Justice Statists like Mao and Stalin, and are so mentally deficient they are incapable of seeing through such gimmicks as claiming a phony $850 billion war savings(which will be spent anyhow protecting the Synagogue of Satan later this year). There's only one person who has a real plan to get the country back on track, but if we talk about him you might lose your show."
Bonus points if you do it wearing a "FREE JUDGE NAP" shirt.
A negative down for this? Cmon, what clown would do that...Barry, is that you?
Like my Uncle Lou use to say, "Location location location."
Of course he was always carrying a pistol.
Would love to see how much is "budgeted" toward the increase (and sustainability) of food stamps. With that, how can "recovery" be used in ANY political statement?
I guess it's a good thing the Federal government doesn't operate on budgets anymore.
how about endorsing ron paul who understands the budget and its reality...
We have become a joke. What a bunch of non- thinking sheep those people are.
You have a bad attitude. This might cheer you up.
http://news.yahoo.com/blogs/abc-blogs/obama-campaign-launches-truth-team...
Lunatic,
I tried your link, now having major trouble cleaning puke from my keyboard! Thanks though.
Every time I see Barry Hussein, I have the same two thoughts:
Who does that arrogant house nigger think he is?
And who does he think he's talking to?
I know dozens of men who have worked for decades in real jobs, supporting families on less
than Barry spends on his slick suits and arugula salads.
Obummer is a one-trick dog. He wears his negritude on his sleeve, and dares anyone to
tell the truth about what he is: an affirmative action fool.
If he has puppet masters, they are doing a piss poor job.
Stick to substance, cut the racist bullshit.
These stupid smiling but empty faces make me think of comrade Stalin or North Korea.
Better cheer wildly at every comment, or off to the prison camp for some "re-education".
Look again. Most of 'em look like they are on Prolixin(sp)........a lobotomy type drug.
Keep patting yourself on the back...
since when does this country have a budget? seems to me obamas whole term has been sans budget...
Ummm... Make that his whole LIFE...
1020 days and counting...
He is such a douchebag.
#deficit of $1.33 trillion in fiscal year 2012
in reality , closer to 1.5/6 trln.. its so 2008 year all over again..
i thought we're having THE RECOVERY in herrrrrrrre .
im confused as virgin on 1st date.. :)
alx
Just wait til interest rates rise....or China, Russia and India keep trading their own currencies for oil. Or...well, you get the idea.
Wait, we can have a war with Syria or Iraq or somebody...
You mean the 2013 state shopping spree where the government prints up as much money as it wants to spend on stupid shit so that it can inflate another asset bubble.
a frog in every simmering pot & an iPad at every garage sale!
Broke and loving it!
http://tinyurl.com/brokeandlovingit
Who'd the CIA get to write this one up? Peter Griffin?
Possibly, but it was definitely spellchecked by Stewie.
Same speech, everytime, for three years. How stupid are the democrat liberals that they can't remember it's the same speech every fucking time?
Three years ? It has been the same speech since 1935, when the first budget foe the WPA was earmarked. The Democrat knows no other function but to extract and redistribute. In 1938, it was sidewalks. In 2012, it is high-speed rail to nowhere, on five-decade-old track. Nothing has changed in three-quarters of a century but the sheer magnitude of numbers.
touche
Now it's the American Promise. What happened to the dream? Oh there it is the "fair" America. I got it. This is pathetic!
A thousand points of light.
Ownership society.
A chicken in every pot.
City on a hill.
Don't stop thinking about tomorrow.
"Fair is fair" just stay locked and loaded to keep it that way.
Buck Farack!
Typical BS
already baked in
Who's "WE" asshole?
The same "We" Poppy Bush was refering to when he said "A New World Order".
You have to be a f****** fool to belive this nonsense!! These guys have to be morons
His goal is to get the f**** fool population to 51% of the voting populus (pretty close now).
Dis how we roll on the EBT, It's free, Swipe yo EBT!!! Green shoots, yes we can, swipe yo EBT.
http://www.youtube.com/watch?v=NzspsovNvII
HAHAHAH, Super.
Free speech is such a BEEEEITCH.
Lloyd & Jamie
At least Whitney Houston's mom (Sissy ?) didn't have to worry if her daughter was wearing clean underwear when the paramedics arrived ! Monedas 2012 Don't worry....be happy !
You are one bad comedian man.
They look like a choir. Sing! Praise be!
No old people :-(
What is this Logan's Run?
Smacks of watching Kim Jong IL in North Korea
Are the shills behind the podium part of the 8.3% unemployed, or do they go into the "employed" pool by virtue of the the transfer payment they're "earning" today? Just askin'.
HAIL ObaMao! HAIL ObaMao!! HAIL 'Cyber Watch'! Zieg HEIL!
I think the time has come to no longer disclose the budget, for national security reasons.
BTW, should we tape this and bury it in a time capsule for the four-generations-removed people who will actually be paying back "his" budget?
Mayhem,
Fuckin' A! I'll donate printer cartridges, as I doubt any tech tools/batteries/or broadband signals will be the same when it's time to open. Suggest hard copies. Great idea!
A question that crossed my mind, is how much the multicultural, multisex wall behind Obango getting paid? Especially the Indonesian guy to the right? He must be getting the big bucks :)
Now if they're doing it for free.........green shoots might roll by at any time.
Probably nothing. It looks like O's speaking at a college of pharmacy. "The right Rx for economic recovery." Get it? It's a meta-pun! A seven-figure political con$ultant probably came up with that brilliant idea. Might play in Peoria....
Psst...wanna buy some HOPE? cheap?
What was your GPA, Mr. President?
What was your GPA, Mr. President?
Are you granting that he went to college?
It won't do anything for the economy. Obama's ridiculous amount of spending is already priced in. Bearish.
I wonder if Drone pilot flight training is one of the available courses.
Lunatic, Check this out!
Sorry, The link didn't come through. This statement came straight from US Rep Steve Womack's websight.
February 03, 2012 Air Force Budget, 188th…On Friday, the Air Force announced its budget plan for the fiscal year 2013, in which the 188th Fighter Wing would lose its A10 mission.
My first priority is to argue on behalf of the A10 mission because we know—and can prove—its cost effectiveness. That said, if the Air Force is committed to this decision, it is wise to fight for a relevant, sustainable, and state-of-the-art mission for the Fort Smith facility—like the Predator/Reaper—to mitigate the job loss to our region. I am committed to working with the Air Force and the Arkansas Military Department to ensure all possible additional force structure is pursued for Fort Smith.
The reality is that the Defense Department is cutting nearly a half-trillion dollars over the next decade and with additional cuts looming through sequester, and the prospect for future BRACs (Base Realignment and Closure), enormous pressure is coming down on our national defense structure.
Arkansas is not alone in this discussion. Another three dozen states are fighting for similar consideration. Against any metric, we believe we make a strong case for our situation.
Double down on green energy? Isn't doubling down something one does when playing blackjack?
Yup. Obama admits, he is gambling with your tax dollars.
No.
Doubling Down is something two whores do after you've bet it all and won the whole pot.
"Double down on clean energy..."
"Shared responsibility... we need to pay for it... tax increase..."
top 2%
He just called himself a billionaire... Wonder how that happened. Lots of community planner billionaires in America?
Jesus Christ, he says the same tired drivel in every single speech. It's like presidential Groundhog Day.
He did just say that he is doing "very, very well" financially. Plus, he mentioned Warren Buffet's secretary. And he said that he's "doing fine" financially.
It's like presidential Groundhog Day.
Ned... Ryerson. "Needlenose Ned"? "Ned the Head"? C'mon, buddy. Case Western High. Ned Ryerson: I did the whistling belly-button trick at the high school talent show? Bing! Ned Ryerson: got the shingles real bad senior year, almost didn't graduate? Bing, again. Ned Ryerson: I dated your sister Mary Pat a couple times until you told me not to anymore? Well?
-Edward Bernays
I think the 2012 mantra is going to be, "It's not fair."
What a whiny little bitch.
Now hear the TOTUS, as presented via the SCROTUS
Obama is going to get re-elected for all these handouts, or he is going to leave the Republicans an even bigger pile of debt and problems than GW Bush left him. That sums up American Politics. Leave an even bigger pile of steaming shit.
if those sheeple behind him don't smile and clap, they'll be deemed terrorists!
you can tell he really enjoys getting out there among his fanbase to receive his accolades and thanks, look at all the times he says thank you as he makes his way through, really loving it. Do all presidents do that?
Elvis did it. I remember that Clinton did it too. Thank you, thank you very much. Love me tender.....
How many mean-assholish-looking secret service agents did the Great Messiah bring out? They don't seem to trust even their loving liberast fans, and this is after a thorough scanning.
What democracy!
yeah, whatever
"A letter provided to Washington Secrets from Obama to a long-unemployed Portland, Maine carpenter pulls back the curtain of economic hope to reveal the truth about the stagnant economy. “I won’t lie to you,” Obama penned in hand to Charles Oliver in October. “It will probably take another year or two to fully dig our way out of this hole.”
http://campaign2012.washingtonexaminer.com/blogs/beltway-confidential/privately-obama-sees-recovery-1-2-years/372116
courtesy Drudge
For the average voter, Obama's consistency aka endless repetition is reassuring in comparison with the Plastic Jello Mold, Willard "Mittens" Romney. Both will spend borrowed money, but Joe Blow has no idea how Mittens will do it. We may know how the story ends.....
Hope this goes better than the last time:
http://www.theonion.com/video/in-the-know-panel-analyzes-obamas-furious-profanit,27288/
Btw, a "A strong army" is just Obama slang for, WILL WAGE WAR WITH IRAN, for non-American interests and spill as much American blood as my masters desire. HAIL COMRADE OBAMAO!
Obama´s plan in a nutshell:
Keep them all scared and divided with Race War, Class War, Religous War, and Wars in the ME so the little people can´t fight back against the NWO Banking Monarchy that is executing a stealth coup against democracy and self determination around the world.
We the sheeple of the United States of America.
To fix the debt problem is to add more debt and do 100% of debt monetization by the Fed. (if the Fed isn't doing this already.)
the only thing propping up the dollar now is a big (con)fidence game backed by our US mailitary.
What happends if the EU debt crisis get ressolved? or the EU collapses?
What happends when Iran no longer sells its oil in US dollars this comming March?
what happends whan the price on gold and sliver suddenly spikes beyond the Fed control?
WHO KNOWS? LOL
Jive- ass muther.@#$^&*
Burp...
I'm just a professional. I'm just a professional.