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Watch Live As Obama Shares His "Vision For A Balanced Approach to Reducing Our Deficit"
Hide your millionaires and get your popcorn ready. This will be good.
And some details of his actual plan from Market News:
Deficits and Debt
* The Joint Committee plan significantly reduces deficits and puts the country on a fiscally sustainable path by 2017.
– The deficit is projected to fall to 2.3 percent of GDP in 2021. By comparison, if we did nothing, the deficit would be 5.5 percent of GDP in 2021.
– Reaches “primary balance”– where our current spending is no longer adding to our debt — in 2017. At that point, current spending is no longer adding to our debt, debt is falling as a share of the economy, and deficits are at a sustainable level.
* The President’s plan would reduce the national debt as a share of economy.
– Stable or falling debt as a share of the economy is a key metric of fiscal sustainability.
– If we did nothing, the national debt would rise to 90.7 percent of GDP in 2021. By contrast, under the President’s plan, the national debt would fall to 73.0 percent of GDP in 2021 — or an improvement of almost 18 percentage points.
Health Savings
* The plan includes $320 billion in health savings that build on the Affordable Care Act to strengthen Medicare and Medicaid by reducing wasteful spending and erroneous payments, and supporting reforms that boost the quality of care. It accomplishes this in a way that does not shift significant risks onto the individuals they serve; slash benefits; or undermine the fundamental compact they represent to our Nation’s seniors, people with disabilities, and low-income families.
* The plan includes $248 billion in savings from Medicare.
– Within this total, 90 percent of the savings, or $224 billion, comes from reducing overpayments in Medicare.
– Any savings that affect beneficiaries do not begin until 2017.
– The plan does not propose to change the eligibility age for Medicare benefits.
* Other health and Medicaid savings amount to $72 billion.
* Because of the structural nature of these reforms, health savings grow to over $1 trillion in the second decade.
* The President will veto any bill that takes one dime from the Medicare benefits seniors rely on without asking the wealthiest Americans and biggest corporations to pay their fair share.
Other Mandatory
* The plan includes $250 billion in savings from other mandatory programs.
* Included within these savings are:
– $33 billion in savings from agriculture subsidies, payments, and programs
– $42.5 billion in reforms to Federal employee benefit programs, including programs for civilian employees and military personnel.
– $4.1 billion from the disposal of unused government assets.
– $92.2 billion from restructuring government operations and reducing government liabilities.
– $77.6 billion from improving Federal program management and reducing waste and abuse.
Revenues
* The President calls on the Committee to undertake comprehensive tax reform, and lays out five principles for it to follow: 1) lower tax rates; 2) cut wasteful loopholes and tax breaks; 3) reduce the deficit by $1.5 trillion; 4) boost job creation and growth; and 5) comport with the “Buffett Rule” that people making more than $1 million a year should not pay a smaller share of their income in taxes than middle-class families pay.
– Tax reform should draw on the specific proposals the President has put forward, together with elimination of additional inefficient tax breaks. If the Joint Committee is unable to undertake comprehensive tax reform, the President believes the discrete measures he has proposed should be enacted on a standalone basis. Their enactment as a standalone package still would significantly improve the country’s fiscal standing, represent an important step toward more fundamentally transforming our tax code, and serve as a strong foundation for economic growth and job creation.
– To advance this debate, the President is offering a detailed set of specific tax loophole closers and measures to broaden the tax base that, together with the expiration of the high-income tax cuts, would be more than sufficient to hit the $1.5 trillion target. These include:
* Allowing the 2001 and 2003 tax cuts for upper income earners to expire ($866 billion)
* Limiting deductions and exclusions for those making more than $250,000 a year ($410 billion)
* Closing loopholes and eliminating special interest tax breaks (approximately $300 billion)
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I got the front row seat. Suck my fumes.
I'm making book boys. What's the over/under on the number of DOW points we lose?
He takes us to -300 territory. Or -80 from here.
bullish for peas
Unlike Gold and Silver you can eat peas.
I eat my peas with Silverware.sterling that is
The new mantra is not just millionaires, but "Millionaires and BILLIONAIRES" just to drive the point home that this is really about those yacht-owning, private jet flying ultra-wealthy (ironically the same type of folks who would be able to escape such liability internationally if they so chose)...
But of course that's not what it is. It's an arbitrary $250k boundary that more and more people will fall into every year thanks to inflation, a level at which many small business owners would see diminishing returns by trying to expand their business and hire more people, prompting many to elect not to.
Perhaps more retarded is going after investment income, as it hurts everyone that saves and invests, not just the ultra wealthy.
And in the end, regardless of how one feels about who should be taxed and how much, there is another party in this scenario: a federal government that does not have a scrap of credibility and does not deserve one penny more than it already gets.
I'll tell you what, I don't want Warren Buffet taxed more, not only because theft remains theft regardless of scale, but because I don't want any of his money to go into the corrupt hands of the criminals we call leaders.
I believe it's down to $200k a year, but, honestly, I haven't read the entire Jobs Act yet. I heard we have to pass it before we can find out what's in it.
I think the 250k boundary is quite intentional; we are all going to be making that kind of money in a couple years. The catch is we will be struggling to afford basic food and energy needs at the same time.
Fuckers.
Regards,
Cooter
Correct. It won't matter when inflation forces the minimum wage up to $100/hr. Then EVERYONE is "rich".
I think that's right around the time that they make enough things illegal that we're all criminals too. So we're all rich criminals. Not even a good hearty round of liberal guilt can assuage such a thing, we'll be obliged to donate ourselves to the state entirely.
To all of the above...
Hope you choke on your Sushi and through up all over those loafers. Go ahead, keep towin' the TP "Big Lie"... but the gravy train is pulling out of the station... get over it!
Of course there are millions of unemployed and poor "slackers suckling on the public teet" that would be hapy to swap lives with any of you poor downtrodden souls... what's this, your not so bad off after all... what a shock... lol!
You myopic fool. Who do you think the unemployed are going to get a job from?
I am laughing my ass off at this moment, and I pass thy gift to you now:
EU to call for US and Japanese action on public deficits at G20 this week according to an EU document09-19 13:05: EU to call for US and Japanese action on public deficits at G20 this week according to an EU document
I am happy to see the EU call out little Keebler Elf, Timmay Geithner.
So in your Matrix fanatsy, all those business owners will close up shop and live off Tea Party love if we raise their taxes... lol?
You sure you didn't go with the blue pill?
I see ZERO signs that inflation is or will be transferring to wages at any point in the near future. Too much global wage arbitrage for that to happen. Nope you get the worst of all outcomes with hyperbiflation.
naaaa Bernake has his finger over the enter key, they are pumping as soon as he speaks.
buma, buffett and bernanke = bullion
Beans, Bullets, and Bullion.
dont forget the coffee
im long coffee, short bullets...
Don't forget the Babes, everything else is secondery
All you guys have to notice is the Gold Fringed Flag behinid him. Perpetual state of War Emergency, oh clueless ones.
All Kabuki. Theater. This is no ordinary puppet pulpit. it IS a Bully Pulpit.
Do your research...
ORI
Hey America!
i think our president going to say something interesting...
GOLD JUST FELL OFF A CLIFF,
I have been waiting to buy my next OZ ... c'mon dip!
Regards,
Cooter
X.inf.capt yea something interesting is going to be said, 'No QE3'.
well, dog, if youre in stocks.....
LOOK OUT BELOW.
'If Im in stocks'? No, not in stocks, as Ive been saying daily here for at least 8 months.
i know your not, dog, i was talking to the 'long stock' people.
Ok so I lost on that one hahah.
fortunately I blocked the White House media player and the LSO's it leaves behind on any and all who open this page
Firefox will cure that. Too bad it wont fix the teleprompter.
Use FireFox. Set the privacy options to clear everything except site preferences when firefox is closed.
I also use AdBlockPlus (plugin) which not only blocks a lot of banner adds and crap, but also lets me block titty avatars while browsing ZH at work.
Oh, and a good firewall.
If you are garnering "spy" attention beyond these measures, well, you have bigger issues to deal with.
Regards,
Cooter
Hard to say how many points. However, there is no doubt that criminal syndicate Wall Street bankers will seize the teachable moment to set President Zero straight on who the tax targets cows really are...and it ain't them.
We draw closer and closer to the Lear jet exodus in America.
Millionaires today are mere peasants to the $500 billion club boys who run the puppets.
Who are these sheeple Americans who believe this guy is a great orator? He sounds like the regular two bar stools down bitching about "unfairness."
Surreal. Every time this guys speaks, I tumble backwards down the cosmic bunny hole.
Tax the "millionaires" -- in an economy which has arguably been in a prolonged recession since 2008...some would go as far as having entered depression, in some sectors.
Ah, yes -- President Hoover raised the top rate back in '29. The result contributed to what we all identify as "history."
"Brother, can you spare a SNAP card -- or better still, how much can I get for a spiffy Pontiac Aztek ?"
http://blsciblogs.baruch.cuny.edu/his1000spring2011/files/2011/02/1929-s...
Your image is actually a wonderful example of debasement of the currency since the Fed was hatched.
Income tax is just another fraud/theft:
http://worldwideponzicollapse.blogspot.com/2011/09/income-tax-theft-bill...
Tell me if he smells like sulfer.
http://en.wikipedia.org/wiki/Something's_Burning
http://www.youtube.com/watch?v=BIeWF_XliD4&feature=related
What a crock-o-shit....same ole same ole....this ahole needs a new speach writer!!
Hide yo millions,
hide yo gold,
they are taxing everyone here
Oh look he's late again.
CPT
being late is a sign that he has the power? maybe occassionally, but this is just plain and simple rude at this point
Don't be silly, you're early.
He's always on time.
27 minutes now...this is beyond inconsiderate.
.
maybe a bird will poop on his head, hey you never know.
Until we eradicate the pernicious idea held by the Democrats that they are entitled to the product of your labor; which they then use to buy votes and swell the ranks of their tribe, there is no hope that the system that once provided the greatest standard of living will survive.
Let's just use the AMT form, but change the rates to make it somewhat neutral to today's code. It's a two-page form, isn't it? That's simplification.
...idea held by the Democrats AND THE REPUBLICANS...that they are entitled to the product of your labor....
This "pernicious" idea is called taxation and it is in the Constitution. What a clueless dweeb! Don't want to pay taxes? Go to jail or get the fuck out. Very simple.
Its actually an ammendment to the constitution added much later in order that lazy scoundrells such as yourself can leech off the system. If you can point to the moral athority other than might makes right that gives you an entitlement to my labor I'd like to hear it. If you can then I want you to you come by and mow my lawn
Fax/ery let's go
Teleprompter not operable. Please hold the line.
When will it start?
THe lighting is not right. HIs puppet strings will show.
Why waste time listening to this bullshiter in chief?
For my PUT spreads.
An African American Male said it succinctly in this Wall Street Protest Video
USA: 'Day Of Rage' Protest On Wall Street
30 seconds in...
http://www.youtube.com/watch?v=Qfjyafm05WM
MR. President, take off your invisibility cloak
del
"We voted for change and obviously didn't get that"
$100 says he still votes for Obama, because he didn't vote for change, he voted because he's black just like the 90% approval rating he carries for that demographic. I see him marching on WS, why isn't he marching at the WH? Yea, that's what I thought. In fact with such a high unemployment rate amongst the blacks why have I not seen ONE protest(er) outside of the white house?
I don't think politicians are human. Hehe! But you are right about it being the animals of society that are the murderers. That is a very insightful thing to say. Well done.
... your views are racist bob
when all millionaires left the coutry
please!
This is the good part Mini-Me. This is where Obummer pretends to be a man of the people.
I have to get my daily Barry Soetoro fix. Market tank? I thought Barry was on vacation in Mumbasa Kenya visiting his deported Grandmother.
Please define "fair share". Thank you.
all of it and go work in the salt mines
Obama...what an asshole!
Is he in there getting a fill on his short ES trade?
...his teleprompters are set up so I guess it's just an 18th fairway bunker that's held TOTUS up
Just remember to divide every deficit `reduction` number by ten (years), and keep in mind that at the very most he`ll only be around for half of them...
Hocus Pocus!
We really need to get away from this XXX billion savings crap over 10 years bc everyone omits the 10 years and no one can forsee what will happen in 10 years. Like saying I will lose 50 pounds (mumble "over 10 years") by going to the gym 5 years from now.
Yes
No
Mr.G a "cagey political operator"?
Bringing Harry Houdini back from the dead will be easier than making this plan work.
Tyler, you really shouldn't bother posting anything for at least 15 minutes after he is suppose to show.
Listening to this fool is a waste of time.
You should be preparing for the "good times ahead." Like down in New Orleans. When the bundle of lumber arrives, build a stage, have a party. After all, it helps take the mind off the misery.
Houses still in rubble? They should not be there anyway. See, everything is better already.
What a Fucktard!
He's just now rolling out of bed. Our Shame In Chief is lazier than a teenager.
Still waiting. I imagine Obama will be late to his own funeral.
It would be excusable if the misses followed him out, sporting some "fuck hair"
Does this oreo ever start on time....
...hmmm, must be a big sandtrap
This shit is for subjects.
totus is totus... this asshole is on television more than leave it to beavaah... reruns.
Won't pass.
I've stuffed my millionaires down the back of the couch just in case.
he's probably in the bathtub with the hermit playing with his gold (floatable) duckys
rubber ducky your the one, squeek squeek, , rubber ducky your so fun , squeek squeek, etc etc
When Obama speaks Equities go down and the USD strenthens. It's very entertaining.
EURUSD big downside ahead. http://bit.ly/o36OSf
USDCAD looks very bullish http://bit.ly/ncvFDL
SPX (ES) bearish http://bit.ly/nlr4c9
who's the blond fucker that keep getting up to pacify the old ladies in the front row
I ain't racist - I hate his white half too.
This guy has no respect for anybody. He doesn't care who's schedule he impacts ar anything. He is a completely self absorbed narcissist.
He's finishing up his fried chicken, waffle fries, and purple drank. It should be another 10 minutes
You're forgetting about the after-meal Newport he needs to smoke. Give him 15...
Redistribution
I'm all outta popcorn... and bubble gum...
plenty of pixie dust and bullshit to go around
lol, ppl are all looking around like hes gonna swing out of a tree. what a joke, just turn the 'prompters around and let us read this BS and let us get back to buying the AU/AG dip. any one else would have been fired for constantly showing up for meetings late long ago. but i guess then we dont get his "umms" and "eerrs" dabbled into the nonsense. sweet, new angle on nothing. no use checking yourself in the mirror again, you are indeed nude Mr. President.
watching Bloomberg they are all in for Obama it is sickening
but I guess the cub reporters like Juliana Goldman and wannabe anchors Marj Brennan are thinking about their next job at MSNBC or CNBS
and of course the tiny perfect mayor likely transmits his Obamian preferences
"Effective immediately, I've instructed the Federal Reserve to start S & P 500 targeting as its primary mandate, as it has a direct link to business confidence and job creation"
LOL....
What is it about your best friend, that makes him or her the best to you?
Hurry up! Europe is about to close!! </panic> </sarc>
You watch what comes next: If you don't vote for Obama you'll be called racist.
S&P @ 1192 at speech start...
As long as the Unions are paid off that's all that matters. Screw the private sector!
"There's no reason congress should drag it's feet"
...I wasn't 15 minutes late to my own press conference
That's funny! Profligate spending in washington has brought us to this point. As if he has had nothing to do with it!
where's the Ali G translation??
we ask dees bruvers an' bitches to leave dare careers, leave dare families, risk dare lives to make shizzle dat we’re protected. da last tin dey should af do iz ruk fe da job whun dey spitz turf. that’s why congress needs to pass dis bill. hit iz gonna help hundreds hof thousands hof veterans all across da turf. Now iz da bells to act. we’re not da peeps who just watch tings happun. we’re americans; we make tings happun. we iz tougha dan da times we live in. we iz -- bigga dan da politics dat we've bin puttin up wiv. we iz patriots an' pioneers, an' innovators an' entrepreneurs, who, through individual effort, but also through da commitment to one anotha, built an economy that’s da engine an' da envy hof da world. we write our own destiny. it’s wivvin our powa to write hit once more. so let’s meet dis moment. let’s get to wurk. let’s show da world once again why da united states hof america iz da greatest turf on earth.
http://www.whoohoo.co.uk/ali-g-translator.asp
What a lame. Is it me or does he say the same thing everytime he speaks.
Same thing everytime. Matter of fact listen to how he's introduced " a lil' more" into the english lexicon. Every speech he now says " a lil' more" as if we're not going to notice and it won't hurt that bad!
Good point, I have noticed that his word choice is increasingly becoming sloppy the last few speeches. Waste of time listening to this lame, bought and paid for politician.
I wonder how many times Stalin, Mao Ze Dong, Castro, said 'fair' over and over again, as they slaughtered tens of millions of their own people. How many times has 'class warfare' been used by those in power to divide and conquer. Now days they just slaughter other people. Dangerous rhetoric, I wonder if Pelosi is crying, if not she should be.
On a side note, why is he not talking about punishing fraud, specifically big banking and wall street? What about all of the other issues that matter.
How the fuck can I block this player in my HOSTS or Adblock plus?
EDIT: ||whitehouse.gov in ABP.
These guys maintain a host file you can use to prevent resolution of "unsafe" IPs:
http://winhelp2002.mvps.org/hosts.htm
SpyBot Search and Destroy will also append a long list of crap to your host file for the same purpose.
If you use ZoneAlarm (firewall) and change the settings such that unknown programs will pop up a window and ask permission, you can block the player. The truly paranoid only allow specific programs to access (i.e. a custom rule for each application) and delete all other rules, ensuring you get to see when things are coming/going. Be sure to disable the "automatic Microsoft accesss".
FireFox also has an addon called AdBlockPlus which works for many banner adds and what not.
Lastly, be sure to set FF to purge all info except site preferences when closing FF.
Regards,
Cooter
Use NoScript for FireFox, everything flash is disabled by default, with one click you can enable if you so choose.
cut what we can't afford to pay for what matters...
What matters = social security, medicare, medicaid= what we cant afford.That's a pittance compared to what is being spent on bombing unoffending nations.
I love the smell of new taxes in the morning. It smells like victory!
I see his staff is handing out Mc'Obama's, a new happy meal from Mc Donalds to everyone in the crowd, there is a note inside the happy meal that says "Enjoy, because the guy sitting next to you is paying for it"
There's been a war in Afghanistan? In Iraq?
"Everyone ... [has] to pay their fair share.". BHO 19/9/11
queue more capital controls...
Eliminating the federal Department of Education could only improve American schools.
Biggezt Cutz EVAR, Bitchez!
You know its like Boner says 'My way or the Highway......or how does that go....fucking telepromptor!!!!'
Have a verry, very, hard time listening to this clown.
How to tell Obama is not serious. Not one mention of controlling Wall Street, seeking indictments, reining in lobbyists.
+1 Also, he had a supermajority in the CONgreff when he took office but waited until ther was no chance this type of legistlation would pass, and in an election year to boot. Disingenuous at best. Listening to Obummer is almost as appalling as listening to the maggots blame obummer for the mess krony krapitalism kreated.
I guess you had your head stuck too far up your ass to see the obstruction by the GOP against anything he supported (at least you got the maggots and the kkk part right... well said).
Without a filibuster proof Senate, your TP friends were able to block, or gut based on corporate lobbyist wishes, any effective changes. As they said quite openly, they couldn't care less about the porr and unemployed... their only goal was to defeat the president at any cost... and you and your friends lined up at the trough to gorge on all you could get your slimy little hands on.
But please, don't let the facts get in the way of the hate fest... enjoy it while you still can kids... the world is watching, scratching their heads, and having a good laugh
imo they didn't fight hard enough because they are all rich dudes too. I don't remember those repug old codgers filibustering much of anything, they merely threatened to do so and the dims folded. O had the chance to clean up dodge but he is just as corrupt as the CONgreff.
... at least you seem willing to part ways with the ZH Groupthink buzz. And they did filibuster everything... they no longer have to stand and read the phone book, so no evening news coverage.
Can't disagree with your disappointment with all the Dems... just that it gets much worse if the corporatist TP gains control (or even just more influence). Good to see the president give up trying to work with the loonies and start to get tough.
It's really very sad that you do not understand that O-bomb-a's support of wall street and money printing hurts the poor most of all through the hidden inflation tax.
Obama is not a socialist, he is a corporatist. If he was a socialist he could have federalized all the foreclosures and given everyone a free house for what the banks have received in bailouts.
I'll give you another clue too since you seem to be on the wrong site.
The government cannot create jobs. It can only take money from one group and give it to another, or print it.
ASSHOLE - yeah, you!
Speech wasn't over when you posted. Guess you missed the several mentions of lobbyists.
Or just jumped the gun as usual. Couldn't wait to post a little disinformation, dickhead.
Oh really Obama, the rich need to pay their fair share huh? They are eligible for lower taxes than everyone else huh?
"About 47 percent will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability."
http://finance.yahoo.com/news/Nearly-half-of-US-households-apf-1105567323.html?x=0&.v=1
Bob, your argument shows a serious lack of intellectual ability.
CLASS WARFARE BITCHEZ
I have not listened to his speech, but let me take a wild guess here.....
All the extra spending starts now......
.......all the cuts occur under some future congress
Was I right??
You left out the "it's all Bush's fault" part.
Other than that, pretty close.
He so smart with that fancy degree of his. He knows there is no way to raise revenue by simply healing the economy and get his sheeple to vote for him at the same time.
Mr Prez,
It ain't about tax fairness. It's about we don't trust the guv to say what it means or to do what it says. We just don't trust you people anymore. The "full faith and credit" is gone. No more greenbacks for you. Get used to it.
Why do I keep listening to this dipshit?? Every time I do my IQ drops faster than the S&P.
Solutions are simple, this mess of a solution is indicative of all the lobbyists influencing DC.
I wish this guys words matched his actions.
which one is the medal of honor? It's the red one right down here by my zippa
I pray outloud everyday for multiple bullets to tear through this international communist mulatto's skull and emaciated chest.
I have never hated anyone or anything more than this fucking bitch. He needs to go.
He's got to go
Dear Fellow Americans,
"scouring the budget for waste and inefficiency"
"putting more money in the pockets of people"
"cut corporate loopholes"
"unfairness"
"uphold Constitution"
Signed, Every President
He's got to go