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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 gotta agree with this clown that the tax rate the middle class pays should be less than those with the disposable income and 'old' money to play in the subsidized casino.
Oh, Christ! He is promising to make everybody millionaires and billionaires
Not one intelligent comment on this page yet. Can't wait for Ricky Rayguns turn at the wheel. The burning bag of shit GW/DC left on the American doorstep will have to be kicked off the stoop. Truly you guys were forked decades ago, the ponzi is finally unravelling now, blaming the last guy in the long sad line you twankers call cashtrianity is just the typical all you can eat ignorance that is the real American dream.
Ricky Raygun 2012. All your hopes and dreams will come true.
Whooooooopppppppeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee
No, I have no tracker program that I am aware of, and I would not be interested in doing so.
"Not one intelligent comment on this page yet"
"Whooooooopppppppeeeeeeeeeeeeeeeeeeeeeeeeeeee"
And that trend continues...
Would I be a pedantic ZHer to point out you have comments, thus undermining the truthi-ness of your posts?
Regards,
Cooter
EDIT: added in-line quote and fixed typo
I dunno...
Is it trivial for me to point out that truth and intelligence have little relationship?
"The sky is blue," said the moron.
"There will be no lobbyists in my administration," said the president.
Best,
tickhound
Noone believes this guy anymore on any level for any reason, not even his hardcore supporters. This is not class warfare? Ok, then what is it?
Well, let's get the war on and get it over with. The poor are fat and lazy and will be easy targets for the smart, fit, rich people with guns. Just watch a few zombie movies and you'll get the idea.
I think I got it figured out; its a tax hike on millionaires! A big one. But, what we don't know yet is that we are all millionaires now!
Regards,
Cooter
Ive listened for 15 minutes....no idea what Obama is saying at all other than 'Someone is going to be paying me a lot more money so I can hand it to my soup line voter base.
Now that the country is in definite recession, within an overall depression, its time for broke people to get 'fairness' by paying more? This clown Obama is nothing but a diversion.
The federal government doesn't build schools.
Since we are rolling back the tax rates to the 2000 level how about we roll back the budget to 2000, adjusted for population growth??? Just a simple farmer thought.
Hear a siren in the background - maybe the treasury's on fire.
Let the class warfare begin. If what he is saying / describing actually gets implimented (which I doubt) will be inciting a type of class warfare that will bring down the system about 5-6 % easily.
The Bad Guy.
It does not matter what the CEO of the US Federal Corporation says, as he will do whatever the shareholders of US, Inc., the Crown bankers order him to do. Every CEO of US, Inc. since Woodrow Wilson have been sock-puppets of the Crown bankers, et al. However, this evil cabal is coming to an end, and liberty will soon be at hand. For life, liberty, and the pursuit of happiness.
one term lame duck
Close your eyes and I swear you will think this guy speaking is Hugo Chavez.
He's quoting George Washington. Lovely.
What a disgrace this man is.
Oh God now comparing himself to George Washington. I hear sirens in the background, too bad they aren't coming for him.
All aboard the ROFLcopter.
SAY A FUCKING I-N-G!!!!!
Mr. President,
I don't believe anything you say.
Sincerely,
Bolweevil
P.S.- You just killed your chances of getting re-elected (again). Love the music!
Fingernails on a chalkboard. Painful to listen too. I often agree with some of what he says but have NO CONFIDENCE he will actually do what he says. Where's the tax reform he's talking about? His commision recommeded it almost a year ago. Same way with budget cuts. Not a word of it was in his budget. Always talks the talk but it's ALWAYS B*llsh*t when it's time to perform.
everyone looks soooooooooo hap hap happy
Wait a minute, he just said it wasn't about numbers on a balance sheet when 5 minutes ago he said its not class warfare its about the math. So what is it, math or numbers on a balance sheet? Contradicts himself time and time again.
You don't understand,
Let me make this clear,
This is not my fault, today it's speaker Boehner. Let's not forget this is the fault of tea party, Bush, republicans, racists, gun owners, fat cats, corporate jets, pollution, whites, birthers, truthers, deathers...blahblahblah blahblah! So don't blame me when the children are starving. Child cuts his arm and parents lose their home to pay the medical bills. Free college for all, including US citizens, two more years of UE benefits and roads and bridges...
We in New Zealand were all impressed by Obama in 2008...not so much now
This guy had failure written all over himself from day one. Just like Rick Perry has failure written all over himself. All people have to do is study them and not be dumbass TV watchers. I wonder how many people will be impressed with Rick Perry?
/sigh
"We in New Zealand" = retards
What does it mean that BHO's speech is interrupted by police sirens?
Worse than any tinhorn dictatorship with this clown giving speeches daily...we used to laugh at Fidel Castros weekly hour long addresses to the Cubans.
Applause for that ??????????
I gotz news for you - mr. Prez. Everybody's "FAIR SHARE" is ZERO!
You MFers aren't entitled to take a GD thing from anyone, so stop already!
did he actually say anything??
No. There were no exact proposals or numbers. Nothing saying who will be taxed what. Another dose of regular BS.
"promise the moon...."always a choice of difficulties" future......facing up to the legacy of debt.....and about FAIRNESS...and looking out for one another......we know what's right....it's time to do what's right...."
Is this some kind of alter-world comedy skit? And the military band plays a lively set......this is a fucking fucked up joke man!
Doing what's right starts with STOPPING and dismantling Teh Fed and overhauling the IRS and on and on and on........but alas we have true regressive taxation and ILLEGAL government intervention all around.............jesus man talking about fairness at this point by obummer is just offensive.
and now allow me to vomit up my popcorn and hit the ol' stem.....feel like i'm from another galaxy looking down on this vile venal posturing.....obummer needs to just start cracking up in the middle of one of his speeches and say, "what the fuck am I talking about this shit is just too much do you people actually buy this crap?"
Obama "Zimbabwe" Economics = Obamanomics
Banana Republic - but without any bananas
Class warfare, socialism, redistribution being blamed for killing American Dream?
Crickets on crony capitalism & corollary of 50m in poverty.
I cannot even watch this man anymore. Yes, I voted for him, but within 3 months after he took office I advised all I screwed up, made a mistake and was just freaking wrong! Who the hell is next in this 2rd rate horror movie.
And how many on margin got blown up just this morning. Margin is a death walk. Just a matter of time. We might even close near even today since traders smell "Bernank".
Muuuuuust..... lie..... another.... fourteen...... months..... arrrrrgh!!
That was pathetic. Nothing more than a campaign speech. Since 2004, I'd say that Barack Obama has spent about 80% of his time campaigning for higher office. First US senator, then when he was there, he spent most of his time there campaigning for president. He's already spent most of this year campaigning again.
Fool us once, shame on you. Fool us twice, shame on us morons.
Why does he compare someone paying 40% income taxes versus someone paying 15% long term capital gains taxes. It is apples versus oranges. It confuses the argument. I used to get sent to detention for telling half truthes. This guy is supposed to be brilliant. Harvard Law etc. Cmon. Total bs. He's just twisting the facts, and making up numbers. If I hear him say everyone needs to pay thier fair share again, i think i will lose it! i think he's actually either ignorant or plain dumb. This is the first affirmative action president.
The crying over the shut-off of the tax entitlements are funny, and expected. I paid 19% on 458k las year, but then its easy to fool the masses who don't/can't drop a grand or two on their accountant. Hence the almost inevitable victory for the real ruling class who find almost no resistance. And if anyone does kick up a fuss, a few million here or there for politcal ads is not a problem, the 30 second sound bite is remarkably effective on those who's attention span is tested by the drive thru at McD's. And those political ads create jobs right? After all, GE paid zero taxes last year to the U.S., so why shouldn't they be allowed unlimited involvment in the political process?
Corporations don't pay taxes, the money if they owe any to the IRS (if they are not in the pocket of "O") is just extra money extracted from their cutomers in the form of higher prices.
So if it take $4 of debt to generate $1 GDP growth.... and the total cuts between the jobs bill, the debt ceiling bill and this plan is around $4 Trillion....we should see a $1 Trillion reduction in GDP yes? That will take the wind out of the economic sails.
a tax is a tax and vote buying is vote buying--nothing is changing
I have it - its called the "Buffet Rule".
The rules are - the government is allowed to gorge itself on every single dollar made anywhere in any manner - as much as it wants, as many times as it wants. All of our income, all of our commerce, all of our possessions, all of our investments, are one large buffet. Its all you can eat.
Government bureaucrats, Come and get it. Route it to your cronies. Route it to failed solar energy projects that take the taxpayer for half a billion. Route it to unemployment paychecks ad infinitum, and 50+ million food stamp recipients. Route it to military adventures in over a hunderd countries. Route it to an unlimited health care industry. Route it to union coffers to buy votes and employ thugs.
I'd enjoy watching Tim more if he had 2 more hands gesturing around.
Banana Republic
Take a suck Mr. Soetero
How much longer can londonistan's vassalage on the potomac maintain even the thinnest veneer of legitimacy/authority?
Every leech in that district is a traitor working for international interests against the citizens of America.
There aren't many of them and every member of their families can be gotten to. I'm honestly amazed it has continued with impunity up until now.
hey now, turbo tim gets to talk.
Turbo could implement fair taxation tommorowm by simply refusing to prosecute people who paid way more than thier fair share.
Wow, that was a bad Saturday Night Live skit except that Tim Meadows does a great Obama and that Art Carney guy was a riot. (/sarc)
Can somebody tell me the link between tax increases and job creation? How can I miss that laser-like focus?
Chicago- Razzle Dazzle
http://www.youtube.com/watch?v=c-zEtAuKuUY