Saturday, August 29, 2009

Let's review Obama's financial management results

"The White House brags that it will cut the deficit in half by 2013. The President does not mention that the deficit has nearly quadrupled this year. Merely cutting it in half from that bloated level would still leave budget deficits twice as high as under President Bush."
The bleating "regressive" sheep will surely call for higher taxes to offset the deficit, but as this study show, cutting the spending will ensure that current revenues will be more than sufficient, particularly if tax reform is implemented.


"The recently updated budget figures make clear that a lack of revenue is not causing record deficits, so no tax hikes are necessary to close future budget gaps. Instead, Congress and President Obama can do so by limiting spending to the historical average of 20 percent of GDP by:

  • Reforming current entitlement programs like Social Security, Medicare, and Medicaid to make them more efficient and affordable;
  • Dropping plans for an expensive takeover of the health care system; and
  • Eliminating wasteful and lower-priority programs.

To get further control over future deficits that result from tax revenue volatility, Congress and President Obama should also reduce the progressivity of the income tax by moving to a flatter income tax code."

And remember, we haven't even begun to talk about the massive taxes the "regressives" want to impose under the bogus Cap 'n Trade nonsense.

We can't say we were not warned before the election that Obama had absolutely NO executive experience. Now we are seeing the consequences of electing such a person, and the lack of judgement he's shown in selecting his highest ranking associates.

He's well on his way to being the most disastrous President in the history of our republic. He may soon add the notorious distinction of being the most dangerous president to that first description.


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