If you ignore the efforts to keep the economy stable Obama has attacked the budget unlike any of his predecessors. He's left unfilled most of the jobs that have become vacant by attrition and do you think he'll ever get credit from the repubs? LOL. Obama's black and that's his true sin over there at whiteman central. No idea why he even bothers trying to placate the ungrateful boneheads.
Last year the CBO projected the 2013 deficit to be $585 billion. Page 14.
So I'm sure you'll be thanking Obama for making the outlook worse.
Last edited by SemiAuto; 02-06-2013 at 09:47 AM. Reason: Putting the right page number in.
Closing loopholes and tax preferences is the correct approach. The oil industry makes a net annual profit of $144B. It's the most profit industry on the planet. It doesn't need the $4B tax subsidy. Also, many Wall Street annual salaries are paid as "carried interest" which taxes them at only 15%, the 2012 capital gains rate. While it goes up to 20% for gains above $450K, it should be taxed as ordinary income because its salary. Another rip off is the off-shore tax havens which are nothing more than a mailbox. The tax code is full of sweetheart deals for those industries that can afford lobbyists and contribute big bucks in campaigns.
Let's face it: the rich get the preferential elevator and the rest of us get the shaft!
"During the coming decade and over the longer term, the
aging of the population and rising costs for health care
will continue to exert significant pressure on the federal
budget. The number of people age 65 or older will
increase by about one-third between 2012 and 2022—
from 14 percent of the population to 17 percent—
substantially raising the cost of Social Security, Medicare,
and Medicaid. In addition, the Affordable Care Act,
enacted in 2010, will significantly increase the number of
nonelderly people receiving assistance through federal
health care programs."
Can you say too little too late?!
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