Obama Says $4 Trillion Budget Is Paid For
The GOP will respond this spring with a balanced-budget outline that promises to ease the burdens of the national debt on future generations, curb the explosive growth of expensive benefit programs and reform the loophole-cluttered tax code.
In a lengthy run-up to Monday’s budget release, the administration highlighted a number of its proposals, including $320 billion in increased taxes on the wealthy and corporations that would be used to pay for expanded middle class tax breaks.
The budget documents reveal that all the tax increases will total $2 trillion, including a number of proposals Obama has made before to limit deductions the wealthy can take to reduce their tax bill.
If you haven’t already, please “like” us on Facebook
Copyright 2015 Liberaland
28 responses to Obama Says $4 Trillion Budget Is Paid For
Leave a Reply
You must be logged in to post a comment.
Mike February 2nd, 2015 at 14:02
Paid for…in that case, it’s doomed to fail.
Suzanne McFly February 2nd, 2015 at 14:34
The fact President Obama put out this budget is the reason it is doomed to fail. Obama could say “All (good) moms are amazing beings and have given immensely to the America we all currently enjoy” and the right would divorce their mothers and claim they were abused.
Mike February 2nd, 2015 at 14:56
If it’s any consolation, most mothers of republicans are probably wondering where they went wrong. I might actually buy the abuse claim, something obviously twisted happened to make them the way they are…
Suzanne McFly February 2nd, 2015 at 16:57
My sweet, poor grandmother was surrounded by republicans. These people still insist she had no political views, and yet my mom, me and my siblings (all dems) knew she was a democrat.
Boehner-Monkey February 2nd, 2015 at 17:11
Democrats. The people who are nice to other people.
Suzanne McFly February 2nd, 2015 at 18:07
:)
Jimmy Fleck February 2nd, 2015 at 16:50
How many people do you think are married to their mothers? That is pretty sick and twisted in my opinion :p
Suzanne McFly February 2nd, 2015 at 17:00
Okay, how about disown? Better? lol
Mike February 2nd, 2015 at 15:02
Paid for…in that case, it’s doomed to fail.
Suzanne McFly February 2nd, 2015 at 15:34
The fact President Obama put out this budget is the reason it is doomed to fail. Obama could say “All (good) moms are amazing beings and have given immensely to the America we all currently enjoy” and the right would divorce their mothers and claim they were abused.
Mike February 2nd, 2015 at 15:56
If it’s any consolation, most mothers of republicans are probably wondering where they went wrong. I might actually buy the abuse claim, something obviously twisted happened to make them the way they are…
Suzanne McFly February 2nd, 2015 at 17:57
My sweet, poor grandmother was surrounded by republicans. These people still insist she had no political views, and yet my mom, me and my siblings (all dems) knew she was a democrat.
Boehner Monkey February 2nd, 2015 at 18:11
Democrats. The people who are nice to other people.
Suzanne McFly February 2nd, 2015 at 19:07
:)
Jimmy Fleck February 2nd, 2015 at 17:50
How many people do you think are married to their mothers? That is pretty sick and twisted in my opinion :p
Suzanne McFly February 2nd, 2015 at 18:00
Okay, how about disown? Better? lol
John Tarter February 2nd, 2015 at 16:18
4 Trillion? That’s insane. Paid for? Yeah right. And he keeps saying the deficit is down, but how about the national debt? I hear it’s up 8 TRILLION under Obama. That is not good no matter how you look at it.
William February 2nd, 2015 at 16:42
Amazing what a fiscally responsible President can do huh?
SteveD February 2nd, 2015 at 18:56
John, the US is Monetarily Sovereign. As long as real resources are available, the govt can spend without fear of inflation. Federal government finances are not like personal finances, and federal deficits and debt are neither a threat nor burden, and federal taxes do not fund federal spending.
Spending equals income. In the aggregate, income = spending. If spending falls, income falls. If income falls, businesses cut investment and costs and lay off workers.
Government spending while a means to increase business (private sector) income,also provides a net increase in private sector wealth. $8T in federal govt liability (national debt) exactly equals $8T in private sector ASSETS.
The government can buy and deploy otherwise unutilized resources.
It can spend when sales/incomes are needed to avoid contraction. You might note that the contraction still exists to some extent, 6 years beyond the Great Recession.. Just examine the “official” unemployment rate (5.8%). In reality the rate is more than double. Unemployment is the key economic indicator of an underperforming economy.
1. A growing economy requires a growing supply of dollars. (GDP=Federal Spending + Non-federal Spending + Net Exports)
2. Federal deficits are “paid for” by those spending LESS than their income, the SAVERS, who purchase continually rolled-over federal govt. debt. However, this debt could be paid off tomorrow simply by transferring already existing interest earning dollars in securities accounts to the holders’ reserve accounts. Presto! The national debt is paid off. (No new dollars needed. Non-inflationary.)
3. All deficit spending grows the supply of dollars.
4. The limit to federal deficit spending is an inflation that cannot be cured with interest rate control.
5. The limit to non-federal deficit spending is the ability to borrow.
tracey marie February 3rd, 2015 at 07:22
4 trillion is from the goptp and bush
John Tarter February 2nd, 2015 at 17:18
4 Trillion? That’s insane. Paid for? Yeah right. And he keeps saying the deficit is down, but how about the national debt? I hear it’s up 8 TRILLION under Obama. That is not good no matter how you look at it.
William February 2nd, 2015 at 17:42
Amazing what a fiscally responsible President can do huh?
SteveD February 2nd, 2015 at 19:56
John, the US is Monetarily Sovereign. As long as real resources are available, the govt can spend without fear of inflation. Federal government finances are not like personal finances, and federal deficits and debt are neither a threat nor burden.
Spending equals income. In the aggregate, income = spending. If spending falls, income falls. If income falls, businesses cut investment and costs and lay off workers.
Government spending while a means to increase business (private sector) income,also provides a net increase in private sector wealth. $8T in federal govt liability (national debt) exactly equals $8T in private sector ASSETS.
The government can buy and deploy otherwise unutilized resources.
It can spend when sales/incomes are needed to avoid contraction. You might note that the contraction still exists to some extent, 6 years beyond the Great Recession.. Just examine the “official” unemployment rate (5.8%). In reality the rate is more than double. Unemployment is the key economic indicator and with a level of unemployment this high, the economy is still way short of maximum capacity.
1. A growing economy requires a growing supply of dollars. (GDP=Federal Spending + Non-federal Spending + Net Exports)
2. Federal deficits are “paid for” by those spending LESS than their income, the SAVERS, who purchase continually rolled-over federal govt. debt. However, this debt could be paid off tomorrow simply by transferring already existing interest earning dollars in securities accounts to the holders’ reserve (checking) accounts. Presto! The national debt is paid off. (No new dollars needed. Non-inflationary.)
3. All deficit spending grows the supply of dollars.
4. The limit to federal deficit spending is an inflation that cannot be cured with interest rate control.
5. The limit to non-federal deficit spending is the ability to borrow.
tracey marie February 3rd, 2015 at 08:22
4 trillion is from the goptp and bush
William February 2nd, 2015 at 16:47
Worst socialist ever
William February 2nd, 2015 at 17:47
Worst socialist ever
SteveD February 2nd, 2015 at 19:21
“The GOP will respond this spring with a balanced-budget outline that promises to ease the burdens of the national debt on future
generations” Utter rubbish. Federal debt burdens know one, as I’ve informed readers of this blog, many times in the past. http://www.forbes.com/sites/stevekeen/2015/01/14/beware-of-politicians-bearing-household-analogies-3/
SteveD February 2nd, 2015 at 20:21
“The GOP will respond this spring with a balanced-budget outline that promises to ease the burdens of the national debt on future
generations” Utter rubbish. Federal debt burdens no one, as I’ve informed readers of this blog, many times in the past. http://www.forbes.com/sites/stevekeen/2015/01/14/beware-of-politicians-bearing-household-analogies-3/