Obama's new budget

[30ashopper]

NYT does a pretty solid job of detailing - generally, we'll be spending more than we have for the forseeable future, racking up debt all along the way.

In $3.8 Trillion Budget, Obama Pivots to Trim Future Deficits - NYTimes.com

Two cool interactives: visual depiction of the proposed 2011 budget -

Obama’s 2011 Budget Proposal, Department by Department - NYTimes.com

(The net interest on existing debt sticks out for me.)

Deficit forcasts vs. reality -

Budget Forecasts, Compared With Reality - NYTimes.com

We were looking pretty good up to the point at which the housing market started to crash.

 

[Linda]

American madness

"Ultimately what cannot continue will not. The USA is headed for the biggest crisis of all in the U.S. dollar and its internal interest rates as the world slowly pulls back from subsidizing American madness that some people are entitled to produce and others are born to consume."
?Bob Sutton

Obama Proposes $3.8 Trillion Budget - WSJ.com
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[30A Skunkape]

I got to spend my sick day home today learning about the federal debt. What an elixer! It amazes me that our debt is not receiving 24/7 coverage ala Haiti because it is going to be a catastrophe for our country.

 

[30ashopper]

I got to spend my sick day home today learning about the federal debt. What an elixer! It amazes me that our debt is not receiving 24/7 coverage ala Haiti because it is going to be a catastrophe for our country.

Tebow's choose life commercial is clearly a far more critical issue. :roll:

 

[idlewind]

Clearly we must stop the maddness of spending more than we take in. And higher taxes will cripple the economy. So the only thing to do is cut spending. I applaud Obama for the start but we must encourage him to do more. Going back to the 2007spending levels on domestic items would be a start. Pulling our troops home should also be looked at. Foreign aid should be suspended. The fair tax should be enacted. There are many other ideas to consider but the bottom line is we must make tough choices now to prevent unbearable choices tomorrow.

 

[Lynnie]

Clearly we must stop the maddness of spending more than we take in. And higher taxes will cripple the economy. So the only thing to do is cut spending. I applaud Obama for the start but we must encourage him to do more. Going back to the 2007spending levels on domestic items would be a start. Pulling our troops home should also be looked at. Foreign aid should be suspended. The fair tax should be enacted. There are many other ideas to consider but the bottom line is we must make tough choices now to prevent unbearable choices tomorrow.

I agree on higher taxes crippling us right now. Cutting spending is the way to go. Record spending and deficit last year and we have to remember that it was all approved.

Time to turn over some politicians!

With fair tax, are you talking about the flat tax? Are these synonymous? I am not for the flat tax. I haven't studied it and that's my disclaimer.....my knowledge is limited, but it seems like it would curtail consumer spending, which we can't afford more of right now. Just my opinion.

When my expenditures became higher than my income, guess what I did? Cut back. I think this is the solution.

Bring troops home definitely. Cutting foreign aid is probably not a good idea right now. In the big picture, that is.

I shudder to think about the inflation we are going to see! It's not going to be pretty!

 

[idlewind]

I agree on higher taxes crippling us right now. Cutting spending is the way to go. Record spending and deficit last year and we have to remember that it was all approved.

Time to turn over some politicians!

With fair tax, are you talking about the flat tax? Are these synonymous? I am not for the flat tax. I haven't studied it and that's my disclaimer.....my knowledge is limited, but it seems like it would curtail consumer spending, which we can't afford more of right now. Just my opinion.

When my expenditures became higher than my income, guess what I did? Cut back. I think this is the solution.

Bring troops home definitely. Cutting foreign aid is probably not a good idea right now. In the big picture, that is.

I shudder to think about the inflation we are going to see! It's not going to be pretty!

Flat tax is a set rate for everyone with very limited or no deductions. The fair tax is basically a sales tax. Either is better than what we have now.

As to foreign aid, why should we borrow money to give it to someone else? If we were running a surplus I would not have a prolem but it seems crazy to me to borrow the money to give away.

 

[Linda]

We need more men and women like Judd Gregg in Congress!!

I find it frustrating that Obama now wants to take the paid back Tarp money and use it for more spending programs - i.e. the jobs bill - aka stimulus 2. By law that paid back money should be used to pay down our debt. The Obama administration is now going to try to change the law so that they can spend the repaid Tarp money instead of using it to pay down the debt.

The path that we are headed down is unsustainable - the madness has got to end!!!

 

[Lynnie]

A 1040EZ is basically a flat tax offering a standard deduction, right....this is for those with little to no deductions? Again, my knowledge is limited and it's been a long time since I have been able to file an EZ form. The fair tax with 24-28% sales tax will curtail consumer spending. This is just my opinion.

Foreign aid is tricky. We shouldn't borrow to give. But, we should give. I am considering more long term effects of this as opposed to short term. Cutting back, but still giving should be balanced.

The TARP money should be used to pay down the deficit and I think the President would gain more supprt if he did shift his agenda into paying down the deficit. If they leave us alone, we will through free enterprise pull out of this and stimulate the economy.

 

[Linda]

Democrats in Congress balk at Obama's debt outlook.

Democrats in Congress balk at Obama's debt outlook | McClatchy