Obama’s new budget: Still more red ink
President Obama released his fiscal year 2013 budget proposal yesterday. A lot can, and will, be written about it — including writings by me on this blog. For now, just the bottom line:
Accounting for the roughly $200 billion in net deficits attributable to the 2009 “stimulus,” Obama has taken an inherited deficit of $1.21 trillion and borrowed an increasing amount of money in each of the three fiscal years since then:
$1.29 trillion in FY 2010
$1.30 trillion in FY 2011
$1.33 trillion in FY 2012
We are expected to believe that this number would shrink to “just” $900 billion in FY 2013 if Obama’s budget were implemented. Here’s why I say “expected to believe”: All of the reduction comes from higher taxes, and this administration has been very wrong in its revenue estimates before — most recently by about $230 billion this year. This is in largest part because the economy has yet to improve in the way the administration thought it would. And all of this is without even delving into the likelihood that Obama will get the tax increases he wants.
But let’s assume the forecast will turn out to be correct this time. Obama still will have missed — by a wide margin — his pledge to halve the deficit by the end of his first term.
Again, attributing $200 billion in 2009 deficits to his “stimulus,” his rosy scenario would have the deficit down by just 26 percent (32 percent in inflation-adjusted terms; 37 percent as a share of gross domestic product). Each of those numbers is a long way from 50 percent.
If reality next year turns out to be more like the last three years, however, we will be talking about single-digit increases in absolute terms (inflation-adjusted or not) and a 2 to 3 percentage-point drop relative to GDP.
All of this, in spite of rising revenues (no matter how they are measured) every single year of his presidency.
It’s the spending. It will always be the spending with this president.
– By Kyle Wingfield
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220 comments Add your comment
MarkV
February 14th, 2012
10:30 am
Do what?????? @10:21 am
No diversion, just a response to a stupid post.
wut?
February 14th, 2012
10:32 am
Tiberius – Your lightning rod of hate!
February 14th, 2012
10:13 am
Excellent!
Tiberius - Your lightning rod of hate!
February 14th, 2012
10:34 am
“If taxes aren’t paid, the bills pile up.”
Genius! Simply genius, Jefferson!
And what do YOU do when you earn less money from one year to the next in your home? Do you keep spending MORE, or do you cut back?
Road Scholar
February 14th, 2012
10:36 am
Do What: My computer is 3 months old .Others have complained on this blog before about the same thing. So, if you are so knowledgable, what is the phone number of the AJC IT Dept…where I can talk to a human? I thought that Kyle/Jay would do some customer service and contact them to fix it or e-mail me to see what the problem is!
And if you were interested in an opinion from a repub on his take on this mess we are in access it.
wut?: Its all I need! ie Do What?!
Do what??????
February 14th, 2012
10:41 am
“No diversion, just a response to a stupid post.
Glad to see you admit that your comments are stupid. Good job, now move along simpleton.
Do what??????
February 14th, 2012
10:42 am
“So, if you are so knowledgable, what is the phone number of the AJC IT Dept…where I can talk to a human?
Well, if your computer isn’t that old and you have access to the internet, maybe you can use Google to look for the number. I usually don’t have problems with the AJC website.
MarkV
February 14th, 2012
10:44 am
Do what?????? @10:41 am
All you are proving is that you are capable of idiotic attacks. That tells us something of your intelligence, or rather a lack of it.
Do what??????
February 14th, 2012
10:47 am
“All you are proving is that you are capable of idiotic attacks. That tells us something of your intelligence, or rather a lack of it.”
Let’s see, you call me stupid and then claim that I’m attacking you. Then, you say my comments are not intelligent.
Could you be more hypocritical?
Jefferson
February 14th, 2012
10:47 am
Why does anyone believe the GOP will cut back, they didn’t before when they had power.
If I needed more money, I would increase my income.
Tiberius - Your lightning rod of hate!
February 14th, 2012
10:51 am
If the biggest problem you have in life is the performance of the AJC website, Road Scholar, then you really need to get a life.
Just sayin’ !
And for the record, I’ve experienced no issues with this site for well over 6 months. I helped Jay identify the issue his blog had with earlier time-stamping posts months ago, and he was able to show his IT group what was going on which pointed them in the right direction to fix that problem.
Do what??????
February 14th, 2012
10:51 am
“Why does anyone believe the GOP will cut back, they didn’t before when they had power.”
Because most of those big spenders were voted out of office back in 06.
MarkV
February 14th, 2012
10:54 am
Do what?????? @10:47 am
You have started with a brainless post and name-calling. So go on, go on, keep showing us how you are incapable of elementary logic.
wut?
February 14th, 2012
10:56 am
Road Scholar
Just personal attacks, all you have. Typical.
Do what??????
February 14th, 2012
11:00 am
“You have started with a brainless post and name-calling. So go on, go on, keep showing us how you are incapable of elementary logic.
MarkV, I’m done going back and forth with you. Get a life and post something relevant.
Finn McCool
February 14th, 2012
11:06 am
If you want it, you gotta pay for it.
~ Thomas Jefferson
Pay your taxes, Republicans. Quit trying to get out of it.
Finn McCool
February 14th, 2012
11:08 am
It’s the spending. It will always be the spending with this president.
And the republicans can’t find anybody in 300 million Americans (not including Kenyans!) who can unseat him.
What gives?
Lil' Barry Bailout (Revised Downward)
February 14th, 2012
11:09 am
By definition, Republicans pay their taxes, and Democrats swipe EBT cards.
Inside Out
February 14th, 2012
11:12 am
“Because most of those big spenders were voted out of office back in 06″
Get serious…….
Inside Out
February 14th, 2012
11:14 am
Heree we go again….. You get more and more stupid each and every day……
Inside Out
February 14th, 2012
11:15 am
LBB is an ‘Effin’ MORON!!!!
Finn McCool
February 14th, 2012
11:16 am
What gives?
Maybe ya’ll should get your own Kenyan to compete against Big O.
Try something!
Finn McCool
February 14th, 2012
11:17 am
Republicans spend 1 day filling out their income tax form and 364 days bitchin’ about it and looking for ways to get out of contributing.
No wonder you folks aren’t happy.
Tiberius - Your lightning rod of hate!
February 14th, 2012
11:18 am
“And the republicans can’t find anybody in 300 million Americans (not including Kenyans!) who can unseat him.”
Funny, I wasn’t aware that the election has already been held to decide that. . . .
Do what??????
February 14th, 2012
11:21 am
“Heree we go again….. You get more and more stupid each and every day……”
You for instance.
Tiberius - Your lightning rod of hate!
February 14th, 2012
11:22 am
Actually, Finn, Republicans spend almost 5 months working to pay their annual income taxes, while watching the nearly 50% of Americans who pay none.
And you wonder why some people complain.
Do what??????
February 14th, 2012
11:28 am
Democrats spend 364 days trying to figure out how not to pay their own taxes while encouraging their dead beat loser voters not to pay their’s.
Do what??????
February 14th, 2012
11:28 am
“LBB is an ‘Effin’ MORON!!!!
Nice knowing ya!
Jefferson
February 14th, 2012
11:30 am
Without compromise, those with the most to lose will lose the most.
Tim Geithner
February 14th, 2012
11:37 am
“Pay your taxes, Republicans. Quit trying to get out of it.”
That’s right! Just because I have a problem with it..
MarkV
February 14th, 2012
11:38 am
Do what?????? @11:00 am
And I am done with you. I have not time for people incapable of reasoning.
Charlie Rangel
February 14th, 2012
11:38 am
me too!
Inside Out
February 14th, 2012
11:38 am
You don’t know me….and yes…LBB is a MORON!!!
Tom Daschle
February 14th, 2012
11:39 am
Don’t forget me!!
John Kerry
February 14th, 2012
11:42 am
Got me there, too!
Tiberius - Your lightning rod of hate!
February 14th, 2012
11:48 am
Jefferson, please point any “compromise” in the budget submitted by this Disaster-in-Chief.
Tiberius - Your lightning rod of hate!
February 14th, 2012
11:50 am
The point is, Jefferson, that compromise is a two-way street, and your guy isn’t even in the same zip code.
Jm
February 14th, 2012
11:57 am
Obama is a socialist
An economic terrorist for job creators
Cons take note: politico has a piece about how 1.8 million dead people are registered to vote in the US
Do what??????
February 14th, 2012
11:58 am
“And I am done with you. I have not time for people incapable of reasoning.”
So you have to repeat exactly what I told you? Dang, you’re a genius.
Do what??????
February 14th, 2012
11:58 am
“You don’t know me….and yes…LBB is a MORON!!!”
Ok, Midori/AmVet/Kamchack/KUTGF.
Do what??????
February 14th, 2012
11:59 am
“Cons take note: politico has a piece about how 1.8 million dead people are registered to vote in the US”
Sounds like Illinois.
Unbelievable
February 14th, 2012
11:59 am
Jm
And just how many Government checks are sent to many of those dead people?
Inside Out
February 14th, 2012
12:05 pm
Do What…So I guess all of those people know LBB is stupid as well…..
Do what??????
February 14th, 2012
12:08 pm
“Do What…So I guess all of those people know LBB is stupid as well….”
Tick..tick…tick….
Jm
February 14th, 2012
12:08 pm
Unbelievable
Lots and lots
Jefferson
February 14th, 2012
12:08 pm
The president does not pass the budget, that is the congress’s responsibility. He may veto, but that’s his power.
Jm
February 14th, 2012
12:15 pm
Kyle
Obama loves spending
Barack Big$ Obama
He’s buying votes
Do what??????
February 14th, 2012
12:15 pm
“The president does not pass the budget, that is the congress’s responsibility.”
No, but his one and only budget was voted down 97-0 and his own party voted it down. Hey Jefferson, how’s about explaining why his own party never came up with a budget for years?
Tiberius - Your lightning rod of hate!
February 14th, 2012
12:16 pm
Jefferson, the President’s RESPONSIBILITY is to submit a budget. Someone with an iota of compromise in him would have submitted a budget that had some measure of compromise in it.
The Disaster-in-Chief failed (once again) in his leadership duties by submitting yet another budget that is dead on arrival.
Congress is bad enough (and the Democrat-controlled Senate even worse), but why do you keep covering for this guy?
Jm
February 14th, 2012
12:17 pm
Jefferson
Functionally wrong statement
Do what??????
February 14th, 2012
12:24 pm
“Functionally wrong statement”
No, just functionally wrong. Period.