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Political News and Commentary from the Right

Race to Raise the Debt Ceiling

President Obama continues to SAY he will demand deficit neutral legislation from Congress. He continues to PREACH a message of fiscal responsibility. BHO continues to BLAME the Bush administration for every bad piece of economic news released in the wake of Democrats’ unprecedented socialization of the American economy in 2009.

For the first six months of his term, Obama got almost 100% of everything he demanded of his Democrat dominated Congress.

  • He demanded his $787 billion “porkulus” bill be passed to avoid 10% unemployment and the loss of millions more jobs.
    • It passed along party lines and now we have 10% unemployment and millions more lost jobs.
  • He demanded his record budget be passed.
    • Democrats voted for it, Republicans against, and we now have record deficits.
  • He seized control of General Motors and Chrysler claiming it was necessary to make them profitable again.
    • Now the US government and the UAW own the two behemoths. They both remain unprofitable, but their American competitor that DID NOT take a government bailout posted a profit last year.
  • He demanded TARP be expanded so banks would lend money to get the economy moving again.
    • Democrats agreed, the banks got our money, and the credit markets largely remain frozen.
  • He demanded new legislation to stem the flow of home foreclosures.
    • Democrats obliged and now we continue to see record numbers of people losing their homes.

Though President Barack Hussein Obama continues to blame former President George Bush for all the evils in the world, the current President’s solutions have been implemented and solved absolutely nothing!

Now, Democrats in the US Senate have voted to increase the federal debt ceiling by $1.9 trillion to $14.3 trillion from the current $12.4 trillion. The US House will soon vote to do likewise. And today we have yet another reminder of the utter failure of Obama’s economic policies.

According to the US Treasury Department, the federal debt will reach the current debt ceiling of $12.3 trillion by month’s end! No wonder Obama’s in a hurry to raise the limit.

If Congress refuses to allow the President to borrow more, BHO will run out of OUR money to spend! He’ll no longer be able to mortgage our children’s future to buy a few votes. He’ll no longer be able to fund his goon squads at ACORN, SEIU, and the New Black Panther Party! He might even have to slow down his jet setting around in Air Force 1 if the US line of credit becomes maxed out.

Write, call, and email your US Representatives and demand they NOT increase the debt limit. If the President won’t voluntarily cut spending, if he’s going to keep saying one thing and doing another, let’s cut up his credit card and send him the message that it’s time he learn to get by the way ordinary Americans do when times are tough.

We’ve been tightening our belts! It’s time Uncle Sam pulled his a couple of notches tighter.

February 3, 2010 Posted by | Economy | , , , , , , | Leave a comment

Inside Obama’s Budget

Okay, tell those who believe BHO’s BS, take a look at the projected individual vs corporate income tax receipts for budget years 2011-2020 on page 12 of Obama’s proposed budget.

Budget Year Individual Income Tax Receipts (Billions) Corporate Income Tax Receipts (Billions)
2011 1,121 297
2012 1,289 356
2013 1,386 371
2014 1,470 408
2015 1,542 366
2016 1,604 388
2017 1,659 388
2018 1,709 384
2019 1,753 383
2020 1,791 385

That’s a 60% increase in annual individual tax receipts over the next 10 years, vs. a 30% increase in corporate tax receipts over the same period.

It sounds like Obama either intends to dramatically boost individual income tax rates over the 10 year period, or doesn’t expect corporations to fare very well in the coming decade.

If we are forced to endure the President’s policies, both may well prove to be true.

February 3, 2010 Posted by | Uncategorized | 4 Comments