So we are in a massive deficit and debt situation in this country because the federal government is not willing to stop stealing money. The 3 ways that government maintains its control over the population is via taxation, deficit spending and regulation, and Obama has put the last two on steroids and wants to put the first one on the same. Even the Washington Post has taken note that Obama was full of it at his presser the other day, where he came off as TIME editor called it, "a dick." From the WaPo: The missing facts in President Obama’s news conference. The WaPo only went through a few as covering all the lies and exaggerations would have filled every single page. Just a few I want to focus on because it goes to Obama's insistence that the federal government continue in its illegitimate functions:
In a bit of class jujitsu, the president six times mentioned eliminating a tax loophole for corporate jets, frequently pitting it against student loans or food safety. It’s a potent image, but in the context of a $4 trillion goal, it is essentially meaningless. The item is so small the White House could not even provide an estimate of the revenue that would be raised, but other estimates suggest it would amount to $3 billion over 10 years.In other words, Obama is a thief and those making over $250,000 are the marks for a crime. He wants to simply steal their money to give it to someone else to buy their votes. Then there is the regulation quote that I put in the headline:
Meanwhile, student financial assistance, just for 2011, is about $42 billion. So the corporate jet loophole — which involves the fact that such assets can be depreciated over five years, rather than the seven for commercial jets — just is not going to raise a lot of money. It certainly wouldn’t save many student loans.
Going after hedge fund managers might raise about $15 billion over 10 years, but in a different life The Fact Checker covered Wall Street and is pretty certain those financial wizards would figure out a way to avoid this tax shift. John Carney of CNBC actually outlined how that would work.
Eliminating oil and gas preferences would raise $44 billion over 10 years, according to administration figures (table S-8), so that begins to look like real money. But the real dollars are in what the president calls “tax breaks for millionaires and billionaires” — eliminating the ability of people making more than $250,000 to itemize their deductions. That proposal would raise $290 billion over 10 years.
The president’s claim of an “unprecedented” effort to trim federal regulations is laughable.ObamaCare and Frank-Dodd monstrosity alone will choke businesses for decades if not repealed.
UPDATE: The WaPo piece states that Obama is aiming to cut the deficit by $2-4 trillion by 2020. Putting it that way is disingenuous because of what they are not telling you. The deficit is the yearly shortfall in revenues minus expenses and Obama is in a 3rd straight year of $1.5 trillion deficits. Cutting the deficit by $2-4 trillion will still add to the debt (now at $14.5 trillion) every single year. It would be like maxing out one credit card, and using another one to continue to overspend each and every month but by a few dollars less.
UPDATE #2: Rush - Obama Brought So Many Straw Men To The Press Conference That He Was Creating A Fire Hazard
Rush Limbaugh - Obama Is Talking Out Of Both Sides Of His Mouth
And: Rush Limbaugh - Why Even Have A Debt Limit
