Dear Mr. President, thank you for submitting a budget for our review.... Key Federal Budget Issues: Size of federal government/budget -v- GDP Entitlement spending Massive deficits Mushrooming federal debt burden Key 2012 Federal Budget Highlights: All-time record high federal budget expenditures No entitlement reform - all-time high record outlays Increasing deficit spending to $1.327 TRILLION Government debt burden increasing to all-time record high $15.5 TRILLION - surpassing the size of the total US economy/GDP for the first time since WWII To summarize, increase taxes, ignore entitlements, increase spending, increase deficit, increase debt.....I guess the term "tax and spend" fits quite well......dear S&P, another downgrade please. In what definition of leadership can I find "ignore the issues" and "kick the can" among the key attributes? This is the fiscal record upon which he will base his campaign. In what other job, in what other industry, in what other time would this chief executive retain his position? :shock:
Nice speech......by my count, his promise was only off by $5 TRILLION or so over the last 4 years....and he retains his position exactly how?
Unfortunately, as in most, there are good things and bad things involved with doing what I do....at this time of year one of the bad things is having to spend time paying attention to these kinds of things.....if you take a close look at the President's proposed budget, you'll find that he makes projections out to the year 2017.....by his own estimation - no doubt using assumptions as optimistic as possible - the implementation of his policy initiatives results in a deficit in each and every year and never less than $600 Billion or in excess of 1/2 a $ TRILLION - that's just the deficit, that is not total spending which is multiples of that! Oh and as for the accuracy of his projections in past efforts, as Gip's clip shows, he missed the mark on this years projection by well over a TRILLION. I'm not optimistic.... People have a hard time getting their arms around the number 1 Trillion.....maybe this helps, it you made $50,000 a year, it would take you 20 MILLION YEARS to accumulate a trillion
Yes Sid, the budget proposal the White House just sent forward to Congress for their review was fiscal 2013. The White House is projecting a deficit of $1.3 Trillion for fiscal 2012 and in excess of $900 million for fiscal 2013. Oops, I just noticed the subject title....nice catch Sid.
I wonder if Obama will be the first president to have completed 4 years and never passed a budget? That's some bad management.
You know I don't know the answer to that question TOK....we do know one thing for certain. Nobody in history has passed less he has in his first term! In truth, he had no intention of provided a serious budget for consideration. To him it is a campaign document only ..... he seems to have forgotten the part about being chief executive.