Posted by Tina
The Congressional Budget Office has released a report on President Obama’s budget proposal for 2013 according to The Hill:
The nonpartisan Congressional Budget Office said Friday that President Obama’s 2013 budget will hurt the economy in the long term, arguing the larger deficits it would produce would reduce the amount of capital available to businesses.
After five years, the CBO says, the Obama proposals would reduce economic output by between 0.5 percent and 2.2 percent.
Larger deficits caused by the budget would cause the government to issue more bonds, sucking up private capital to finance its debts and thereby reducing the funds businesses could use to expand and hire, the CBO said. An increased tax on capital gains included in the president’s plan would also tend to reduce private capital, it says.
The 2013 Obama budget proposes continuing the Bush tax rates for the middle class and enacting elements of a short-term Jobs Act stimulus. In the near term, actions such as these could increase growth by as much as 1.4 percent, CBO says.
Growth needs to be positive and closer to at least 4%. Under Reagan in the eighties the economy grew and inflation was brought down. By 1989 GDP was at $5.48 trillion. That figure was double what it was under Carter. Tax revenues to government also grew and inflation under Reagan slowed from 13 percent in 1980 to 4 percent by 1988.
Most of us were blowing this horn from day one, Rush was screaming it before that. The CBO talks about the long run, I guess looking at the here and now is asking too much.
Toby you got that right. Whether here and now or in the long run the policies of this administration don’t work, won’t work, and can’t work for anyone.
No surprises here…just another in a series of continuing reminders until the next election!
Did you see Matt Damon pulled his support of Obama and Obama’s reply. Priceless!!
Celebrity Matt Damon Retracts Support Of Obama
http://www.ijreview.com
Celebrity Matt Damon, former staunch supporter of President Obama in his 2008 presidential campaign, has now changed his mind.
Damon: Theyll probably just make whatever deals they can to try to get elected again.
Obama: Its fair to say that when it comes to my presidency, the honeymoon is overMatt Damon said hes been disappointed in my performance. Well Matt, I just saw the Adjustment Bureau, soright back atcha buddy.
Despite President Obama’s recent call for companies to “insource” jobs sent overseas, it turns out that the federal government itself is spending millions of dollars to train foreign students for employment in some booming career fields–including working in offshore call centers that serve U.S. businesses.
http://www.informationweek.com/news/global-cio/interviews/232900478
Ah, ah, ah, ah, spreadin the wealth, spreadin the wealth, ah, ah, ah, ah, spreadin the wealth…
Evidently Obama is going to appear on Jimmy Fallon’s TV show Tuesday night. Fallon has invited people who use Twitter to post questions for the president using #ObamaOnFallon. I invite those with Twitter accounts to come and enjoy the fun with Fallon and also join in Jim Treacher’s reductio-ad-absurdum of #ObamaEatsDogs
My question:
From 1789 to 2009 43 presidents added 6.3 trillion to the nation debt. In one term you have added a projected 6.4 trillion. Mr. President, do you prefer dog prepared savory or spicy?
Jon Lovitz has an epiphany — http://www.breitbart.com/Breitbart-TV/2012/04/23/SNLs-Jon-Lovitz-Slams-Obama-Taxes-Fake-99-Percent-ers