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Fill-In-The-Blank President

- April 19, 2011

Obama’s Campaign Website Can’t Tell You Where The President Stands On The Issues … Here’s A Helpful Guide

BARACK OBAMA STANDS FOR HIGHER TAXES, MORE SPENDING, AND CRUSHING DEBT FOR AMERICA’S NEXT GENERATION

Over Half Of The Savings From Obama’s New Deficit “Plan” Come From Tax Increases, Not One-Third As The President Claimed. “So of the 3.4 percentage points of savings, more than half — 1.9 points — comes from taxes. That’s 56 percent, not the one-third or one-quarter that Obama was talking about. And I am assuming that Goldman is using the White House’s rosier economic forecasts when evaluating Obama’s plan.” (James Pethokoukis, “Obama’s New Plan May Actually Rely 60 Percent On Tax Increases,” Reuters, 4/15/11)

Obama Is Calling For $2 Trillion In New Taxes. “Talk about fuzzy math. President Obama claims higher taxes will account for a mere third — $1 trillion — of his proposed $3 trillion debt reduction over 12 years, not counting less interest expense. Wrong. The actual number is probably around 50 percent of $4 trillion in savings — some $2 trillion — and could be closer to 60 percent.  (James Pethokoukis, “Obama’s $2 Trillion Stealth Tax Hike,” Reuters, 4/17/11)

The Debt Has Increased By $3.5 Trillion On Obama’s Watch. “Just as President Obama signed and sent his annual Economic Report to Congress, the Treasury Department posted numbers that show the national debt has increased $3.5 trillion so far on Mr. Obama's watch.” (Mark Knoller, “Debt Has Grown $3.5 Trillion On Obama’s Watch,” CBS News2/23/11)

  • “And the administration says it will reach $15.476 trillion by Sept. 30, the end of the fiscal year, to reach 102.6 percent of gross domestic product (GDP) — the first time since World War II that dubious figure has been reached.”  (Stephen Dinan, “Debt Now Equals Total U.S. Economy,” The Washington Times,2/14/11)

The Congressional Budget Office Projects That Obama’s Budget Outline Will Run $9.5 Trillion In Deficits Through 2021. “A new assessment of President Barack Obama's budget released Friday says the White House underestimates future budget deficits by more than $2 trillion over the upcoming decade. The estimate from the nonpartisan Congressional Budget Office says that if Obama's February budget submission is enacted into law it would produce deficits totaling $9.5 trillion over 10 years — an average of almost $1 trillion a year.” (“CBO: Obama Understates Deficits By $2.3 Trillion,” The Associated Press, 3/18/11)

THE PRESIDENT IS FOR THE STATUS QUO

FactCheck.org Says That Obama’s Plan Is “Unclear” About How It Would Control Medicare Spending. “Of course, Obama agrees that the government has to find ways to curb Medicare spending. But it’s unclear what exactly those methods would be.” (Lori Robertson, Eugene Kiely, and D’Angelo Gore, “FactChecking Obama’s Budget Speech,” Factcheck.org, 4/15/11)

CBO:  Medicare Spending Continues To Increase Leading To “Growing Budget Deficits And Surging Federal Debt.”  “In particular, spending on the government’s major mandatory health care programs— Medicare, Medicaid, CHIP, and health insurance subsidies to be provided through the new insurance exchanges—along with Social Security will increase from roughly 10 percent of GDP in 2011 to about 16 percent over the next 25 years. If revenues stay close to their average share of GDP for the past 40 years, that rise in spending will lead to rapidly growing budget deficits and surging federal debt.”  (Congressional Budget Office, “The Budget And Economic Outlook: Fiscal Years 2011-2021,” 1/26/11)

“Despite Assertions To The Contrary By The Obama Administration, The New Health Care Law Doesn't Improve Medicare's Solvency By Much.”  (Ricardo Alonso-zaldivar and Martin Crutsinger, “Prognosis Guarded For Medicare And Social Security,” The Associated Press, 8/5/10)

The Medicare Trustees: “Prompt Action Is Necessary” To Keep The Hospital Insurance Trust Fund From Going Bankrupt. “We believe that prompt action is necessary to address both the exhaustion of the HI trust fund and the anticipated excess growth in HI, SMI Part B, and SMI Part D expenditures.” (“The 2010 Annual Report Of The Boards Of Trustees Of The Federal Hospital Insurance And Federal Supplementary Medical Insurance Trust Funds,” CMS.gov, 8/5/10)

To Eliminate Medicare’s Deficit There Would Have To Be “An Immediate 23 Percent Increase In Payroll Taxes Or An Immediate 15 Percent Reduction In Benefits.” “The projected HI deficit over the next 75 years is 0.66 percent of taxable payroll, down from last year’s estimate of 3.88 percent. Eliminating this deficit would require an immediate 23 percent increase in payroll taxes or an immediate 15 percent reduction in benefits—or some combination of the two.” (Medicare’s Financial Condition: Beyond Actuarial Balance,” The American Academy Of Actuaries, November 2010)

“Delaying Action Would Require More Drastic Tax Increases Or Benefit Reductions In The Future.” (Medicare’s Financial Condition: Beyond Actuarial Balance,” The American Academy Of Actuaries, November 2010)

OBAMA IS AGAINST PRESIDENTIAL LEADERSHIP: WHY BOTHER WHEN A COMMISSION CAN HELP YOU PASS THE BUCK AND LEAVE MORE TIME FOR POLITICS? 

Obama Is More Interested In Launching Political Attacks Than Talking About The Specifics Of His Deficit Speech. “Even as he savaged the GOP proposal, Obama was less than specific about his own. He did not say exactly how he would reform how corporations are taxed, what he would do to achieve a simpler tax system or which defense programs he would cut. On Social Security, he not only didn’t announce a proposal but would not say whether one was likely to be included in the final legislation.” (Perry Bacon, Jr., “Obama’s Budget Speech Has Partisan Tone,” The Washington Post, 4/14/11)

Obama Has Called For Another Deficit Commission To Flesh Out His Vision For Solvency. “Mr. Obama on Wednesday asked the House and Senate leaders of both parties to name four members each – a total of 16 – to begin meeting in May with Vice President Joseph R. Biden Jr. and to try to agree to a deficit-cutting plan on spending and taxes by the end of June. The intent is to have a plan by early July so Congress could consider it.” (Jackie Calmes, “Obama’s Debt-Reduction Panel Idea Gets Little Traction,” The New York Times’ “The Caucus” Blog, 4/14/11)

Even Though He Ignored His Last Commission Which Gave Him The Cover To Take “Bold Steps” To Tackle Our Defects. "Having been given the chance, the cover and the push by the fiscal commission he created to take bold steps to raise revenue and curb entitlement spending, President Obama, in his fiscal 2012 budget proposal, chose instead to duck. To duck, and to mask some of the ducking with the sort of budgetary gimmicks he once derided."  (Editorial, "President Obama's Budget Kicks The Hard Choices Further Down The Road," The Washington Post, 2/15/11)


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