Will Obama reduce the deficit?

Will Obama reduce the deficit?

PostBy: mr1precision On: Wed Nov 05, 2008 10:45 pm

Will Obama Reduce the deficit? Or will he run it up with free health care for all?
Check out this eye opening video. It sheds some light on just how bad things are and how important it is to act now to reduce it. :shock: It's long but everone should watch it. :idea:

mr1precision
 
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Re: Will Obama reduce the deficit?

PostBy: Yanche On: Wed Nov 05, 2008 11:19 pm

Clearly there are three choices, raise taxes, reduce spending, default on the promise or a combination of all three. The last time social security was headed for insolvency all three tools were used. The payroll tax was raised, the cost of living adjustment was reduced and the promise was broken by lengthening the age to retirement.

I'd like to see a national dialog on breaking the promise. How about not honoring any US debt held by foreigners? Or only paying a reduced amount say 50%. It would shock the world! Cut off our foreign oil supply. Then we trade in commodities, a bushel of wheat = a barrel of oil.
Yanche
 
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Re: Will Obama reduce the deficit?

PostBy: jeromemsn On: Thu Nov 06, 2008 1:26 am

I personally feel that if he shut down the government for the next 4 yrs our taxes would still sky rocket. Just look at the money the present administration, house and the senate have spent for years to come, it's sickening. I know that most of you have heard of South Bend, Ind. (Notre Dame) Thats the area I'm originally from. Make a long story short, there is no money for the municipalities to pay there workers so what they have done is to cut there pay to minimum wages, end there insurance so they could get on welfare insurance and food stamps to get by, yes I mean both fire and police. Our situation is worse than you might think what we see in the papers here and on the 6 PM news is nothing as to what is really going on. I read the South Bend Tribune and it amazes me how everyday out there another plant closes. they do not have coal to heat there homes cheap as we do, it's either gas or oil.
I don't know whats going to happen or how anyone can fix this mess, I do think a good start is to start taking some of the head fat cats to court and have them pay some of the bills since they were the ones in charge, if they were not the ones in charge then why did they get millions in bonuses. Something just isn't right.
jeromemsn
 
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Re: Will Obama reduce the deficit?

PostBy: LsFarm On: Fri Nov 07, 2008 1:18 am

That video makes me sick to my stomach.. while I have not planed on relying solely on SS for retirement income,, I was counting on it for a large portion of my retirement..

So now, with hopefully 9 more years before retirement, I'm going to have to figure out how to retire solely on what I have saved...

Well I guess I'd better start haveing the worlds biggest garage sale.. and once all my 'stuff' is gone, move to a cardboard shack in a warm climate..

Do I think Obama will reduce the deficit,, I doubt it.. if he gets his way with very many of his campaign 'programs' and 'fixes' then we will be paying forever..

Is there a wallmart on a caribean island who needs a 'greeter' ??

Greg L
LsFarm
 
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Re: Will Obama reduce the deficit?

PostBy: Paulie On: Fri Nov 07, 2008 1:44 am

The bill is coming due. It is funny to hear various pundits talk about tax cuts.....not going to happen. The rich are going
to get whacked, the middle class is going to get whacked, and the free cheese crowd will need to take less. Oh, and cut some
spending....hard.
So, how will it pan out? Well, my guess is everything is on the table. Obama has his work cut out for him. Because
he is new and " special" , he should be able to do it. Congress has to be on board.....lets see if the gov. combined can get it
done. Keep in mind this is gov. debt. Add in the personal debt........now we are talking some real money! The first 100 days will tell what direction it is heading. God help us. :roll:
Paulie
 
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Re: Will Obama reduce the deficit?

PostBy: Yanche On: Fri Nov 07, 2008 2:37 am

When we started the Iraq war I wondered how we as a country were going to pay for it. I remember about the WWII war bonds my parents talked about and the saving of rags and recycles collected weekly for the war effort. No such bonds, no such penny pinching saving, just one lie after another, it will be over soon, be paid for by Iraq oil revenues, etc. Well, indeed the bill is due. My generation, I'm 67, will be the first to leave the country upon my death worst off then when I was born. It's really sad. And there's no much I can do about it. Obama's a great public speaker, let's hope he uses skills to lecture us and Congress to do the right thing. I hope he uses his veto pen often, something Bush never did while his party controlled Congress. This country will survive but I'm afraid it will be saved not by us but the new immigrants coming to this country. I'm not talking about the illegals and the day workers but the professionals, the doctors, engineers and other professionals that are legally immigrating from India, the former Soviet Union countries and Asia. We native born Americans have forgotten what hard work, hardship and delayed rewards are. These new immigrants see this country just like our immigrant grandparents did a golden opportunity.
Yanche
 
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Re: Will Obama reduce the deficit?

PostBy: mikeandgerry On: Fri Nov 07, 2008 2:57 am

Apparently you guys didn't view the video. It stated quite clearly that the run up in government debts is only slightly attributable to the wars in the ME and homeland security.

The bulk of the expense is the social programs initiated by congress that the people have clamored for since the depression. Don't worry, John, it's not your generation's fault. It's everyone's fault for believing the congress was doing its job all those years.

This disaster has been in the making since the first part of the 20th century. Specifically hitting us hard over time was the Income Tax Amendment (16th), The Federal Reserve Act of 1913, The Social Security Act of 1935, The New Deal of Roosevelt and the Great Society of LBJ. Since then the damage has been continuous monetary inflation, ratcheted tax rates, continuous trade deficits, and fiscal overspending by congress. There is plenty of blame to go around: both parties and the citizens of the US bear the responsibility.

Eventually the pink elephant in the living room grows to a size that blocks the TV. It's been nearly 100 years. We are almost there.
mikeandgerry
 
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Re: Will Obama reduce the deficit?

PostBy: mr1precision On: Fri Nov 07, 2008 10:14 pm

The reason I posted this thread and video link was because my daughters high school offered extra credit to come in and watch it. The full movie was an hour and a half and parents were encouraged to stay and watch. I often hear about the deficit on the news but not anywhere near the graphic detail. One thing that got me was that the only thing worse that could happen to this country is a nuclear attack. :shock: I liked that the movie was non-partisan. That's what I figured it would be when I arrived. If you havent watched the video at the top of the thread yet, I beg you to watch it and pass the info along. I had no clue things were as bad as they are and want to spread the word.

On a good note...Obama has been meeting with Warren Buffet and he is well aware of the problem. FYI, I'm not a huge fan of Obama but I am encouraged by this.
mr1precision
 
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Re: Will Obama reduce the deficit?

PostBy: mr1precision On: Sat Oct 03, 2009 2:11 pm

Looks like he wont be doing much to reduce does it? :sick:
mr1precision
 
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Re: Will Obama reduce the deficit?

PostBy: Black_And_Blue On: Sat Oct 03, 2009 2:24 pm

Hard times lay ahead.

Discussions of new currencies are openly displayed, I'm waiting to see how the average American wraps his head around this.

"What do you mean my dollar is worthless?"
Black_And_Blue
 
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Re: Will Obama reduce the deficit?

PostBy: jpete On: Sat Oct 03, 2009 4:14 pm

mr1precision wrote:The reason I posted this thread and video link was because my daughters high school offered extra credit to come in and watch it. The full movie was an hour and a half and parents were encouraged to stay and watch. I often hear about the deficit on the news but not anywhere near the graphic detail. One thing that got me was that the only thing worse that could happen to this country is a nuclear attack. :shock: I liked that the movie was non-partisan. That's what I figured it would be when I arrived. If you havent watched the video at the top of the thread yet, I beg you to watch it and pass the info along. I had no clue things were as bad as they are and want to spread the word.

On a good note...Obama has been meeting with Warren Buffet and he is well aware of the problem. FYI, I'm not a huge fan of Obama but I am encouraged by this.


I'm surprised a school would screen a movie like that.

I'm not impressed with Buffet. He has profited handsomely from the current system. I saw "IOUSA" in the theater and they had a live web chat afterward. Buffet was one of the guys on the panel. Judging by his comments, which often directly contradicted Dave Walker, he only wants minor tweaks to the system. Tweaks that would benefit him I would imagine.

But here's the rub, and keep this in mind when politicians pay lip service to this subject.

When your dollar is based on debt, and you pay off your debt, what's your dollar worth?
jpete
 
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Re: Will Obama reduce the deficit?

PostBy: whistlenut On: Sat Oct 03, 2009 4:37 pm

Thank Gawd for the trip to Copenhagen! Couldn't have cost more that a 7 digit number. About 45 years ago, I met a young lady there.....while on leave from Nuremberg. No comment on the costs of things back in the day....suffice it to say, our monetary issues are first and foremost in my mind today. I sure hope the deficit can be reduced..AND not by printing more give-away money. jeese! :mad:
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Re: Will Obama reduce the deficit?

PostBy: jpete On: Sun Oct 04, 2009 12:46 am

jpete
 
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Re: Will Obama reduce the deficit?

PostBy: samhill On: Sun Oct 04, 2009 8:07 am

I for one thought it was a very interesting & informative movie, thanks for posting. Instead of the different names for types of spending, financing, borrowing & the like I can sum it up in one word GREED.
samhill
 
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Re: Will Obama reduce the deficit?

PostBy: Black_And_Blue On: Sun Oct 04, 2009 8:29 am

Not a snowballs chance in Hades......

Black_And_Blue
 
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