The harsh reality is that raising taxes on the rich is not going to be enough to balance the budget. There aren't enough rich people to tax to generate that kind of revenue. The middle class contributes the majority of the taxes collected by the Treasury not because they are overtaxed, but because there are so many of them. Any attempt at fiscal responsibility is going to likely see a return to the Clinton-era tax levels.
Agreed with this, but this is something you can change later. This is not the final suggestion on balancing the budget from Obama or the Democrats just like Paul Ryan's proposal is not the final suggestion on balancing the budget from the Republicans.
Of course you understand how saying he will raise your taxes instead of just that rich guy taxes may be politically unwise right before a presidential election (especially when he campaign said the other wise in his first presidential election.) He can't politically say he will raise everyone's taxes to fix what most people see as a abstract problem they just don't understand. Most people don't know about the upcoming debt ceiling limit and how not pasting it will be disastrous from an economic level, most people could sorta understand the government shutting down though.
There are also other ways that are easy to raise taxes on the poor to create more revenue. For example a tax of 10 dollars per barrel of oil would raise about 65 billion per year of revenue which would translate into about 650 billion over 10 years or 1/3rd of difference Obama propose taxes vs Clinton past tax structure.
Furthermore, Obama's refusal to touch Medicare and Medicaid is absolutely absurd. The program has been doubling in cost every five years or so, and it is these two entitlement programs that are set to bankrupt our economy. Fraud is rampant, payouts are obscene (example: motorized scooters cost private insurers $1200, but Medicare pays $3000 for them, hence non-stop commercials for the same on cable news networks). Even if those two problems were fixed the programs are still going to bankrupt the US. Social Security can be fixed if it is just adjusted a bit. But something - and I'm not saying that the Ryan plan is the answer - has to be done about Medicare and Medicaid.
Something has to be done about Medicare and Medicaid. The problem you listed can be solved easily inside the institution and doesn't need a top down overhaul from the president to achieve this outcome, this is something that can be easily change from within the bureaucracy. Obama seems to be counting on changes within the bureaucracy and pilot programs to cut down the cost of medicare and medicaid.
Now please read this article about the two plans
http://www.washingtonpost.com/blogs/ezra-klein/post/obamas-budget-is-policy-not-philosophy/2011/04/12/AFE1UQYD_blog.html
If changes within the bureaucracy and the pilot programs can't achieve these ends, there is a trigger that would automatically cut spending to overcome these budget shortfalls. In the end the budget problem of these programs get solved. Furthermore this won't be the last word by the congress or the future presidents, for if the trigger is invoked there will be congressional investigations in this area and the next congress will look at the problem and possibly try to change the programs in a way that find better political results for them.
It's just disgusting that Obama can try to pretend like his proposal is reasonable. It disgusts me in a way that few things Obama has done have disgusted me.
The program is far more reasonable than the Paul Ryan plan is. It balances the budget faster, and doesn't completely screw the poor like Ryan's plan does, Ryan plan also pushes for a lower tax rate than we ever had under any president since WW2.
Now it seems your complaint is that Obama's plans don't go far enough. I agree with you on that, Obama is a politician and he must do what he needs to survive in a political environment. He only has to make his plan better than the other guy's plan, he only has to act more reasonable than the other guy. He only has this job for at most (if he wins re-election) 5 and a half more years after that it is somebody's else budgetary program .
How can anyone seriously support Obama's budget proposals?
14/04/2011 02:49:30 PM
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I agree with your overall point but I do question one of your facts
14/04/2011 03:25:25 PM
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Using IRS data for 2008: (most recent year for which data is available)
14/04/2011 03:45:20 PM
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You didn't interpret the spreadsheet correctly. I'm positive of that.
14/04/2011 06:08:39 PM
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I'm gonna have to jump on board the wagon with that being a bad figure, got some others
14/04/2011 07:33:14 PM
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Data: http://www.irs.gov/pub/irs-soi/08in31mt.xls *NM*
14/04/2011 08:32:42 PM
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That's a breakdown of who modifies their returns and how it affects revenue.
14/04/2011 09:15:21 PM
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I believe you are questioning one of my definitions, not one of my facts.
14/04/2011 04:36:35 PM
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No matter how you define it I think it would be hard to call the top 5% middle class
14/04/2011 05:03:33 PM
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What a load of crap!
14/04/2011 03:49:29 PM
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Yes, your response is a load of crap.
14/04/2011 04:55:20 PM
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Re: Yes, your response is a load of crap.
14/04/2011 05:13:14 PM
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This is our first war without a tax increase.
14/04/2011 06:05:43 PM
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Er, check facts
14/04/2011 05:04:02 PM
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Yeah, lets fact check
14/04/2011 05:43:34 PM
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You understand you're actually supposed to cite data for a fact check right?
14/04/2011 06:38:22 PM
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I'm not sure thats entirely right
14/04/2011 05:51:18 PM
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A response
14/04/2011 06:33:49 PM
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What about the farm subsidies and the military?
15/04/2011 04:54:54 PM
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Cutting the military isn't enough
16/04/2011 04:27:11 AM
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Defense is 60% of the discretionary budget as well, so it's more like 26% overall. Just sayin'. *NM*
16/04/2011 04:53:30 AM
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