In the following article, Cho tries to put a happy face on billions and trillions of dollars worth of funding reallocation and wealth transfer. We have documented the transfer of 24 trillion dollars through TARP and none of it, not one penny, went to a single poor middle class patron. If Obama is a Marxist, he is also a member of the bourgeoisie, a privileged member of the ownership class. This is true while, at the same, he was never a member of an economics class.
By David Cho
Tuesday, April 13, 2010
The federal deficit is running significantly lower than it did last year, with the budget gap for the first half of fiscal 2010 down 8 percent over the same period a year ago, senior Obama administration officials said Monday.
The officials attributed the results to higher tax revenue and to lower spending than projected on bailing out the financial system. If the trend continues for the rest of the year, it would mean the annual deficit would be $1.3 trillion -- about $300 billion less than the administration's projection two months ago for 2010.
But by suggesting the deficit may have peaked, administration officials are taking a political gamble. If the favorable number does not hold up in coming months and the budget shortfall surpasses the $1.4 trillion recorded last year, voters in the November midterm elections could punish the Democrats for offering false hope. end of quote.
More notes: if we extend the claimed annual deficit for ten years, we would have an accumulated debt of 13 trillion dollars. Sounds terrible. Too bad it is not even close to being true.
The fact is this Administration is spending us into debt to the tune of 220 billion a month. If you do the math, that comes out to an accumulated debt over ten years of 26.4 trillion. The man in our White House is a spending freak with no experience and one of the slowest learning curves of modern day Presidents. This man needed health care taxes beginning last July. Didn't happen. He needed Cap and Trade taxes beginning last July, as well. Didn't happen. So, he spent like the child that he is, planning on the taxes from health care and Cap and Trade to "come to the rescue." He fully intended to collect those taxes, put them into the General Fund, "balance the budget" with those taxes and argue for his expertise relating to economic issues. The Brain Dead Media would have declared him a "genius," and the take over of America would have been complete.
Instead of the above scenario, Obama's spending spree has everyone on both sides of the aisle concerned. Even Ben Bernanke told us yesterday, that the current spending policies are "unsustainable." While it is clear that folks such as Bernanke understand what is happening, it is also clear that Obama has no solutions to the current problems that do not involve spending more money. . . . . . . . . . . . . . . . . . We are all so screwed. --- jds
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