At his press conference today, President Obama showed that he either thinks he can pull the wool over Americans’ eyes through the sheer force of his own outrageous rhetoric, or else he really believes his own rhetoric and is living in a fantasyland. The guess here is that it’s a roughly even mix of the two.
White House spokesman Jay Carney said yesterday that "deficit reduction is not a worthy goal unto itself":
"Most importantly because deficit reduction is not a worthy goal unto itself," said Carney, talking about government spending. "This is all about making our economy stronger, making it more productive and allowing it to create even more jobs. That is the most important thing when it comes to economic policy as far as the President is concerned."
Having avoided the "fiscal cliff," we will now be in jeopardy of breaking our necks when we collide with the "debt ceiling." The responsible thing to do, we are already being told by the New York Times is ... to raise the ceiling:
The fiscal cliff is a diversion, designed by politicians to conceal their inability to come to grips with the fact that they continue to spend too much, and refuse to reform a tax structure that reduces the competitiveness of American companies in world markets. No matter what deal is cut, whether before or after the new year, it will at best nibble at the edges of the trillion-dollar annual deficits that are being piled up.
"President Obama's 'Plan' Adds $8.6 Trillion to the Debt," the minority side of the Senate Budget Committee contends. Here's a chart put together by the Republicans on the committee to explain how Obama's plan adds to the debt:
Senate minority leader Mitch McConnell blasted President Barack Obama from the Senate floor this morning for not offering any specifics on spending cuts.
"With the Fiscal Cliff fast-approaching, I feel the need to point out something this morning that’s perfectly obvious to most Americans, but which Democrats in Washington still don’t seem to grasp. I’m referring to the fact that any solution to our spending and debt problem has to involve cuts to out-of-control Washington spending," said McConnell.
Seventy-five percent of the new revenue pulled in by President Barack Obama's "fiscal cliff" plan would go toward new spending, not toward deficit reduction, the Republican side of the Senate Budget Committee contends. Here's a chart, detailing how money from the new tax hikes would be distributed:
From December 1941 to August 1945, the United States of America joined the other Allied powers and fought against the Axis powers in Europe and the Pacific, during the greatest and most destructive war in all of human history.
The latest Washington Post/ABC News poll projects a 5-point turnout advantage for Democrats over Republicans (34 to 29 percent) yet still shows Mitt Romney leading President Obama by 1 percentage point — 49 to 48 percent. This is Romney’s first lead since the summer in Washington Post/ABC News polling. Jon Cohen, director of polling for the Post, writes, “Political independents break for Romney by a 12-percentage-point margin on the subject [of the economy], a high for the campaign.”
In a decade, federal spending to pay for the interest on America's debt will exceed total spending on the defense budget by $125 billion, or 20 percent, according to projections from the Congressional Budget Office and the Office of Budget Management. The projections are based on President Barack Obama's current budget plan.
The $831,000,000,000 economic “stimulus” that President Obama spearheaded and signed into law requires his administration to release quarterly reports on its effects. But “the most transparent administration in the history of our country” is now four reports behind schedule and has so far not released any reports whatsoever in 2012. Its most recent quarterly report is for the quarter than ended on June 30, 2011.