Why Obama Got a Dog Instead of a Cat

"The plan I'm announcing tonight would meet three basic goals. It will provide more security and stability to those who have health insurance. It will provide insurance for those who don't. And it will slow the growth of health care costs for our families, our businesses, and our government. . . . Now, add it all up, and the plan I'm proposing will cost around $900 billion over 10 years. . . . Most of these costs will be paid for with money already being spent--but spent badly--in the existing health-care system. The plan will not add to our deficit. The middle class will realize greater security, not higher taxes. And if we are able to slow the growth of health care costs by just one-tenth of 1% each year--one-tenth of 1 %--it will actually reduce the deficit by $4 trillion over the long term."--President Obama, address to a joint session of Congress, Sept. 9
"I mean, the easiest thing for me to do on the health-care debate would have been to tell people that 'what you're going to get is guaranteed health insurance, lower your costs, all the insurance reforms, we're going to lower the cost of Medicare and Medicaid, and it won't cost anybody anything.; That's great politics. It's just not true. So there's got to be some test of realism in any of these proposals, mine included. I've got to hold myself accountable."--President Obama at the GOP House Issues Conference, Jan. 29

WSJ columnist James Taranto

I laughed until I cried.....literally

our children are so much toast....

our parents expected we would be better off then they were...

and that is the way it should be, increasing prosperity handed off one generation to the next....

until now, our kids will make less, be taxed more and enjoy less prosperity....


we are witnessing the end of the American dream.....

10 years from now we will be borrowing or printing money because the interest on the debit will be 50% of the annual federal budget.....

I don't get how we got here when Clinton left a surplus. WTF happened???!!! Did it really have that much to do with coming back after 9/11.

You know TR, I don't know either. It seems like it's just getting worse every day. I often wonder if it's as bad as they say or if it's all propaganda.

What happened is we decided to give basically unlimited government guarantees to quasi-government agencies that were purchasing high-risk mortgage pools, shoveling the cash flow into their exec's bank accounts, and leaving the taxpayer holding the bag for all the risk.

What's happened is we're projecting to grow government spending to record levels as a percentage of GDP, while revenues are, indeed, down because of the economic downturn, and not expected to return to normal levels for some time.

What happened is we've continued to make promises about ponzi-scheme entitlements that depend on expanding populations (more younger folks than older folks) while our birthrate has declined and our lifespans are increasing. We've built up huge unfunded liabilities, and crucified Bush when he tried to move us in the right direction on one five years ago.

And that's Obama's fault...

Well you know, the 8 years in between Clinton and Obama...those just get ignored.

I don't get how we got here when Clinton left a surplus. WTF happened???!!! Did it really have that much to do with coming back after 9/11.

What also happened is this was a projected surplus.

If you look at the national debt (the only number that counts)for that time period the national debt actually went up. Do not believe what the media told you. If I make a budjet that includes items that have no chance of success I can project a surplus as well.

Fighting 2 wars with supplementals while cutting taxes was also (maybe!) a contributing factor, but let's just gloss over that.

Word of the Day - GLOSS

lip GLOSS

People who live in GLOSS houses

Can I get a legal expert? Which chapter of the code applies here?

Sticks and stones may break my bones, but GLOSS will never hurt me.

I agree with Ed here, the National Debt is the most important figure.

I love this supplemental kick you are on. Can you forward me the blog you picked this cherry from so I can see what was really said because I am not entirely sure why this bugs you so much.

In fact, one could argue that the supplemental authorization beats the omnibus spending bills, as many politicians vote for the omnibus and then say they didn't like it but what choice did they have. The supplemental bill allows everyone to go on record for the specific spending. The money is still spent either way.

wanna bet?

If I c&p from a blog or other source I always post the source.

You could also say that by passing spending in a supplemental bill it artificially deflates the budget. Especially if said spending was for a war that the administration knew it was going to have to pay for.

I see and those supplementals are the reason for the current budget calling for 1.35 trillion in deficit, which includes health care savings from a bill that hasn't passed and an unknown number (because they didn't disclose it) in revenue from a cap and trade regime that isn't law either.

I am sure you are crowing loudly about those budget gimmicks too. As well as the ludcirous growth assumptions in the budget that allow the projected deficit look better than it will actually be.

Let's here those arguments please, since that is what we are facing now.

That was exactly what I was getting ready to type, straw - argue all you want about Iraq, but I don't see how it's the reason Obama's best-case scenario is an $800 billion deficit in 2020. Surely he'll have had time to end those two wars and repeal the Bush Tax Cuts For The Very Rich (TM) by then, right?

A republican congressman tried to make the same point with the Treasury Secretary today, but Geithner reiterated the administration inherited a terrible deficit and that is factual.

I guess the Bush adminstration will loom over budgets for decades to come.

So going forward, when there is a budget deficit, the only logical explanation will be the new GAAP term, "The Bush Factor".