President Obama’s deficit-reduction plan

It’s basically to raise taxes:

President Obama called for cutting the nation’s combined budget deficit by $4 trillion over the next 12 years on Wednesday, countering Republican budget plans with what he said was a more balanced approach that relies in part on tax increases for the wealthy as well as on spending cuts.

Mr. Obama spoke in strikingly partisan tones in parts of the 43-minute speech, offering a blistering critique of the Republican approach to reducing the deficit and laying down political markers that are sure to please even his most skeptical Democratic allies. The president vowed not to extend tax cuts for the wealthy or to dismantle the government-run health care systems for the elderly and poor. And he said there was “nothing serious or courageous” about the proposals Republicans offered this month.

Still, as he laid out the administration’s opening bid in negotiations over the nation’s fiscal future, Mr. Obama conceded a need to cut spending, rein in the growth of entitlement programs and close tax loopholes. At the same time, he insisted that the government must maintain what he called investment in programs that are necessary to compete globally. And he made clear that, despite his compromise with Congressional leaders in December, he would fight Republicans to end lowered tax rates for wealthy Americans that have been in place since President George W. Bush championed them in the last decade.

“There’s nothing serious about a plan that claims to reduce the deficit by spending a trillion dollars on tax cuts for millionaires and billionaires,” Mr. Obama said of budget proposals put forward by Republicans in the House. “There’s nothing courageous about asking for sacrifice from those who can least afford it and don’t have any clout on Capitol Hill. And this is not a vision of the America I know.”

In his remarks, delivered at George Washington University, Mr. Obama offered an impassioned defense of the popular Medicare and Medicaid programs against Republican proposals for sweeping changes in them. “We are a better country because of these commitments,” he said. “I’ll go further — we would not be a great country without those commitments.”

To the likely disappointment of some of his most liberal supporters, though, Mr. Obama signaled that he agreed with Republicans about the need to cut spending.

He acknowledged that some people would oppose cutting spending now, “mostly folks in my party,” the president said. “I’m sympathetic to this view, which is one of the reasons I supported the payroll tax cuts we passed in December. It’s also why we have to use a scalpel and not a machete to reduce the deficit.”

“But doing nothing on the deficit is just not an option,” he said.

Among his proposals is a “debt fail-safe” mechanism that would force lawmakers into much more severe action if the deficit has not contracted significantly by 2014.

The provision would impose across-the-board cuts on most government programs, officials said, adding that it was intended to provide an incentive to motivate potentially reluctant lawmakers to take difficult but necessary steps.

via Obama’s Deficit-Cutting Plan Balances Cuts With Tax Increases – NYTimes.com.

So do you think this approach will work?  Is this better than Paul Ryan’s plan?

About Gene Veith

Professor of Literature at Patrick Henry College, the Director of the Cranach Institute at Concordia Theological Seminary, a columnist for World Magazine and TableTalk, and the author of 18 books on different facets of Christianity & Culture.

  • Dan Kempin

    I am still just offended and distracted by the bold affront to the english language of calling the absence of taxes “spending,”
    and the increase in taxes “cuts.” Somebody must be falling for this, but if there was ever an insult to the intelligence of the hearer, it must be this. Say what you mean!

    And yes, it is just another example of political speak. Yes, both sides do it. Yes, it all makes my head hurt and my stomach queasy. But this particular one just seems so over the top condescending that it bugs me.

    Rant over. Back to work.

  • Dan Kempin

    I am still just offended and distracted by the bold affront to the english language of calling the absence of taxes “spending,”
    and the increase in taxes “cuts.” Somebody must be falling for this, but if there was ever an insult to the intelligence of the hearer, it must be this. Say what you mean!

    And yes, it is just another example of political speak. Yes, both sides do it. Yes, it all makes my head hurt and my stomach queasy. But this particular one just seems so over the top condescending that it bugs me.

    Rant over. Back to work.

  • http://enterthevein.wordpress.com J. Dean

    Let me tell you how it will be
    There’s one for you, nineteen for me…
    Cause I’m the taxman

  • http://enterthevein.wordpress.com J. Dean

    Let me tell you how it will be
    There’s one for you, nineteen for me…
    Cause I’m the taxman

  • http://www.redeemedrambling.blogspot.com/ John

    +1 J. Dean!

  • http://www.redeemedrambling.blogspot.com/ John

    +1 J. Dean!

  • Carl Vehse

    Drudge referred to Steve Dunham’s speech as the “most dishonest in decades” and links to the WSJ article, The Presidential Divider: Obama’s toxic speech and even worse plan for deficits and debt.”

    The official Tea Party’s (27-second) response to Barry Soetoro’s speech (on http://www.therightsphere.com):

    “What you’ve just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points and may God have mercy on your soul.”

    Traitorbama’s speech was nothing but diarrhea of the mouth.

  • Carl Vehse

    Drudge referred to Steve Dunham’s speech as the “most dishonest in decades” and links to the WSJ article, The Presidential Divider: Obama’s toxic speech and even worse plan for deficits and debt.”

    The official Tea Party’s (27-second) response to Barry Soetoro’s speech (on http://www.therightsphere.com):

    “What you’ve just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points and may God have mercy on your soul.”

    Traitorbama’s speech was nothing but diarrhea of the mouth.

  • http://gslcnm.com Pastor Phil Spomer

    Things will have to get a lot worse before they get better. The arch of this problem stretches out to the horizon. The electorate will not accept the changes to come until reality forces it’s way upon us. People need to feel something before they act. Some of us wish that the public at large could exercise foresight, but human nature won’t permit it. Now we know how Churchill felt in 1938.

  • http://gslcnm.com Pastor Phil Spomer

    Things will have to get a lot worse before they get better. The arch of this problem stretches out to the horizon. The electorate will not accept the changes to come until reality forces it’s way upon us. People need to feel something before they act. Some of us wish that the public at large could exercise foresight, but human nature won’t permit it. Now we know how Churchill felt in 1938.

  • http://theoldadam.wordpress.com Steve Martin

    Tax and spend.

    Or, in this case ‘spend and tax’.

    Some things will NEVER change with Democrats.

    (yes, I know Repubs are also bad – Dems wrote the book on it)

  • http://theoldadam.wordpress.com Steve Martin

    Tax and spend.

    Or, in this case ‘spend and tax’.

    Some things will NEVER change with Democrats.

    (yes, I know Repubs are also bad – Dems wrote the book on it)

  • http://www.bikebubba.blogspot.com Bike Bubba

    My take on reading the morning paper and finding that Comrade Obama wants to keep Medicare and Medicaid as is is that he’s choosing a deliberate catastrophe. The reason is simple; these programs have fifty trillion dollars in unfunded liabilities according to the GAO, which is more than the entire national wealth. There is no amount of taxation that could resolve this issue, even if tax hikes didn’t hurt the economy.

    According to the actuaries, the choice is simple; make changes now that will be painful, or avoid the issue and let it become catastrophic. Dear Leader is simply choosing to ignore fiscal reality.

    He also ignores a very real question in his calls for tax hikes on the prosperous; can the poor and middle class afford it when the prosperous (who are not, ahem, necessarily rich) have less disposable income. The prosperous man simply scales back his business plan to deal with the loss of disposable income; for the janitor who didn’t get hired because the business plan got scaled back, it’s catastrophic.

    Mr. Obama has a NASTY illiteracy in basic economics and accounting, to put it mildly.

  • http://www.bikebubba.blogspot.com Bike Bubba

    My take on reading the morning paper and finding that Comrade Obama wants to keep Medicare and Medicaid as is is that he’s choosing a deliberate catastrophe. The reason is simple; these programs have fifty trillion dollars in unfunded liabilities according to the GAO, which is more than the entire national wealth. There is no amount of taxation that could resolve this issue, even if tax hikes didn’t hurt the economy.

    According to the actuaries, the choice is simple; make changes now that will be painful, or avoid the issue and let it become catastrophic. Dear Leader is simply choosing to ignore fiscal reality.

    He also ignores a very real question in his calls for tax hikes on the prosperous; can the poor and middle class afford it when the prosperous (who are not, ahem, necessarily rich) have less disposable income. The prosperous man simply scales back his business plan to deal with the loss of disposable income; for the janitor who didn’t get hired because the business plan got scaled back, it’s catastrophic.

    Mr. Obama has a NASTY illiteracy in basic economics and accounting, to put it mildly.

  • Carl Vehse

    Telling quote from the WSJ article: “The speech he [Barry Hussein Dunham] chose to deliver was dishonest even by modern political standards.”

  • Carl Vehse

    Telling quote from the WSJ article: “The speech he [Barry Hussein Dunham] chose to deliver was dishonest even by modern political standards.”

  • http://gslcnm.com Pastor Phil Spomer

    Our friend Joe Carter has this up at First Things-
    “Understanding Congress’s solution to the federal deficit problem, says Philip Greenspun, is easier to understand if we divide everything by 100 million:

    We have a family that is spending $38,200 per year. The family’s income is $21,700 per year. The family adds $16,500 in credit card debt every year in order to pay its bills. After a long and difficult debate among family members, keeping in mind that it was not going to be possible to borrow $16,500 every year forever, the parents and children agreed that a $380/year premium cable subscription could be terminated. So now the family will have to borrow only $16,120 per year.

    To this useful analogy I would add one additional data point: The family’s credit card debt is currently $142,786. If they were to spend every penny that made each year toward their credit cards it would take 6 and half years to pay off their debt.”

  • http://gslcnm.com Pastor Phil Spomer

    Our friend Joe Carter has this up at First Things-
    “Understanding Congress’s solution to the federal deficit problem, says Philip Greenspun, is easier to understand if we divide everything by 100 million:

    We have a family that is spending $38,200 per year. The family’s income is $21,700 per year. The family adds $16,500 in credit card debt every year in order to pay its bills. After a long and difficult debate among family members, keeping in mind that it was not going to be possible to borrow $16,500 every year forever, the parents and children agreed that a $380/year premium cable subscription could be terminated. So now the family will have to borrow only $16,120 per year.

    To this useful analogy I would add one additional data point: The family’s credit card debt is currently $142,786. If they were to spend every penny that made each year toward their credit cards it would take 6 and half years to pay off their debt.”

  • Porcell

    His address on budget matters yesterday was vintage Obama, invoking class warfare against millionaires and billionaires along with vague generalities about actual budget spending cuts. This was essentially a political campaign speech and far from a serious budget reform proposal.

    The best analysis of the address came from Fred Barnes titled Obama Sinks to the Occasion
    No hope, no change
    including:

    President Obama always lets you down. Just when you think he’s ready to deliver a lofty speech chocked with specifics on handling the spending and debt emergency, he offers up a hyper-partisan attack on the leading Republican proposal, gives practically no details of his own plan, and then sanctimoniously puts himself on the side of preserving “the American dream for future generations.”

    He must know that we are just around the corner from a disastrous debt crisis; yet he blithely carries on giving gauzy and nasty political speeches. Paul Ryan is a serious man with a serious proposal Obama is an incompetent soci@list politician leading the nation to ruin.

  • Porcell

    His address on budget matters yesterday was vintage Obama, invoking class warfare against millionaires and billionaires along with vague generalities about actual budget spending cuts. This was essentially a political campaign speech and far from a serious budget reform proposal.

    The best analysis of the address came from Fred Barnes titled Obama Sinks to the Occasion
    No hope, no change
    including:

    President Obama always lets you down. Just when you think he’s ready to deliver a lofty speech chocked with specifics on handling the spending and debt emergency, he offers up a hyper-partisan attack on the leading Republican proposal, gives practically no details of his own plan, and then sanctimoniously puts himself on the side of preserving “the American dream for future generations.”

    He must know that we are just around the corner from a disastrous debt crisis; yet he blithely carries on giving gauzy and nasty political speeches. Paul Ryan is a serious man with a serious proposal Obama is an incompetent soci@list politician leading the nation to ruin.

  • SKPeterson

    Why do I get the nasty feeling that his final proposal will be to effectively monetize the debt and call it stimulus?

  • SKPeterson

    Why do I get the nasty feeling that his final proposal will be to effectively monetize the debt and call it stimulus?

  • http://gslcnm.com Pastor Phil Spomer

    Porcell,
    “soci@list politician”
    I love the idiom of spelling “socialist” as we spell the other vulgarities. From now on it’s, ” I don’t give a so%*#*st.” or “What the so%*#*st?” We must, after all, shield innocent ears from the societies uglier issues.

  • http://gslcnm.com Pastor Phil Spomer

    Porcell,
    “soci@list politician”
    I love the idiom of spelling “socialist” as we spell the other vulgarities. From now on it’s, ” I don’t give a so%*#*st.” or “What the so%*#*st?” We must, after all, shield innocent ears from the societies uglier issues.

  • helen

    So? The “Bush tax cut” shouldn’t have happened in the first place, and shouldn’t have been extended in the second.
    I’ll forego expecting higher taxes on millionaires and corporations if they’ll give up hiding money overseas and pay what they theoretically owe now (pre “Bush tax cut”). You can’t logically get into one war after another, lower taxes at the same time and expect to balance the budget.
    You don’t have to be an “economist” to figure that out.
    A “household engineer” is quite up to the task!

  • helen

    So? The “Bush tax cut” shouldn’t have happened in the first place, and shouldn’t have been extended in the second.
    I’ll forego expecting higher taxes on millionaires and corporations if they’ll give up hiding money overseas and pay what they theoretically owe now (pre “Bush tax cut”). You can’t logically get into one war after another, lower taxes at the same time and expect to balance the budget.
    You don’t have to be an “economist” to figure that out.
    A “household engineer” is quite up to the task!

  • Michelle V

    All this debt and Obama’s lack of ability to ever give specifics (didn’t he run his campaign on change… but really what exactly was that change?) makes me excited and hopefully that he will NOT be reelected next year… Though we still have too long a time left with him in office…

  • Michelle V

    All this debt and Obama’s lack of ability to ever give specifics (didn’t he run his campaign on change… but really what exactly was that change?) makes me excited and hopefully that he will NOT be reelected next year… Though we still have too long a time left with him in office…

  • DonS

    Great comment string. We are in an Orwellian world, and the people get it. Or, at least those who pay taxes do.

    We need to keep educating the citizens as to what their government has done to them and their children. We need to expose the kind of pablum the President delivered yesterday for what it is — a campaign speech designed to paper over the problem until after the 2012 elections. Those politicians who claim to understand that they are stewards of hard-earned taxpayer money, and it is not there to redistribute to their friends and supporters, rich or poor, need to stand up to their stated principles, in the teeth of what is a fierce opposition to the end of the gravy train.

  • DonS

    Great comment string. We are in an Orwellian world, and the people get it. Or, at least those who pay taxes do.

    We need to keep educating the citizens as to what their government has done to them and their children. We need to expose the kind of pablum the President delivered yesterday for what it is — a campaign speech designed to paper over the problem until after the 2012 elections. Those politicians who claim to understand that they are stewards of hard-earned taxpayer money, and it is not there to redistribute to their friends and supporters, rich or poor, need to stand up to their stated principles, in the teeth of what is a fierce opposition to the end of the gravy train.

  • Porcell

    Pastor Phil, at 12, I write soci@list simply due to the blog’s spam filter that rejects posts with that term as spelled correctly. Having had several posts rejected on this point, I’ve gotten religion on the issue.

  • Porcell

    Pastor Phil, at 12, I write soci@list simply due to the blog’s spam filter that rejects posts with that term as spelled correctly. Having had several posts rejected on this point, I’ve gotten religion on the issue.

  • SKPeterson

    Porcell @16 – I thought that issue was fixed some time ago. Have you experienced such a block recently?

  • SKPeterson

    Porcell @16 – I thought that issue was fixed some time ago. Have you experienced such a block recently?

  • Carl Vehse

    Charles Krauthammer:

    “I rarely heard a speech by a president so shallow, so hyper-partisan and so intellectually dishonest, outside the last couple of weeks of a presidential election where you are allowed to call your opponent anything short of a traitor. But we’re a year and a half away from Election Day and it was supposed to be a speech about policy.”

  • Carl Vehse

    Charles Krauthammer:

    “I rarely heard a speech by a president so shallow, so hyper-partisan and so intellectually dishonest, outside the last couple of weeks of a presidential election where you are allowed to call your opponent anything short of a traitor. But we’re a year and a half away from Election Day and it was supposed to be a speech about policy.”

  • Carl Vehse

    Political cartoonist Michael Ramirez illustrates The Pied Piper.

  • Carl Vehse

    Political cartoonist Michael Ramirez illustrates The Pied Piper.

  • Porcell

    Helen, at thirteen: I’ll forego expecting higher taxes on millionaires and corporations if they’ll give up hiding money overseas and pay what they theoretically owe now (pre “Bush tax cut”).

    Only a few scoundrels hide money overseas. The simple fact is that the top one percent of American taxpayers pay forty percent of total federal revenues. Most wealthy taxpayers are well aware of their obligation to pay their taxes even though they are, also, aware that a lot of government spending is bloated and inefficient.

    You and Obama are involved in a nasty campaign to impugn a class of people who work hard, become successful, and contribute immensely to the great material wealth of the American people. You might ask just who it is that supports that library in which you work.

    The truth is that you are one of those angry, ideological liberals who get off excoriating “evil” capitalists, the very people who have helped to made this country great. Get a life.

  • Porcell

    Helen, at thirteen: I’ll forego expecting higher taxes on millionaires and corporations if they’ll give up hiding money overseas and pay what they theoretically owe now (pre “Bush tax cut”).

    Only a few scoundrels hide money overseas. The simple fact is that the top one percent of American taxpayers pay forty percent of total federal revenues. Most wealthy taxpayers are well aware of their obligation to pay their taxes even though they are, also, aware that a lot of government spending is bloated and inefficient.

    You and Obama are involved in a nasty campaign to impugn a class of people who work hard, become successful, and contribute immensely to the great material wealth of the American people. You might ask just who it is that supports that library in which you work.

    The truth is that you are one of those angry, ideological liberals who get off excoriating “evil” capitalists, the very people who have helped to made this country great. Get a life.

  • Porcell

    SK, at 17, I’ll try using socialist to see if you’re right.

  • Porcell

    SK, at 17, I’ll try using socialist to see if you’re right.

  • Porcell

    Well, you’re right. I tend to be a slow learner!

  • Porcell

    Well, you’re right. I tend to be a slow learner!

  • helen

    Porcell:
    GE is the only corporation, too?

  • helen

    Porcell:
    GE is the only corporation, too?

  • John C

    Gee comrade, it’s not as if the one percent can’t afford to pay more taxes.
    Particularly if 99% of your less fortunate citizens would benefit.

  • John C

    Gee comrade, it’s not as if the one percent can’t afford to pay more taxes.
    Particularly if 99% of your less fortunate citizens would benefit.

  • http://enterthevein.wordpress.com J. Dean

    Note to those who think government needs more money: There’s nothing stopping you from sitting down and writing a check to the IRS.

    Feel free to do it.

  • http://enterthevein.wordpress.com J. Dean

    Note to those who think government needs more money: There’s nothing stopping you from sitting down and writing a check to the IRS.

    Feel free to do it.

  • helen

    You might ask just who it is that supports that library in which you work. –Porcell

    1. Students who paid their overdue book fines were providing the the new book budget several years ago already.
    2. Memorial endowments in honor of 30-40 yr employees, who died on the job or soon after, evidenced by banners in the lobby.
    3. Me and my colleagues, with our frozen (and not overly generous) salaries.
    4. A “no replacement” policy means that those who survive contribute by divvying up the work of those who retire/leave.

    If you want to refer anyone with real money to us, we’ll be overjoyed. Also shocked; it usually goes across the street to the business school or across campus to the [independent] Law School Library.
    [That law students first have to be undergraduates doesn't seem to occur to the rich lawyers in this state. They'd rather get their statues put up in the stadium, after the law school.]

    This being Texas, the football program is the last place to NEED a donation, but when did that kind of logic deter anyone? ;)

  • helen

    You might ask just who it is that supports that library in which you work. –Porcell

    1. Students who paid their overdue book fines were providing the the new book budget several years ago already.
    2. Memorial endowments in honor of 30-40 yr employees, who died on the job or soon after, evidenced by banners in the lobby.
    3. Me and my colleagues, with our frozen (and not overly generous) salaries.
    4. A “no replacement” policy means that those who survive contribute by divvying up the work of those who retire/leave.

    If you want to refer anyone with real money to us, we’ll be overjoyed. Also shocked; it usually goes across the street to the business school or across campus to the [independent] Law School Library.
    [That law students first have to be undergraduates doesn't seem to occur to the rich lawyers in this state. They'd rather get their statues put up in the stadium, after the law school.]

    This being Texas, the football program is the last place to NEED a donation, but when did that kind of logic deter anyone? ;)

  • helen

    Porcell @ 20
    The truth is that you are one of those angry, ideological liberals who get off excoriating “evil” capitalists, the very people who have helped to made this country great. Get a life.

    The bailed out Wall Street bankers are at the head of your list of “people who have made the country great”, no doubt!

    Next time I want to be the life of the party, I’ll try to tell my friends that I am a liberal. LOL! Or even that I was called one. :)

  • helen

    Porcell @ 20
    The truth is that you are one of those angry, ideological liberals who get off excoriating “evil” capitalists, the very people who have helped to made this country great. Get a life.

    The bailed out Wall Street bankers are at the head of your list of “people who have made the country great”, no doubt!

    Next time I want to be the life of the party, I’ll try to tell my friends that I am a liberal. LOL! Or even that I was called one. :)

  • Porcell

    Helen, at twenty-three, GE, a great contributor to the Democratic Party, and not a few other well connected corporations are involved in extreme crony capitalism. Milton Friedman once remarked that the two enemies of free economy are university professors and some CEOs who suck up to the government for favors. I might add ordinary librarians.

    Paul Ryan’s reform proposal does away with most corporate and individual tax deductions that favor interest groups. We may be sure that the Democrats will fight this strenuously, as this party owes it existence to special interest contributions.

    The group in America that best understands all of this is the Tea Party whose principles are:

    1. Limited Government
    2. Fiscal Responsibility
    3. Personal Responsibility
    4. The Rule of Law
    5. National Sovereignty

    Perhaps this is difficult for your utopian librarian mind, though do give it a try.

  • Porcell

    Helen, at twenty-three, GE, a great contributor to the Democratic Party, and not a few other well connected corporations are involved in extreme crony capitalism. Milton Friedman once remarked that the two enemies of free economy are university professors and some CEOs who suck up to the government for favors. I might add ordinary librarians.

    Paul Ryan’s reform proposal does away with most corporate and individual tax deductions that favor interest groups. We may be sure that the Democrats will fight this strenuously, as this party owes it existence to special interest contributions.

    The group in America that best understands all of this is the Tea Party whose principles are:

    1. Limited Government
    2. Fiscal Responsibility
    3. Personal Responsibility
    4. The Rule of Law
    5. National Sovereignty

    Perhaps this is difficult for your utopian librarian mind, though do give it a try.

  • Monica

    What do you think of this video of Representative Paul Ryan discussing his medicare voucher reform proposal, the White House’s lack of bipartisanship efforts, the debt commission report and today’s House vote on tax cuts,etc (12/10): http://f4a.tv/gSo1b3

  • Monica

    What do you think of this video of Representative Paul Ryan discussing his medicare voucher reform proposal, the White House’s lack of bipartisanship efforts, the debt commission report and today’s House vote on tax cuts,etc (12/10): http://f4a.tv/gSo1b3

  • http://ilovetoronto.com/ Heather Hadden

    Defending Medicare and Medicaid programs, tax increases for the wealthy or cutting government spending – it sounds too good to be true. There is no doubt that the upcoming presidential election played into Obama´s speech that was full of empty lies.

  • http://ilovetoronto.com/ Heather Hadden

    Defending Medicare and Medicaid programs, tax increases for the wealthy or cutting government spending – it sounds too good to be true. There is no doubt that the upcoming presidential election played into Obama´s speech that was full of empty lies.

  • Porcell

    Helen, at twenty-seven, those Wall Street bankers were pressured by Acorn, with which Obama was joined at hip, to grant sub-prime mortgages to worthy poor people and assorted minority groups.

    While the Wall Street bankers in retrospect were indeed foolish to cave in to the pressures from Acorn, they in order to accomplish the mergers and good PR that they wanted felt it necessary to degrade traditional mortgage lending standards.

    Obama by the way used to give seminars to Acorn operatives on how to actively put pressure on the banks to make sub-prime loans. The basis for these seminars was Saul Alinsky’s rules for leftist radicals that fundamentally advocated stealth socialism. Obama is well known to be a stealth socialist.

  • Porcell

    Helen, at twenty-seven, those Wall Street bankers were pressured by Acorn, with which Obama was joined at hip, to grant sub-prime mortgages to worthy poor people and assorted minority groups.

    While the Wall Street bankers in retrospect were indeed foolish to cave in to the pressures from Acorn, they in order to accomplish the mergers and good PR that they wanted felt it necessary to degrade traditional mortgage lending standards.

    Obama by the way used to give seminars to Acorn operatives on how to actively put pressure on the banks to make sub-prime loans. The basis for these seminars was Saul Alinsky’s rules for leftist radicals that fundamentally advocated stealth socialism. Obama is well known to be a stealth socialist.

  • helen

    Porcell @ 31
    While the Wall Street bankers in retrospect were indeed foolish to cave in to the pressures from Acorn, they in order to accomplish the mergers and good PR that they wanted felt it necessary to degrade traditional mortgage lending standards.

    Foolish? Or just greedy?

    Next you’ll be telling me the Wall Street bankers are concerned for the welfare of the country!

    Wall Street bankers are the poor abused victims!?
    WOW!!!

  • helen

    Porcell @ 31
    While the Wall Street bankers in retrospect were indeed foolish to cave in to the pressures from Acorn, they in order to accomplish the mergers and good PR that they wanted felt it necessary to degrade traditional mortgage lending standards.

    Foolish? Or just greedy?

    Next you’ll be telling me the Wall Street bankers are concerned for the welfare of the country!

    Wall Street bankers are the poor abused victims!?
    WOW!!!

  • DonS

    Keep in mind, as well, that Wall Street bankers are predominantly Democratic. They love financing our governments’ financial profligacy.

  • DonS

    Keep in mind, as well, that Wall Street bankers are predominantly Democratic. They love financing our governments’ financial profligacy.

  • Porcell

    Helen, actually the Wall Street bankers, while concerned with their own interests, perform the vital vocation of connecting individual and corporate savings with the investment needs of start-up and established businesses that employ most workers in the country. Probably, your retirement and other savings are dealt with daily among the Wall Street financial markets.

    For all of Wall Street’s faults, it is generally regarded as the most effective and efficient system of private and public capital distribution in the world. It is part of the reason why America has developed into one of the great nations in world history.

    This might come as disturbing news to your gentle and moralistic librarian’s soul, though I should suggest that you delve into your library’s economic shelf, particularly Hayek’s The Road to Serfdom that explains why the pieties of the left lead in the long run to a form of economic and political slavery.

  • Porcell

    Helen, actually the Wall Street bankers, while concerned with their own interests, perform the vital vocation of connecting individual and corporate savings with the investment needs of start-up and established businesses that employ most workers in the country. Probably, your retirement and other savings are dealt with daily among the Wall Street financial markets.

    For all of Wall Street’s faults, it is generally regarded as the most effective and efficient system of private and public capital distribution in the world. It is part of the reason why America has developed into one of the great nations in world history.

    This might come as disturbing news to your gentle and moralistic librarian’s soul, though I should suggest that you delve into your library’s economic shelf, particularly Hayek’s The Road to Serfdom that explains why the pieties of the left lead in the long run to a form of economic and political slavery.

  • DonS

    http://www.opensecrets.org/industries/indus.php?ind=F07

    Here’s the split on political donations by investment firms. 63% of all donations during the 2008 presidential general campaign went to Obama — 57% to Democrats generally.

    The “fat cats” are not Republican, despite the public portrayal.

  • DonS

    http://www.opensecrets.org/industries/indus.php?ind=F07

    Here’s the split on political donations by investment firms. 63% of all donations during the 2008 presidential general campaign went to Obama — 57% to Democrats generally.

    The “fat cats” are not Republican, despite the public portrayal.

  • Jimmy Veith

    Back to the original question. I thought it was a great speech and I agreed with everything he said. Now you can call me bad names so you can feel good about yourself.

    After you do that, I would like you to answer one question.

    Under Paul Ryan’s plan, when individuals who are now under 55 reach the age of 65, they would be issued vouchers so they could purchase health insurance on the private market. What if you had a pre-existing medical condition and no private insurance wanted to insure you? Could they deny you coverage for a pre-existing condition?

  • Jimmy Veith

    Back to the original question. I thought it was a great speech and I agreed with everything he said. Now you can call me bad names so you can feel good about yourself.

    After you do that, I would like you to answer one question.

    Under Paul Ryan’s plan, when individuals who are now under 55 reach the age of 65, they would be issued vouchers so they could purchase health insurance on the private market. What if you had a pre-existing medical condition and no private insurance wanted to insure you? Could they deny you coverage for a pre-existing condition?

  • John C

    Carl @ 4
    WSJ is a Murdoch publication, Carl and has as much credibility as World Net Daily.

  • John C

    Carl @ 4
    WSJ is a Murdoch publication, Carl and has as much credibility as World Net Daily.

  • DonS

    Jimmy @ 36: Here’s a pretty good summary of the Ryan plan. Exclusion for pre-existing conditions is not allowed under his plan, the theory being that the universe of insured is large enough to compensate for that because everyone participates.

    Vouchers are not a part of the plan. Instead, payments are made directly by the government to the provider. The point, though, is to restore market forces to health care by re-connecting the patient to the cost of services and thus creating competition in the marketplace. We know to a certainty, based on experience over the past 40+ years, that the third party payer approach does not contain costs, and results in the rationing of care.

  • DonS

    Jimmy @ 36: Here’s a pretty good summary of the Ryan plan. Exclusion for pre-existing conditions is not allowed under his plan, the theory being that the universe of insured is large enough to compensate for that because everyone participates.

    Vouchers are not a part of the plan. Instead, payments are made directly by the government to the provider. The point, though, is to restore market forces to health care by re-connecting the patient to the cost of services and thus creating competition in the marketplace. We know to a certainty, based on experience over the past 40+ years, that the third party payer approach does not contain costs, and results in the rationing of care.

  • DonS
  • DonS
  • Bob

    ‘Is this better than Paul Ryan’s plan?’

    Outside the right-wing echo chamber?

    You betcha.

    By better than 2-to-1…

    cnn.com poll tonight —

    “Whose deficit reduction plan do you prefer?”

    Obama 53 percent 116325 votes
    Ryan 26 percent 57716 votes

  • Bob

    ‘Is this better than Paul Ryan’s plan?’

    Outside the right-wing echo chamber?

    You betcha.

    By better than 2-to-1…

    cnn.com poll tonight —

    “Whose deficit reduction plan do you prefer?”

    Obama 53 percent 116325 votes
    Ryan 26 percent 57716 votes

  • DonS

    Um, Bob, you do realize that is not at all a scientific poll, right?

  • DonS

    Um, Bob, you do realize that is not at all a scientific poll, right?

  • Bob

    DonS,

    Yes.

  • Bob

    DonS,

    Yes.

  • Carl Vehse

    Excerpted from “Drama erupts on House floor as conservative budget goes down” (Republicans vote against their own plan):

    House lawmakers defeated a proposal by conservative Republicans to make deeper cuts [$9.1 trillion compared to Ryan’s $5.8 trillion) to spending and tax rates than those proposed in the Republican budget, but only after last-minute maneuvering by Democrats on the House floor.

    In a chaotic scene filled with shouting more typical of that which takes place in the British Parliament, the Republican Study Committee’s (RSC) alternative to Rep. Paul Ryan’s (R-Wis.) 2012 budget went down in a 119-136 vote.

    Many Democrats change their vote to “present” at the last minute to emphasize the split vote amoung the GOP majority. A total of 176 lawmakers voted “present.”

  • Carl Vehse

    Excerpted from “Drama erupts on House floor as conservative budget goes down” (Republicans vote against their own plan):

    House lawmakers defeated a proposal by conservative Republicans to make deeper cuts [$9.1 trillion compared to Ryan’s $5.8 trillion) to spending and tax rates than those proposed in the Republican budget, but only after last-minute maneuvering by Democrats on the House floor.

    In a chaotic scene filled with shouting more typical of that which takes place in the British Parliament, the Republican Study Committee’s (RSC) alternative to Rep. Paul Ryan’s (R-Wis.) 2012 budget went down in a 119-136 vote.

    Many Democrats change their vote to “present” at the last minute to emphasize the split vote amoung the GOP majority. A total of 176 lawmakers voted “present.”

  • helen

    Porcell @ 28
    I do not belong to ALA.
    I am so f

  • helen

    Porcell @ 28
    I do not belong to ALA.
    I am so f

  • helen

    I do not belong to ALA (American Library Association).
    I am so far from the stereotypical “librarian mindset” that I did not attend T[exas]LA this week, when it met in Austin.

    I am just an old lady who knows that Wall Street bankers were useful with controls to make them risk their own money, but completely self centered without those controls. Sort of like Congress which exempts itself from the schemes it invents for the rest of us?

    Greed is not a monopoly of the Republican party. Both parties are controlled by business contributions and it will only get worse now that corporations are “persons” for donation purposes.

    Kyrie Eleison!

    [Moderator, please delete the fragment at 44?]

  • helen

    I do not belong to ALA (American Library Association).
    I am so far from the stereotypical “librarian mindset” that I did not attend T[exas]LA this week, when it met in Austin.

    I am just an old lady who knows that Wall Street bankers were useful with controls to make them risk their own money, but completely self centered without those controls. Sort of like Congress which exempts itself from the schemes it invents for the rest of us?

    Greed is not a monopoly of the Republican party. Both parties are controlled by business contributions and it will only get worse now that corporations are “persons” for donation purposes.

    Kyrie Eleison!

    [Moderator, please delete the fragment at 44?]


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