From the White House website in April 2011:
FACT SHEET: The President's Framework for Shared Prosperity and Shared Fiscal Responsibility
The President believes that we need a comprehensive, pro-growth economic strategy that invests in winning the future, lays the foundation for strong private-sector job growth and ensures that shared prosperity will keep the American dream alive for generations to come. A key component of that strategy must be a commitment to fiscal responsibility and to living within our means. Today, the President is laying out a comprehensive, balanced deficit reduction framework to cut spending, bring down our debt and increase confidence in our nation's fiscal strength, while supporting our economic recovery and ensuring we are making the investments we need to win the future.
$4 Trillion in Deficit Reduction: The President is setting a goal of reducing our deficit by $4 trillion in 12 years or less. This deficit reduction would be phased in over time to protect and strengthen our economic recovery and the recovering labor market.
Debt on a Declining Path, Backed Up By An Across the Board "Debt Failsafe" Trigger: The President's framework would require that, by the second half of the decade, our nation's debt is on a declining path as a share of our economy. To enforce this requirement, the President is calling on Congress to enact:
•A Debt Failsafe that will trigger across-the-board spending reductions (both in direct spending and spending through the tax code) if, by 2014, the projected ratio of debt-to-GDP is not stabilized and declining toward the end of the decade. Consistent with prior fiscal enforcement triggers put in place by Presidents Reagan, George H.W. Bush and Clinton, the trigger should not apply to Social Security, low-income programs, or Medicare benefits. (aka Sequestration).
While presenting his case for the debt reduction program, which is what this was all about, he outlined 4 areas of concern that he wanted to tackle. He wanted to drive down government spending, which he has failed to do. He wanted to overhaul taxes and allow the Bush Era tax cuts to expire, which he did do. He wanted to control helath care costs, which he has failed to do. And finally, he wanted to strengthen social security, which today remains as vulnerable as ever. He failed in all respects except getting taxes on the rich increased. What a total failure of a President and debt reduction effort. Yet, he blames Republicans for the mess.
Today, Obama refers to the very Sequestration that HE proposed as a 'meat cleaver' approach to debt reduction. His effort to stop the program he proposed is being targeted with class warfare once again.
"Would they rather put hundreds of thousands of jobs and our entire economy at risk just to protect a few special interest tax loopholes that benefit only the wealthiest Americans and biggest corporations?" Obama asked of the GOP during a White House event.
So he has raised the income tax on rich people, raised the social security tax on rich people, demionized rich people, and now it is somehow the rich that are to blame again - along with the Republicans.
When will this POS start to take responsibility for his own actions? When will the MSM start to ask him the tough questions? |
