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(Investors Business Daily)   President Obama said he wasn't good at math. Here's proof   (news.investors.com) divider line 44
    More: Fail, President Obama, United States budget process, federal deficits, saves  
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1691 clicks; posted to Politics » on 16 Jan 2013 at 7:59 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



44 Comments   (+0 »)
   
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2013-01-16 08:09:35 AM
And instant green with no comments.
 
2013-01-16 08:11:25 AM
well, you commented, so there you go....
 
2013-01-16 08:11:43 AM
It's really very simple. Spending has to be cut AND taxes have to be raised. We will never get a handle on our debt if we don't recognize that both will have to be done far more aggressively than any politician will admit.
 
2013-01-16 08:11:58 AM
Sign of a modmin in a lather?
 
2013-01-16 08:13:12 AM
It's important to remember that no one actually cares about the deficit.
 
2013-01-16 08:13:32 AM

TalenLee: Sign of a modmin in a lather?


I usually take a shower in the morning too, but I seldom am farking while I do.

/sometimes I am though
//wink wink, nudge nudge
 
2013-01-16 08:16:39 AM
"The President sucks at math!"

Ok, here's my plan to slash the military budget and make the math work...

"The President doesn't care about our troops or security!"
 
2013-01-16 08:18:07 AM
Did they forget to account for interest savings again?

/dnrtfa
 
2013-01-16 08:20:20 AM
Oh, I see. They didn't account for the massive tax increases Bowles-Simpson would have implemented and forgot to mention that Obama already got about a quarter of what B-S was looking for.
 
2013-01-16 08:24:48 AM
John Merline has, in the past, convinced himself that the Bush Tax Cuts actually increased tax revenue from the wealthiest Americans. I'd link the article but it's behind a paywall.
 
2013-01-16 08:28:42 AM

BigBooper: It's really very simple. Spending has to be cut AND taxes have to be raised. We will never get a handle on our debt if we don't recognize that both will have to be done far more aggressively than any politician will admit.


It's really very simple: in a recession, cutting spending just digs you deeper into the hole.
 
2013-01-16 08:28:55 AM
EH? The president says we are %62.5 percent of the way there in budget cuts.
Looking at the graph I'd say he is exactly right. Yes, if we don't meet the targets now the spread is larger 7 years from now, that's called interest.
 
2013-01-16 08:39:00 AM
i.imgur.com

Thanks alot Buttcrack O'Buttcrack
 
2013-01-16 08:44:33 AM

Jackson Herring: [i.imgur.com image 370x404]

Thanks alot Buttcrack O'Buttcrack


I must have missed something, what's w/ all the dog pics in the politics thread?
 
2013-01-16 08:46:56 AM

TalenLee: Sign of a modmin in a lather?


This plus the NY gun one... yeah definitely.
 
2013-01-16 08:55:28 AM

Serious Black: Did they forget to account for interest savings again?

/dnrtfa


Yup
 
2013-01-16 09:36:55 AM
"Fark feeds our squirrel with revenue from ads, please whitelist us in adblock/noscript/your-ad-blocker-of-choice! (Read more) Or please consider joining TotalFark"

Hahaha, ow, my sides! And no clicks for crappy blogs like "Investors Butthurt Daily", either.
 
2013-01-16 10:08:31 AM
I will presume that this link, like ALL Investor's Business Daily links, may be dismissed out of hand as stupid, dishonest horseshiat.
 
2013-01-16 10:24:53 AM

Zagloba: BigBooper: It's really very simple. Spending has to be cut AND taxes have to be raised. We will never get a handle on our debt if we don't recognize that both will have to be done far more aggressively than any politician will admit.

It's really very simple: in a recession, cutting spending just digs you deeper into the hole.


Democrat in bad times: We can't cut spending in a recession! That's madness!
Republican in bad times: We can't raise taxes in a recession! That's madness
Democrat in good times: We can't cut spending now! That would cause a recession!
Republican in good times: We can't raise taxes now! That would cause a recession!

So of course nothing really gets done, and in the end Keynes' prediction of economic collapse comes true.

/can't wait till I'm a trillionaire
//Of course that's what a loaf of bread will cost
 
2013-01-16 10:33:40 AM

Dusk-You-n-Me: It's important to remember that no one actually cares about the deficit.


Sadly, that's true. I'd hoped Obama would care but he's apparently as irresponsible and short sighted about the deficit as everyone else.
 
2013-01-16 10:36:13 AM

BigBooper: Zagloba: BigBooper: It's really very simple. Spending has to be cut AND taxes have to be raised. We will never get a handle on our debt if we don't recognize that both will have to be done far more aggressively than any politician will admit.

It's really very simple: in a recession, cutting spending just digs you deeper into the hole.

Democrat in bad times: We can't cut spending in a recession! That's madness!
Republican in bad times: We can't raise taxes in a recession! That's madness
Democrat in good times: We can't cut spending now! That would cause a recession!
Republican in good times: We can't raise taxes now! That would cause a recession!

So of course nothing really gets done, and in the end Keynes' prediction of economic collapse comes true.

/can't wait till I'm a trillionaire
//Of course that's what a loaf of bread will cost


Spot on. I dont think hyperinflation or collapse are coming, but I do think we are headed for trouble. Interest rates aren't going to stay at 1.5% forever and were going to be refinancing every dollar we're borrowing now at much higher rates.
 
2013-01-16 10:37:45 AM
Is this the kind of math that Republicans do to make themselves feel better?

I'm bad at that too.
 
2013-01-16 10:54:16 AM
Obama has more credibility in his left nut that IBD has ever had:

"People such as scientist Stephen Hawking wouldn't have a chance in the U.K., where the National Health Service would say the life of this brilliant man, because of his physical handicaps, is essentially worthless." [IBD, Atlanta J-C, Ezra Klein]
 
2013-01-16 10:59:35 AM

BigBooper: Zagloba: BigBooper: It's really very simple. Spending has to be cut AND taxes have to be raised. We will never get a handle on our debt if we don't recognize that both will have to be done far more aggressively than any politician will admit.

It's really very simple: in a recession, cutting spending just digs you deeper into the hole.

Democrat in bad times: We can't cut spending in a recession! That's madness!
Republican in bad times: We can't raise taxes in a recession! That's madness
Democrat in good times: We can't cut spending now! That would cause a recession!
Republican in good times: We can't raise taxes now! That would cause a recession!


So of course nothing really gets done, and in the end Keynes' prediction of economic collapse comes true.

/can't wait till I'm a trillionaire
//Of course that's what a loaf of bread will cost


Why don't we just quit electing jackasses who say these things?
 
2013-01-16 11:01:36 AM

BigBooper: Democrat in good times: We can't cut spending now! That would cause a recession!


I seem to recall Democrats in the 90s enthusiastically cutting spending.

In fact, I seem to recall them pissing off their base by cutting into the social safety net, they were so enthusiastic about a balanced budget.

/Not in the mood to suffer fools.
 
2013-01-16 11:06:32 AM

mrshowrules: Obama has more credibility in his left nut that IBD has ever had:


"We are on the path to cutting our deficits in half. We have put forward a fiscal commission that is then going to examine how do we deal with these broader structural deficits. So this isn't just an empty promise. We've already started taking steps to deal with it, and we're going to be very aggressive in how we deal with it."
Oodles of credibility.
 
2013-01-16 11:10:25 AM

Zeb Hesselgresser: mrshowrules: Obama has more credibility in his left nut that IBD has ever had:

"We are on the path to cutting our deficits in half. We have put forward a fiscal commission that is then going to examine how do we deal with these broader structural deficits. So this isn't just an empty promise. We've already started taking steps to deal with it, and we're going to be very aggressive in how we deal with it."
Oodles of credibility.


I bet you don't even know that Obama has already cut the federal deficit.
 
2013-01-16 11:19:51 AM

tnpir: I will presume that this link, like ALL Investor's Business Daily links, may be dismissed out of hand as stupid, dishonest horseshiat.


Hey, it's not fair to dismiss a source out of hand like [stops to google IBD and Stephen Hawking] oh, right.
 
2013-01-16 12:06:00 PM

Zagloba: BigBooper: Democrat in good times: We can't cut spending now! That would cause a recession!

I seem to recall Democrats in the 90s enthusiastically cutting spending.

In fact, I seem to recall them pissing off their base by cutting into the social safety net, they were so enthusiastic about a balanced budget.

/Not in the mood to suffer fools.


Completely incorrect. Fed spending went up each year in the 1990s, and actually increased by 12% even after adjusting for inflation during the Clinton years.

Even worse during the Bush years.
 
2013-01-16 12:14:30 PM
Odd. On my browser I can't see the "sponsored link" tag next to the headline.
 
2013-01-16 12:14:32 PM

cameroncrazy1984: Zeb Hesselgresser: mrshowrules: Obama has more credibility in his left nut that IBD has ever had:

"We are on the path to cutting our deficits in half. We have put forward a fiscal commission that is then going to examine how do we deal with these broader structural deficits. So this isn't just an empty promise. We've already started taking steps to deal with it, and we're going to be very aggressive in how we deal with it."
Oodles of credibility.

I bet you don't even know that Obama has already cut the federal deficit.


Yep, current FY estimate is for a $1.05T deficit. But yet "we need about $1.5 trillion more [of deficit reduction over 10 years]"

That $150 B/year will mean that we are only at $900B/Year. Woo hoo! we are saved! Oh, wait.....

The deficits have gond down some, however, they are far from being sustainable. The fact that he cannot see this points to how bad he is at this issue.
 
2013-01-16 12:42:54 PM

HeadLever: however, they are far from being sustainable


We are borrowing at negative interest rates. How is that unsustainable?
 
2013-01-16 12:50:41 PM

cameroncrazy1984: HeadLever: however, they are far from being sustainable

We are borrowing at negative interest rates. How is that unsustainable?


The debt comes due at some point. On average the debt we are issuing today to finance our trillion dollar deficit has a duration of less than 5 years. Can you guarantee me that today's low rates will persist in perpetuity? If not, well then that's why it's unsustainable.
 
2013-01-16 01:03:48 PM

cameroncrazy1984: Zeb Hesselgresser: mrshowrules: Obama has more credibility in his left nut that IBD has ever had:

"We are on the path to cutting our deficits in half. We have put forward a fiscal commission that is then going to examine how do we deal with these broader structural deficits. So this isn't just an empty promise. We've already started taking steps to deal with it, and we're going to be very aggressive in how we deal with it."
Oodles of credibility.

I bet you don't even know that Obama has already cut the federal deficit.


Sometimes, it feels like a lot of "conservatives" think the debt and deficit are the same thing.
 
2013-01-16 01:11:18 PM

Zeb Hesselgresser: mrshowrules: Obama has more credibility in his left nut that IBD has ever had:

"We are on the path to cutting our deficits in half. We have put forward a fiscal commission that is then going to examine how do we deal with these broader structural deficits. So this isn't just an empty promise. We've already started taking steps to deal with it, and we're going to be very aggressive in how we deal with it."
Oodles of credibility.


How is this dishonest?  The deficit in 2009 was $1.4T.  Are you saying that this is not trending downwards to a projected deficit less thank $700B?
 
2013-01-16 01:12:14 PM

LordJiro: cameroncrazy1984: Zeb Hesselgresser: mrshowrules: Obama has more credibility in his left nut that IBD has ever had:

"We are on the path to cutting our deficits in half. We have put forward a fiscal commission that is then going to examine how do we deal with these broader structural deficits. So this isn't just an empty promise. We've already started taking steps to deal with it, and we're going to be very aggressive in how we deal with it."
Oodles of credibility.

I bet you don't even know that Obama has already cut the federal deficit.

Sometimes, it feels like a lot of "conservatives" think the debt and deficit are the same thing.


Math.  Concepts. Definitions.  Not the play things of the unencumbered mind.
 
2013-01-16 01:20:46 PM

BigBooper: It's really very simple. Spending has to be cut AND taxes have to be raised. We will never get a handle on our debt if we don't recognize that both will have to be done far more aggressively than any politician will admit.


Obama has, in fact admitted it, and would have done the deal last election cycle, except for teabaggers.
 
2013-01-16 01:23:49 PM

mrshowrules: Zeb Hesselgresser: mrshowrules: Obama has more credibility in his left nut that IBD has ever had:

"We are on the path to cutting our deficits in half. We have put forward a fiscal commission that is then going to examine how do we deal with these broader structural deficits. So this isn't just an empty promise. We've already started taking steps to deal with it, and we're going to be very aggressive in how we deal with it."
Oodles of credibility.

How is this dishonest?  The deficit in 2009 was $1.4T.  Are you saying that this is not trending downwards to a projected deficit less thank $700B?

mrshowrules: Zeb Hesselgresser: mrshowrules: Obama has more credibility in his left nut that IBD has ever had:

"We are on the path to cutting our deficits in half. We have put forward a fiscal commission that is then going to examine how do we deal with these broader structural deficits. So this isn't just an empty promise. We've already started taking steps to deal with it, and we're going to be very aggressive in how we deal with it."
Oodles of credibility.

How is this dishonest?  The deficit in 2009 was $1.4T.  Are you saying that this is not trending downwards to a projected deficit less thank $700B?


You think the federal deficit for fiscal year 2013 will be less than $700 billion? Shirley you can't be serious?
 
2013-01-16 01:37:35 PM

cameroncrazy1984: We are borrowing at negative interest rates. How is that unsustainable?


1) Overall interest obligations is still postive (and above inflation). In fact total interest payments eat up about 20% of all federal tax revenue.

2) They won't stay this way forever. What do you think will happen when interest rates normalize and we continue to rack up trillion dolllar deficits?

Or are you one of those folks that racks the full amount on those temporary 0% credit cards because real interest rates are 'negative'?
 
2013-01-16 01:55:12 PM

Zeb Hesselgresser: mrshowrules: Zeb Hesselgresser: mrshowrules: Obama has more credibility in his left nut that IBD has ever had:

"We are on the path to cutting our deficits in half. We have put forward a fiscal commission that is then going to examine how do we deal with these broader structural deficits. So this isn't just an empty promise. We've already started taking steps to deal with it, and we're going to be very aggressive in how we deal with it."
Oodles of credibility.

How is this dishonest?  The deficit in 2009 was $1.4T.  Are you saying that this is not trending downwards to a projected deficit less thank $700B?mrshowrules: Zeb Hesselgresser: mrshowrules: Obama has more credibility in his left nut that IBD has ever had:

"We are on the path to cutting our deficits in half. We have put forward a fiscal commission that is then going to examine how do we deal with these broader structural deficits. So this isn't just an empty promise. We've already started taking steps to deal with it, and we're going to be very aggressive in how we deal with it."
Oodles of credibility.

How is this dishonest?  The deficit in 2009 was $1.4T.  Are you saying that this is not trending downwards to a projected deficit less thank $700B?

You think the federal deficit for fiscal year 2013 will be less than $700 billion? Shirley you can't be serious?


How did you get that from what I wrote?  Who even said FY 2013 was a thing?  I highlighted the pertinent parts for you.  I think the deficit next FY is $900B.  If he cuts it by an additional $200B at any point in 2nd term he will have told the truth.  Seems that is very likely but even if it doesn't happen in his 2nd term, he could argue that he was "on the path".

If you hire a president during 2nd largest recession in history, I can think of a dumber performance measure than how quickly he cuts the deficit.
 
2013-01-16 02:04:24 PM

Serious Black: BigBooper: Zagloba: BigBooper: It's really very simple. Spending has to be cut AND taxes have to be raised. We will never get a handle on our debt if we don't recognize that both will have to be done far more aggressively than any politician will admit.

It's really very simple: in a recession, cutting spending just digs you deeper into the hole.

Democrat in bad times: We can't cut spending in a recession! That's madness!
Republican in bad times: We can't raise taxes in a recession! That's madness
Democrat in good times: We can't cut spending now! That would cause a recession!
Republican in good times: We can't raise taxes now! That would cause a recession!

So of course nothing really gets done, and in the end Keynes' prediction of economic collapse comes true.

/can't wait till I'm a trillionaire
//Of course that's what a loaf of bread will cost

Why don't we just quit electing jackasses who say these things?


Pssh... what... and ruin the plot for this sitcom we call a government?

/the research is off the charts, Jerry
 
2013-01-16 05:49:44 PM
Investors dot com has nothing to do with investments, nor would they be especially good at it if they did, and here's the proof.
 
2013-01-16 11:37:19 PM

HeadLever: cameroncrazy1984: We are borrowing at negative interest rates. How is that unsustainable?

1) Overall interest obligations is still postive (and above inflation). In fact total interest payments eat up about 20% of all federal tax revenue.

2) They won't stay this way forever. What do you think will happen when interest rates normalize and we continue to rack up trillion dolllar deficits?

Or are you one of those folks that racks the full amount on those temporary 0% credit cards because real interest rates are 'negative'?


I absolutely would do that for the time being. We know there are tons of infrastructure projects out there that need to be done. Bridges are deficient and on the verge of collapsing like in Minnesota. Our air control systems are woefully out-of-date. We waste billions of gallons of water because of leaking pipes and poor sanitation. Really, it's all summarized exceedingly well here.

We know that these kinds of projects will (at least temporarily) create jobs. We know that they will generate huge returns on the initial investment. We know that borrowing the money to pay for these projects now will cost less than taxing Americans now. We also know that if these systems go beyond needing repair and actually break, the cost for full replacement will skyrocket and cause even more drag on the economy. I don't see any reason why we wouldn't do these kinds of things now rather than put them off for later.

Here's my question. If somebody came up to you, put a fistful of dollars in your face, and yelled at you "SHUT UP AND TAKE MY MONEY," would you really tell them no? Cause that's what negative real interest rates mean. The world is telling us to take their money and give them back less in return. Really, the only even illogical reason I can come up with for rejecting that is that America really is exceptional...exceptionally stupid.
 
2013-01-17 12:05:32 PM

Serious Black: I absolutely would do that for the time being.


If you could provide evidence that these porject had positive ROI, I may agree with you. Regarding infrastructure, some will and some won't.

Here's my question. If somebody came up to you, put a fistful of dollars in your face, and yelled at you "SHUT UP AND TAKE MY MONEY," would you really tell them no?

If it was going to cost me down the road, hell no. We are not under negative real interest rigth now, when you consider the total national debt. Again, the cost in intrest for the extended debt is greater than the reduction in debt principal via inflation. And what happens when interest rates start to climb? We are currently spending about 20% of our entire federal tax reveue just to pay for the interest. Do you want to see that become 40% or 50% when interest rates normalize?

If you want to sacrifice the future of this country to help us in the short term, I guess that is your choice. Just don't be suprised that many don't share the same desire.
 
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