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CBS: Obama's Numbers Don't Add Up

You don't say.

Most of the time he spends the Iraq savings in the context of the roads he wants to build; sometimes it's for the teachers he wants to hire. Tonight, he riffed rhetorically on the savings, asking how many scholarships could be funded, or how many schools could be built. In the end though, presuming he really saves $90 billion, he can only spend it once.

Remember he also mentioned rebuilding the military ($7 billion/yr); his education initiative ($18 billion/yr); and his energy initiative ($15 billion/yr). He did not mention the $188 billion that he would spend on the brand new stimulus package he has proposed.

If he closes every loophole as promised, saves every dime from Iraq, raises taxes on the rich and trims the federal budget as he's promised to do "line by line," he still doesn't pay for his list. If he's elected, the first fact hitting his desk will be the figure projecting how much less of a budget he has to work with - thanks to the recession. He gave us a very compelling vision with his ad buy tonight. What he did not give us was any hint of the cold reality he's facing or a sense of how he might prioritize his promises if voters trust him with the White House.

Remember back in the first debate when Jim Lehrer asked both candidates what they would be willing to cut in order to save money due to the bailout? Not only did Obama say he wouldn't cut anything, but he also went so far as to say that he wanted to fund more programs.

So where's Obama going to get the rest of the money he will need to fund everything he wants? Pull it out of his butt? He will have to tax the middle class. That's the only way he's going to get the money he needs to fund the new government programs that he wants.

Hat tip: Instapundit via Ace


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Comments (13)

It's easy, Obama will just ... (Below threshold)
Mac Lorry:

It's easy, Obama will just print all the money he needs. Yes, that will increase inflation, but it's kind of like a tax on the rich. The more dollars and equivalents you hold the greater the tax on you through loss of the dollars value. As the dollar's value declines Obama will just print up more to pay for his pet programs. Hey, I wouldn't be surprised if he put his picture on those dollars.

"So where's Obama going ... (Below threshold)
JLawson:

"So where's Obama going to get the rest of the money he will need to fund everything he wants?"

Same place the money just came for the banking bailout. Congress will put it into the budget, it'll get spent, there won't be any accounting for it, and in 2 years the country as a whole will be bankrupt.

And the Dems will smile, and promise to make things all better if we'll just vote MORE of them in!

He "hopes" to grab all your... (Below threshold)
Son Of The Godfather:

He "hopes" to grab all your "change".

So where's Obama goi... (Below threshold)
hcddbz:


So where's Obama going to get the rest of the money he will need to fund everything he wants?
Barney Frank has plan
1. Go after all the Rich people everyone making more than 150K (for now)
2. Cut the Military

http://www.youtube.com/watch?v=u1Mazjm_A5k

http://www.southcoasttoday.com/apps/pbcs.dll/article?AID=/20081024/NEWS/810240332/-1/NEWS10

Deja vu. 16 years ago, Cli... (Below threshold)
iurockhead:

Deja vu. 16 years ago, Clinton promised middle class tax cuts. First week of February after the inauguration, he came out and said "I've worked harder on this than I've ever worked on anything in my life, and (biting the lower lip), I just can't get that tax cut done." Just like The One, he knew the numbers didn't work. But it got him elected. Lying works.

His poll numbers never add ... (Below threshold)
bill-tb:

His poll numbers never add up in the primaries either. There is 'Something About Mary Obama' that doesn't add up with the voters. After $600 million fraudulently gathered and now mostly spent, still under 50% -- That sure doesn't smell winner.

So where's Obama going t... (Below threshold)
Brian:

So where's Obama going to get the rest of the money he will need to fund everything he wants?

Hillarious! I was especially amused by comparing how you've been asking this very same question of Bush over the past five years for the $1 trillion spending on the war.

I can not tell you how much... (Below threshold)
mag:

I can not tell you how much I resent this "spreading the wealth". What I have is mine, I worked damn hard for it. I work two jobs to have a nice home in a nice area. I gladly give to charity but on my terms, not the government's. I am very generous. And I am sick and tired of hearing about the poor. In this country (other than being sick or disabled, etc.) if you are poor it is your own fault. Lose job, fine another. Work hard until it hurts. That's what my family for generations have done. They would have died before taking help from the government. They had pride.
People who have nothing would love to take other people wealth/property. It about laziness and jealousy.....nothing to do with being disadvantage. I see many recent immigants own homes and business doing very well. Why can't the poor who been born in this country do the same? I am tired of them!

"you've been asking this ve... (Below threshold)
LaMedusa:

"you've been asking this very same question of Bush over the past five years for the $1 trillion spending on the war."

No, you have been asking that while the demmies pulled the housing rug right out from under you.

You got it, Mac Lorry. His ... (Below threshold)
captaindawg:

You got it, Mac Lorry. His picture will be on one side, and his alter ego Sol Invictus will be on the other.

Chicago Mafia uber alles!

Should I just go ahead and take my rifles down to the police station now?

Don't forget that funding p... (Below threshold)
Kay L:

Don't forget that funding programs doesn't mean that the programs will actually accomplish something.

He and Ayers spent millions upon millions of dollars to somehow improve education in the Chicago area--the end result--NOTHING, they couldn't make the slightest difference.

You know how some people in life, no matter how much money you would give them, they never have what they need and they always need more money. That's what these folks are like.

The only practical use for money aside from food and shelter is to use it to make more money. If you eat everything you spend and never save, never invest, never open a business, never use it in a way that grows the economy, then you will never have enough and will always need a stream of income from somewhere--the government, or someone else who is running a business or investing.

But, the economy is now broken. Through an infusion of socialism into it's very heart, it it is poisoned and instead of letting the people who took the risks take the fall, they are passing on the sickness to every single taxpayer.

Jobs are going to dry up, credit is drying up already, the opportunities that help grow the economy are now disappearing because of it. And no one is putting a stop to the disease--if anything, they are spreading it.

Forget about tax cuts, rebates, whatever. The $1K that Comrade Zero throws at you won't be worth the paper it's printed on.

Inflation is already here! Anyone bought groceries lately?

The ONLY thing that can turn this thing around is for voters to throw the bums out and not accept an Obama administration. Throw out the CRA and its rotten teeth!

And never again let the socialists near the money machine. Or, like my grandmother 60 years ago, I might be in the position of having to trade my wedding ring for a loaf of bread and some eggs.

Bravo mag.....but be advise... (Below threshold)
ODA315:

Bravo mag.....but be advised the lefty trolls will decend on you any minute for being "selfish" or "unfeeling" (along with bitter and clinging to your guns).

You want to know where all ... (Below threshold)
Boots:

You want to know where all that money is coming from? Do you have a 401k plan? Would you like to see it 'nationalized' just like the mortgage system, the banking system, etc?

George Miller (D Calif) has been holding hearings on just that subject, look here for some testimony to the House Committee on Education and Labor:
http://edlabor.house.gov/testimony/2008-10-07-TeresaGhilarducci.pdf

Here's a quote from the linked pdf:
I propose that since 401(k) accounts and the like are financial
institutions -- the bank about where 38% of the workforce2 can intend to save for their
retirement -- Congress let workers trade their 401(k) and 401(k) - type plan assets
(perhaps valued at mid-August prices) for a Guaranteed Retirement Account composed
of government bonds (earning a 3% return, adjusted for inflation). When the worker
collects Social Security, the Guaranteed Retirement Account will pay an inflation
adjusted annuity, based on the accumulated funds.


Even with the recent drop in the market, there are probably trillions of dollars sitting in 401k accounts, which they want us to swap out for a promise that more money will magically appear in our Social Security lock box! This is where Obama's going to get the money for all those new programs, at least for the first year or two.




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