Cafferty File: Obama on deepening national financial crisis

President Obama's $3 trillion debt reduction plan is really a huge tax increase accompanied by very small and somewhat questionable spending cuts.

The president wants $3 in tax increases for every $1 in spending cuts, according to the Washington Times.

His plan will go nowhere in Congress.

Besides the $1.5 trillion in new taxes, here are the president's ideas of spending cuts:

Find "waste" in Medicare. Where have we heard that before?

Count savings from winding down the wars in Iraq and Afghanistan, which was going to happen anyway.

Count lower interest costs on national debt.

Where are the cuts? There's no entitlement reform in this plan, no orders to cut the federal workforce, to cut the budgets by a significant amount or to close overseas military bases.

There's no means test for Social Security, no raising of the retirement age. Nothing.

Meanwhile, as we wait for the so-called Super Committee to come up with its plan, this deficit situation is a ticking time bomb.

Here's the scary truth: Even if the committee manages to come up with $1.5 trillion in deficit cuts over the next decade, it's a miniscule drop in the bucket.

The United States is more than $14 trillion in debt and we are adding to this debt at the staggering rate of more than $1 trillion in deficits per year.

So even if the government cuts $3 trillion or $4 trillion over 10 years, we will still have a national debt of $21 trillion in 10 years: $7 trillion more than we have now.

The federal government knows this full well and refuses to be realistic about how dangerous our predicament is.

Here’s my question to you: Is anyone besides Ron Paul serious about our deepening national financial crisis?


From: http://caffertyfile.blogs.cnn.com/2011/09/20/is-anyone-besides-ron-paul-serious-about-our-financial-problems/
siftbotsays...

Self promoting this video and sending it back into the queue for one more try; last queued Wednesday, September 21st, 2011 12:09am PDT - promote requested by original submitter blankfist.

volumptuoussays...

Oh boy, the *lies that Washington Times and Cafferty like to tell comes out in full force once again.

Nice friends you got there Blanky. First it's Rand, then Ayn Coulter, and now Jack Cafferty. Sounds like quite a fun party filled with very smart people.

quantumushroomsays...

Oh don't worry, the Kenyawaiian's tax hike only affects millionaires and above. Wait, I've just been handed a bulletin. "Does your small business make 250K or more a year? Congratulations! You're now a millionaire!"

volumptuoussays...

Announcement: I'm never again going to rebut any of Blanky or QM's crap anymore. It's just not worth it. Same for Winston P.

You can point out how the sky is in fact blue, and not red, until the cows come home and it will never make one bit of difference. You can show charts, historical data, actual wording of actual policy and suddenly an influx of "But Ron Paul COINS!" and "Kenyan" nonsense comes out like word-vomit out of a firehose with a broken shutoff valve.

So, have fun guys. Your twisted weird versions of reality must be a sincerely sucky, dark and lonely place to live. (pssst: you don't have to live there!)

GeeSussFreeKsays...

>> ^volumptuous:

Announcement: I'm never again going to rebut any of Blanky or QM's crap anymore. It's just not worth it. Same for Winston P.
You can point out how the sky is in fact blue, and not red, until the cows come home and it will never make one bit of difference. You can show charts, historical data, actual wording of actual policy and suddenly an influx of "But Ron Paul COINS!" and "Kenyan" nonsense comes out like word-vomit out of a firehose with a broken shutoff valve.
So, have fun guys. Your twisted weird versions of reality must be a sincerely sucky, dark and lonely place to live. (pssst: you don't have to live there!)


speaking of self satisfied vomit...

volumptuoussays...

What's your point GSF?

Should we learn from people like Cafferty (a know-nothing millionaire pundit with absolutely zero focus on monetary policy or economics) and Ron Paul (a devout racist and sexist dominionist who hates our democracy and would like nothing more than to transfer our dwindling wealth all the way upward) and Blankfist (who's a film maker who identifies strictly to Ayn Randian/Paulian methods of extreme wealth inequality) and Quantum (who can't even get his soshulism/marxism right?) ?

OR

Should we listen to pretty much every single economist on the planet who tells us exactly the opposite of these people?

That's really up to you. But personally, arguing with the likes of these people is the same as arguing against a witch doctor in Africa who performs ritual genital mutilations for religious purposes. There's absolutely no way that person will ever think "oh, ya know you're right. maybe women should keep their clitorises and all this religious stuff is nonsense".

No, it's never going to happen, ever. But it doesn't matter. These videos get *at most* 2-5 upvotes, and Blanky has to keep promoting his own videos because the rest of the planet doesn't buy into this type of garbage.

So, open your mouth and eat my vomit

blankfistsays...

>> ^volumptuous:

Announcement: I'm never again going to rebut any of Blanky or QM's crap anymore. It's just not worth it. Same for Winston P.
You can point out how the sky is in fact blue, and not red, until the cows come home and it will never make one bit of difference. You can show charts, historical data, actual wording of actual policy and suddenly an influx of "But Ron Paul COINS!" and "Kenyan" nonsense comes out like word-vomit out of a firehose with a broken shutoff valve.
So, have fun guys. Your twisted weird versions of reality must be a sincerely sucky, dark and lonely place to live. (pssst: you don't have to live there!)


Announcement:


bobknight33says...

QM is living in the real world. You got your head stuck in the sand and refuse to see the light.
You don't need to raise taxes, You need to stop spending.
Capitalism it the best. It serves all people equally. ( I'm not talking about sweat shops or other forms of in moral work environments. )

>> ^volumptuous:

Announcement: I'm never again going to rebut any of Blanky or QM's crap anymore. It's just not worth it. Same for Winston P.
You can point out how the sky is in fact blue, and not red, until the cows come home and it will never make one bit of difference. You can show charts, historical data, actual wording of actual policy and suddenly an influx of "But Ron Paul COINS!" and "Kenyan" nonsense comes out like word-vomit out of a firehose with a broken shutoff valve.
So, have fun guys. Your twisted weird versions of reality must be a sincerely sucky, dark and lonely place to live. (pssst: you don't have to live there!)

quantumushroomsays...

Above all, please remember it's nothing personal, just the future of our country on the line.

It's not Kenyan, it's "Kenyawaiian". Because Obama's papa was Kenyan, and he (the son) was born in Hawaii. Allegedly.

No one has the time or energy to read--much less list--all the failures of the corrupt regime presently in power, so settle for a single buzz word or two that summarizes the opposition.

I cannot care about the fine tuning between definitions of socialism, marxism and communism, they're all dung from different animals.

Suspend thinking of me (or Blanky) as your idealogical frenemies for a moment and try to see us instead as peeps concerned about fidelity to the Constitution and positive results. I don't give a sh1t about what the Obama regime or liberals in general say they want to do, or claim will happen, my concern is what are the REAL results of following liberal policies such as raising taxes on the wealthy (which then trickle down to us in the form of higher prices and less employment), non-stop government spending of money we don't have and onerous, business-killing regulations.

If this socialist claptrap worked, Europe would have less than permanent double-digit unemployment and less than 4 countries on the verge of economic collapse.

I really don't think you want to go to the tale of the tape (facts-n-sh1t) because from Roosevelt onward, federal tyranny has increased exponentially with the size of the welfare state.

If you want me to stop 'accusing' Obama of being a screw-up, tell him to stop jumping off the same cliff of tried-n-failed socialist baloney with styrofoam wings, then blaming Republicans instead of gravity when he plummets.

I don't say it enough: I wish the left could prove me wrong with examples of success instead of promises that never arrive.





>> ^volumptuous:

What's your point GSF?
Should we learn from people like Cafferty (a know-nothing millionaire pundit with absolutely zero focus on monetary policy or economics) and Ron Paul (a devout racist and sexist dominionist who hates our democracy and would like nothing more than to transfer our dwindling wealth all the way upward) and Blankfist (who's a film maker who identifies strictly to Ayn Randian/Paulian methods of extreme wealth inequality) and Quantum (who can't even get his soshulism/marxism right?) ?
OR
Should we listen to pretty much every single economist on the planet who tells us exactly the opposite of these people?
That's really up to you. But personally, arguing with the likes of these people is the same as arguing against a witch doctor in Africa who performs ritual genital mutilations for religious purposes. There's absolutely no way that person will ever think "oh, ya know you're right. maybe women should keep their clitorises and all this religious stuff is nonsense".
No, it's never going to happen, ever. But it doesn't matter. These videos get at most 2-5 upvotes, and Blanky has to keep promoting his own videos because the rest of the planet doesn't buy into this type of garbage.
So, open your mouth and eat my vomit

dystopianfuturetodaysays...

The free market crowd said that lowering taxes, privatization and deregulation would create jobs and grow the economy. We've done all that and we are now suffering massive income inequality, massive unemployment and recession. How many times do we have to bang our head against the wall before we figure out that free market politics don't work, never have and never will?

GeeSussFreeKsays...

>> ^TheFreak:

>> ^volumptuous:
What's your point GSF?

He's just sad you left him off your blacklist of delusional posters.


I'm sad that I am a human being and deserve some decent human respect for my thoughts. I am not a moron, and @volumptuous position is demeaning and dehumanizing, as is your remark. Thanks for your inhumanity, it marks more reason I wish I had to courage to shuffle off this mortal coil.

NetRunnersays...

So let's deal with some factual claims here. Cafferty's entire premise hangs on this Washington Times article, which makes the claim that there are $3 in tax increases for every $1 in cuts.

Except, the Washington Times is lying when it says that. According to the WT article itself, the proposal outlines $4.4 trillion in deficit reduction, $1.5 trillion of which is tax increases. That's $1.93 in cuts for each $1 in taxes, nowhere near the $0.33 in cuts per $1 in taxes that the Washington times states.

So how do they arrive at their figure? Well, they subtract out a bunch of things that are "supposed to happen anyways". Things that people like @blankfist insist Obama won't do, such as ending the wars in Afghanistan and Iraq, and a series of budget cuts that he'd agreed to in the debt ceiling deal a few months back.

Never mind that ending the Bush tax cuts is also something that is "supposed to happen anyways", and the new taxes proposed are more than offset by specific new cuts.

Which reminds me, Cafferty says there are no specific cuts of any kind. Before saying that, maybe he should read the plan? Or maybe even just read the entire Washington Times article he's relying on so heavily. The Washington Times' own conservative (in every sense of the word) estimate is that there are $580 billion in specific cuts, mostly coming from Social Security and Medicare, which Cafferty says have been left untouched.

Then, Cafferty says we have a $1 trillion a year deficit. Except now he is adding in all the things he subtracted from Obama's plan because they were "going to happen anyway." He's including the cost of Iraq and Afghanistan, he's including all the spending that will be cut because of the debt ceiling deal, and he's including the deficit from the Bush tax cuts.

If you're going to subtract those things out as legitimate sources of deficit reduction, then you've also got to subtract them out of your estimate of what the deficit is going to be in the future. If you don't, then you're being straight up dishonest, and exaggerating the size of the gap between the plans for deficit reduction, and the deficit itself.

I suspect Cafferty did this accidentally, but still, it's not like there aren't people at CNN who could've fact checked him before he said this on air.

Anyways, here's a much more fair assessment of the Obama plan, if you're looking for some balance on the topic.

Boise_Libsays...

If you feel like trying to convince these people try this instead.


blankfistsays...

>> ^dystopianfuturetoday:

The free market crowd said that lowering taxes, privatization and deregulation would create jobs and grow the economy. We've done all that and we are now suffering massive income inequality, massive unemployment and recession. How many times do we have to bang our head against the wall before we figure out that free market politics don't work, never have and never will?


What free market is that exactly? I can't see a nurse for my medical needs without paying a doctor. I can't buy the drugs I need without a prescription. I can't cut people's hair without getting a license. I can't shoot a film without the cops shutting me down unless I have the tens of thousands the studios pay for permits. And on and on and on.

And don't blame a free market you and I've never seen in our lifetimes for the ills of the economy. The manipulation of interest rates, wall street bailouts and the housing bubble got us here to begin with, and that was 100% socially engineered. Time to renew your platitudes.

blankfistsays...

@NetRunner, and what's Obama's position on US Imperialism? Is he going to finally end the wars? What about Guantanamo Bay? Or more importantly what about the 700+ bases in over 130 countries overseas? Is he closing those down? What about the billions the federal government gives in corporate welfare? Is he getting rid of that?

Until he does those things, I'm getting tired of hearing your side chanting his praises and raising taxes and whatever other nonsense you like to spout. You're the party of war now. Enjoy it, but don't expect me to tag along for the ride into the dirt.

marinarasays...

The tax cuts helped, but not enough. The middle class got about two thousand per year in tax cuts, and that helped the middle class. The upper class got 10 times that,

Unfortunately, at least 3 million jobs were lost to China, millions more jobs to India, Philippines, Korea, etc.

Then Wall St. started taking profits, siphoning off profits into the financial sector (dollars never leave there).

Closing-
Raising taxes isn't going to help the middle class. Only reversing the flow of jobs, and Wall St. profit taking will help the middle class. (and Obama's income tax isn't going to tax Wall St.)

Read The end of the middle class by Rober Borosage

dystopianfuturetodaysays...

There are times when your parabolic orbit around reality comes dangerously close before you swing wide again. You are SOOO CLOSE to getting it, here. There is no free market. Not in our lifetime. Not in any lifetime. Like all utopic visions, it's a fantasy; a fantasy used to manipulate people like you into subservience. Liberty for the rich. Tyranny for rest.

When free market principles are put into place (like lowering taxes for the rich, privatization and deregulation) they yield no positive results. If you haven't been manipulated, then how do you explain your support for policies that fail time and time again? It's not a belief system, it's religion.

In the name of the Market, Ron Paul and the Invisible Hand, amen.

>> ^blankfist:

>> ^dystopianfuturetoday:
The free market crowd said that lowering taxes, privatization and deregulation would create jobs and grow the economy. We've done all that and we are now suffering massive income inequality, massive unemployment and recession. How many times do we have to bang our head against the wall before we figure out that free market politics don't work, never have and never will?

What free market is that exactly? I can't see a nurse for my medical needs without paying a doctor. I can't buy the drugs I need without a prescription. I can't cut people's hair without getting a license. I can't shoot a film without the cops shutting me down unless I have the tens of thousands the studios pay for permits. And on and on and on.
And don't blame a free market you and I've never seen in our lifetimes for the ills of the economy. The manipulation of interest rates, wall street bailouts and the housing bubble got us here to begin with, and that was 100% socially engineered. Time to renew your platitudes.

dystopianfuturetodaysays...

The classic blankfist dodge. You know I always take that as a concession, right? Thanks.

Perhaps you are having difficulties comprehending written speech, so let me give you the cliff notes version: I made a distinction between free market policies/politics and the free market itself. The former does exist, the latter is the naively fantastical utopia.

Make sense?

This will be on the final.

bobknight33says...

Your link is pointless.
Each person in the world practices Capitalism each and every day. So why do you dog it so much?

Your link is about the various causes of homeless.
The lack of Affordable housing is not the fault of capitalism. Capitalism does not raise costs but reduces costs through competition. Government rules and regulations add costs. Go blame them.

Another on that list is "Government policy - Child support enforcement keeping drivers licenses from citizens and other civil rights violations." Once again Government messing with people from enjoying their freedom which costs them more money. Go fight the government, not Capitalism.

Lastly another item on you list is low wages. Low wage is not meant to live on but a stepping stone as one advances in their career. The only people who live on low wages are those who decided not to pay attention in school and got left behind. That's their fault. If they really want a better wage then they will make the necessary adjustments and turn themselves around towards the part of prosperity.

Granted some are born with low IQ or such and would not ever be much more than a burger flipper. That is sad and the local community should be the helping hand in times of need, not Government.


>> ^Peroxide:

http://en.wikipedia.org/wiki/Homelessness_in_the_United_States

>> ^bobknight33:
Capitalism it the best. It serves all people equally.


NetRunnersays...

>> ^blankfist:

[W]hat's Obama's position on US Imperialism?


He's against it.

>> ^blankfist:
Is he going to finally end the wars?


He's always said he would. He just put out a budget that counts the savings from him doing so. Over 100,000 troops have been withdrawn from Iraq, with the remainder due out by the end of the year, and troops are now starting to withdraw from Afghanistan.

>> ^blankfist:
What about Guantanamo Bay?


He gave an executive order ordering it closed. But Congress blocked him. If you cared enough about this topic to read up on it, or even one of the many times I've explained the problem, you'd know this one can't be fixed by Presidential wand-waving.

>> ^blankfist:
Or more importantly what about the 700+ bases in over 130 countries overseas? Is he closing those down?


If they're not actively fighting anyone, I'm not too worried about it. I'd like to see us reduce our military presence around the world, but I figure reducing the military's budget overall is all that's really required, and Obama and Democrats generally are on board for that.

>> ^blankfist:
What about the billions the federal government gives in corporate welfare? Is he getting rid of that?


That's congress's bag, but yes. That's literally in the budget proposal Cafferty, the Washington Times, and you yourself are decrying, and counting as eeeeevil "tax increases". Obama's proposal includes a $200 billion dollar cut to farm subsidies, and the elimination of gas & oil subsidies, plus the elimination a large number of smaller-ticket subsidies and tax exemptions.

>> ^blankfist:
Until he does those things, I'm getting tired of hearing your side chanting his praises and raising taxes and whatever other nonsense you like to spout.


But that's the thing, he would do all of those things, but Republicans block him using every trick in the book. Plus, ever since 2010 they've held the House, and won't let any of what you claim to want passed even come to the floor.

>> ^blankfist:
You're the party of war now. Enjoy it, but don't expect me to tag along for the ride into the dirt.


But you are tagging along for the ride into the dirt. You're still living in the US, and you're still parroting right-wing talking points all over the place. You carry water for the Republicans, and then pretend like saying "I'm a libertarian who opposes war" absolves you of all responsibility for generally helping the real "party of War" into power.

And rather than face up to the reality of what you're doing, you cook up these absurd justifications that fly entirely in the face of reality, like "liberals want more wars".

TheDreamingDragonsays...

If our government was truely interested in generating income,the simplest way would be to tax the profits of stock transactions to start,and tarrifs for all these imported goods we no longer generate to make sending manufacturing overseas less attractive. Taxing the rich at a comparable rate to the working class will help tremendously as well. Taxes are on PROFITS-that's what is left over once the expenses of creating that profit are paid-so no whining how the poor billionaire is getting robbed. The difference can be made up in volume...more people capeable of spending money because they have jobs means more profits in any case...China may have super cheap labour,but they pay their taxes to China,not America. Eroding the middle class tax base seems as clever to me as Wile E Cyote sawing away at the cliff holding him up,and pointing this out to him makes him saw defiantly faster. Until he falls.

Capitalism could work if our government's corporate masters realize they have a vested interest in providing livings for their workforces. A worker who appreciates a good job will go that extra mile to promote that company willingly,to the benifit of all. This short term nonsense of using bailout money to reward the top tier of executives with incentive money is rank madness,high treachery and ultimately self destructive. A pity whatever puppet we elect will just continue the sad dance whomever gets in.

Its why I'm voting for Goldman Sachs in November. They are already running the place,and they may value me as an exploitable resource even after I cast my vote. They can't be worse than these clowns running about now.

Send this Article to a Friend



Separate multiple emails with a comma (,); limit 5 recipients






Your email has been sent successfully!

Manage this Video in Your Playlists




notify when someone comments
X

This website uses cookies.

This website uses cookies to improve user experience. By using this website you consent to all cookies in accordance with our Privacy Policy.

I agree
  
Learn More