Tuesday, March 4, 2014
Obama budget seeks new spending, new taxes to boost economy, and tame debt.
In Obama's recent budget proposal, he includes higher taxes on the wealthy and more spending in an attempt to boost the nations economy. In order for this budget to pass it would have to pass the Congress, which it is very unlikely to do because Congress already passed a bipartisan spending bill a couple months ago. Republicans are outraged at the proposal as it would go back on what Republicans and Democrats previously agreed upon. House Speaker John Boehner said the request is “a clear sign this president has given up on any efforts to address our serious fiscal challenges that are undermining the future of our kids and grand kids.”
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While I can't say I know much about the federal deficit, I do have eyes. Therefore, if the first graph in the article is truthful, I have no idea why Boehner and Ryan are attacking a plan that sets the country up for a lower projected federal deficit than the current plan. Yes, I can see that initially Obama's plan will cost the country more, but, in the long run, it is set to be significantly lower. The adage "you have to spend money to make money" definitely comes to mind here. While I am certainly not optimistic that this plan will be seen through, I'm interested to see how this all plays out.
ReplyDeleteI agree with Emily, while increasing the deficit at first seems irrational, I have faith in Obama's plan. I feel that Boehner and Ryan are attacking the plan simply because 1) they feel the plan will not work or 2) (which is probably the real reason) they're too partisan and too stubborn to see it out. I hope Obama's plan is able to be saw through. Just give the man a chance.
ReplyDeleteI am absolutely opposed to this budget for the same reason that I was opposed to the Patty Murray and Paul Ryan budget: it does too little in order to resolve the true fiscal problem that we face: entitlement programs. Until a politician proposes a plan with substantive changes to these programs, there is no way that I will support it. While those who are currently retired should continue to receive those benefits, I believe that we must phase out Social Security (and privatize it) and Medicare (but substantial changes would also help balance the budget). Until we get these “time-bomb” spending issues in order, there is absolutely no way that the budget will balance. The longer we put this off, the harder and harder these cuts will become.
ReplyDeleteThere are two general ways to decrease deficit: cut spending or increase spending to stimulate the economy. I think cutting spending is only a temporary solution designed to give the guise of an economically sound country but you can only tighten the belt so much. We need more jobs. We need people to buy houses. Increasing spending, in my mind, is most definitely a more permanent solution. It increases the jobs available and stimulates the economy, thereby stabilizing it. All around us is evidence of budget cuts. That only decreases the quality of products and services and places unduly amounts of strain on the citizens of this country. This Obama budget is a step in the right direction. Cutting entitlement programs will decrease the deficit faster and more efficiently but it will lead to more unemployment and less funding for schools, medical research, and so much more.
ReplyDeleteI also agree with Emily. If the projected outcome of this budget proposal has a good impact on our economy and the deficit, then what is the problem with it. Also, there is so much arguing coming from both parties on what to do about the deficit, and it seems that every plan is being shot down. If you have the perfect solution to our problem then stop bickering and propose a plan.
ReplyDeleteI find the diagram pretty cool, but there are things I do like and things I definitely don't like. An increase to the education and veteren's affairs budget seems good. Also the increase to transportation. (Hopefully that means all these potholes will get fixed). However, I'm definietly not a fan of decreasing funding for the EPA, agriculture, or health and human services departments. One, because I like saving the environment and researching new, sustainable farming methods, and healthy humans. I think the Republicans will have to be very careful where the tread when the budget comes to a vote. It will not look very good in 2016 if they have two government shutdowns under their belt.
ReplyDeleteI have watched this story with Diane Sawyer almost everyday on World News. I know that Russia invading Ukraine is bad, but according to the news stories I've seen, some people in the Ukraine view themselves as Russian citizens and want Russia to intervene. Everyone seems to be on their toes about what will happen next, but I really just want the United States to stay out of this. I don't understand why countries like France or Spain don't jump in to stop Russia, why is it always our job?
ReplyDeleteIf President Obama wants to pass his budget plan, he should try to accomodate the opposition some more; judging by the GOP reaction, it's not realistic that this plan will pass Congress. While I agree that the best way in general to decrease the deficit is to raise taxes rather than cut entitlements, I'm more interested in seeing a bipartisan plan pass than watching a vitriolic fight between two polarized sides. That being said, I'm glad to see that Obama plans to decrease funding for defense slightly, as I think we pour way too much money into the military. I doubt Republicans will allow him to go much further with that, but it's a start.
ReplyDeleteI support Obama's plan to raise taxes, but I'm not sure if I agree with where and how he wants to add more money to certain programs. There is no way this will pass in congress, but I will be waiting to see where changes are made, especially in regards to cutting defense spending. I support this spending cut, although I'm not sure how many congressmen share this position.
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