Obama to slash the deficit in half!

[Phoenix68]

Raising taxes on wealthy and businesses will be disastrous.

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"A 2008 report from the Center for American Progress and the Economic Policy Institute compares the economic recoveries following the major tax changes enacted during the administrations of Presidents Ronald Reagan, Bill Clinton, and George W. Bush. The report illustrates that the recovery under Clinton was far stronger, despite the tax increases that he enacted, than the recoveries during the other two administrations."

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Economic policy of the Bill Clinton Administration
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Presidents And Prosperity: The Underlying Data
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President Clinton announces another record budget surplus
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Raising taxes on wealthy and businesses will be....

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[mark francis]

I think it is impossible for him to cut spending in half. He is at heart a big spender. He must be planning to rake in a lot of income (read taxes) for the fed or to actually print more money. If he lowers taxes on 95% of the people but raises taxes on enough other (those other people being the 5% plus the ones that get both a tax cut and a tax increase) people to reduce the deficit that will kill the economy. If he monetizes the economy that will kill it too. Sure both of those would half the deficit but at a much higher cost than having the deficit costs us. Of course the cost of that would hit the poor hardest and would "justify" more programs.

Obama's big plan turned out to be doubling the US debt to bring down a deficit that did not really matter anyway because Congress did not even pass a budget in the first 7 years of Obama's presidency. Unfortunately for the US Standard and Poor's were forced to reduce the US credit rating for the first time in history because of bad fiscal policies undergirded without a reasonable budget and absent realistic solutions to the ballooning debt crisis.