Bloomberg reported today that president Obama has a goal of cutting the nations deficit in half to $533 billion within 4 years.


President Barack Obama plans to increase taxes on the wealthy and cut spending for the war in Iraq as part of a plan to slash the U.S. budget deficit to $533 billion by the end of his first term, according to an administration official.

Obama wants to reduce the deficit because he’s concerned that over time, federal borrowing will make it harder for the economy to grow and create jobs, said the official, speaking on the condition of anonymity.

The deficit Obama inherited on taking office last month was $1.3 trillion. The administration is scheduled to hold a so- called fiscal-responsibility summit at the White House tomorrow, with about 130 people invited, including about 50 members of the House and Senate from both parties.

Geldpress comment: Any talk of REDUCING the DEFICIT is STUPID.   Talks of “reducing deficits” implies that the speaker has no concept of the fundamental difference between debt and deficit.  Did we really elect a new president that doesn’t even understand the difference between deficits and debts?!?!?!  Here you go, Obama.  A deficit implies an annual shortfall in revenue that does not cover the annual spending.  You should really know this one given that you are on track to set 4 new records (one for the next 4 years) on deficit spending for this country.  The debt is the cumulative total of all past deficits and surplus (not since 1957 have we had one!).  Further, the goal of “cutting the deficit” is no more admirable than a serial killers goal to kill half the people he killed last year!  You want an honorable goal, Obama-san?  How about a goal of producing a REAL BALANCED BUDGET, and a goal that includes REDUCING the NATIONAL DEBT.  And when we talk about reducing the national debt, we are talking about the REAL NATIONAL DEBT – PUBLIC + INTRAGOVERNMENTAL.

Is Obama the only economic illiterate?  No sir.  Check out this video of congressman Pete Stark from California who actually says that “The larger the national debt, the richer we are”.  He then goes on to tell his interviewer that he should go to a real school for even questioning the rationale of increasing the debt.  When pressed further, he tells the interviewer to “get the fuck out of here”.  Pete Stark is the epitome of everything wrong in this country – stupid people in government.

Getting Wealthier – The new secretary of state  Hilary Clinton apparently took a cue from Pete Stark and his comment of “getting wealthier through larger debts”.   With Obama busy handing out trillions of borrowed money to corrumpt financial institutions and irresponsible mortgage borrowers, Clinton was in China begging them to buy more treasuries to fund the increased debt.

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