President Obama's "balanced" approach

[pjohns]

Well, we now know what President Obama means by his plan to pursue a "balanced" approach to deficit reduction: First, you go after tax increases by way of higher tax rates; then, you pursue more tax increases, this time by way of closing loopholes.

But no serious spending cuts are on the table. (Why would they be? After all, President Obama has declared that Washington does not have a spending problem; just a revenue problem...)

[Alif Qadr]

Obama has declared that Washington does not have a spending problem; just a revenue problem...)

pjohns,
. . .and to think, some people still do not get it. Maybe they are too illiterate to realize that revenue in government speak equals higher tax rates.

[Chris]

The actual balance here is higher taxes to balance more spending.

[patrickt]

When I had to reduce spending my wife always wanted to not pay the electric bill or the phone bill. I pointed out that we weren't reducing spending but were simply increasing our debt and for those bills judgement day wasn't far off. Politicians do the same thing with their "reductions".

[Cigar]

The top 1% has had increases of more than 12% during on of the worst economic down turns in our life time.

Most of the Fortune 500 has had record growth in profits.

Looks to me like Business has thrived under this Administration.

[Peter1469]

The top 1% has had increases of more than 12% during on of the worst economic down turns in our life time.

Most of the Fortune 500 has had record growth in profits.

Looks to me like Business has thrived under this Administration.

Business has not thrived. It has sat on its money. Because it is frightened for the regulatory climate.

[Cigar]

Business has not thrived. It has sat on its money. Because it is frightened for the regulatory climate.

I work with a lot of businesses and I don't know of a single one of then that is not doing better.

I guess it a good thing to be in the Technical sector.

[patrickt]

Better for the sector working on government contracts.

[Peter1469]

I work with a lot of businesses and I don't know of a single one of then that is not doing better.

I guess it a good thing to be in the Technical sector.

That may be true in your sector. What will sequestration do for you?

[Chris]

When I had to reduce spending my wife always wanted to not pay the electric bill or the phone bill. I pointed out that we weren't reducing spending but were simply increasing our debt and for those bills judgement day wasn't far off. Politicians do the same thing with their "reductions".

This speaks to a fundamental problem with "democratic" government: politicians and beaurocrats risk not their own but other peoples, money.

[Captain Obvious]

If closing some loopholes would be the straw that brings the budget in balance then I'd be all for it.

Basically it's a scheme to extend credit to buy more shit.