Eleven ‘Stunning Revelations’ From a Confidential Economics Memo to Obama
- Posted on January 25, 2012 at 8:42am by
Becket Adams
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This photo provided by CBS Sunday, April 25, 2010, shows Lawrence Summers, former Director of the National Economic Council as he makes a point on the Sunday talk show "Face The Nation" in Washington, April 25, 2010.
Columnist Ryan Lizza’s in-depth New Yorker article (“The Obama Memos”) is an in-depth examination of the Obama administration’s handling of the U.S. economy. But unlike most op-eds, his column involves more than just speculation and conjecture. Lizza uses a 2008 “sensitive and confidential” memo written by the economist Larry Summers as one of the article’s chief resources.
For those unfamiliar with the memo’s author, Larry Summers is the former Director of the United States National Economic Council for President Obama. And although he resigned from this position in November 2010, as the White House’s chief economist he “played a leading role in crafting the administration’s interventions in the economy,” according to the Wall Street Journal.
Summers’ influence being understood, this 57-page memo helps explain why certain economic strategies and initiatives have been adopted, and in many cases maintained, by the Obama administration. But it does a little more than that: the memo also sheds some light on why the administration has failed to revive the economy.
Summers’ memo is “striking for two reasons,” writes Dean Baker of The Guardian. “First, it…showed the economic projections that the administration was looking at when it drafted its stimulus package. These projections proved to be hugely overly optimistic.”
Many critics would agree.
Baker continues:
The other striking part of this memo is the concern with “bond market vigilantes”. The memo discusses the need to focus on the medium-term deficit with the idea of reaching deficit targets by 2014. The highest deficit target listed in the memo for this year was 3.5% of GDP. The memo also includes calculations with a deficit target of 2.5% of GDP, and a balanced budget.
The deficit for the fiscal year that ended last October was 8.5% of GDP. Depending on how the payroll tax debate, the extension of unemployment benefits and a few other issues get resolved, the deficit is not likely to be very much lower in 2012.
This means that getting from a 2012 deficit near 8.0% of GDP to even the 3.5% target for 2014 would require some very serious budget cuts in an economy that will still be suffering from massive unemployment. The difference between a budget deficit of 8.0% of GDP and 3.5% of GDP is equal to almost $700bn annually.
So what does this mean?
Larry Summers and Barack Obama.
“In short, the Obama administration made plans that were quite obviously based on a far too rosy view of the economy,” Baker concludes. “While this favorable assessment was the prevailing view at the end of 2008, what is inexplicable is why the administration never appears to have strayed from its original path – even when it became clear that the economy was doing far worse than projected.”
Just how poorly did Summers and the Obama administration “fail to grasp” the seriousness of America’s economic situation?
For an answer to this question, one can turn to James Pethokoukis of The American, the online magazine for the American Enterprise Institute.
The following are the most “stunning revelations” about what the Obama economic team was thinking as the financial crisis was blowing up (as compiled by Pethokoukis, with quotes from the 2008 memo itself):
1. The stimulus was about implementing the Obama agenda.
The short-run economic imperative was to identify as many campaign promises or high priority items that would spend out quickly and be inherently temporary. … The stimulus package is a key tool for advancing clean energy goals and fulfilling a number of campaign commitments.
2. Team Obama knows these deficits are dangerous (although it has offered no long-term plan to deal with them).
Closing the gap between what the campaign proposed and the estimates of the campaign offsets would require scaling back proposals by about $100 billion annually or adding new offsets totaling the same. Even this, however, would leave an average deficit over the next decade that would be worse than any post-World War II decade. This would be entirely unsustainable and could cause serious economic problems in the both the short run and the long run.
3. Obamanomics was pricier than advertised.
Your campaign proposals add about $100 billion per year to the deficit largely because rescoring indicates that some of your revenue raisers do not raise as much as the campaign assumed and some of your proposals cost more than the campaign assumed. … Treasury estimates that repealing the tax cuts above $250,000 would raise about $40 billion less than the campaign assumed. … The health plan is about $10 billion more costly than the campaign estimated and the health savings are about $25 billion lower than the campaign estimated.
4. Even Washington can only spend so much money so fast.
Constructing a package of this size, or even in the $500 billion range, is a major challenge. While the most effective stimulus is government investment, it is difficult to identify feasible spending projects on the scale that is needed to stabilize the macroeconomy. Moreover, there is a tension between the need to spend the money quickly and the desire to spend the money wisely. To get the package to the requisite size, and also to address other problems, we recommend combining it with substantial state fiscal relief and tax cuts for individuals and businesses.
5. Liberals can complain about the stimulus having too many tax cuts, but even Team Obama thought more spending was unrealistic.
As noted above, it is not possible to spend out much more than $225 billion in the next two years with high-priority investments and protections for the most vulnerable. This total, however, falls well short of what economists believe is needed for the economy, both in total and especially in 2009. As a result, to achieve our macroeconomic objectives—minimally the 2.5 million job goal—will require other sources of stimulus including state fiscal relief, tax cuts for individuals, or tax cuts for businesses.
6. Team Obama wanted to use courts to force massive mortgage principal writedowns.
The next step in the housing plan is responsible bankruptcy reform along the lines of the Durbin bill you cosponsored. This would allow bankruptcy courts to write down the principal of primary residences to the current market value. We recommend announcing this reform to begin immediately following the close of the enhanced Hope for Homeowners period.
7. Team Obama thought a stimulus plan of more than $1 trillion would spook financial markets and send interest rates climbing.
To accomplish a more significant reduction in the output gap would require stimulus of well over $1 trillion based on purely mechanical assumptions—which would likely not accomplish the goal because of the impact it would have on markets.
8. Greg Mankiw, economic adviser to Mitt Romney, was dubious about the stimulus.
Greg Mankiw is the only economist we have consulted with who refused to name a number and was generally skeptical about stimulus.
9. But the Fed was a stimulus enabler.
Senior Federal Reserve officials appear to be of the view that a plan that well exceeds $600 billion would be desirable.
10. IPAB was there at the very beginning.
There are two possibilities for making tough decisions on the long-run budget, which could be done either separately or together: creating an executive-branch “health board” (which focuses on one part of the issue) and a Congressionally chartered commission (which could focus more broadly).
11. The financial crisis wasn’t just Wall Street’s fault.
A significant cause of the current crisis lies in the failure of regulators to exercise vigorously the authority they already have.
Perhaps more unsettling than Pethokoukis’ list is the fact that the Obama administration has done very little to update any of these ideas. It’s as if Summers set the tone in 2008, and the Obama administration never looked back.
Now, considering that there‘s a growing consensus that the president’s understanding of the U.S. economic crisis has been naïve (if not willfully ignorant), is it any surprise that he is receiving so much criticism? Take, for example, many of the conservative-to-moderate commentators who, despite having once possessed “a surprising degree of hope and good cheer” for his presidency, have denounced President Barack Obama as an abject failure:
In 2009, the president was a dinner guest in the home of conservative commentator George Will, according to Lizza. By 2011, Mr. Will had declared President Obama a “floundering naïf” and someone advancing “Lenin-Socialism.”
In 2009, Fox News commentator Charles Krauthammer wrote that Obama could be “a president with the political intelligence of a Bill Clinton harnessed to the steely self-discipline of a Vladimir Putin” who would “bestride the political stage as largely as did Reagan.” By 2011, Mr. Krauthammer had written the president off as “sanctimonious, demagogic, self-righteous, and arrogant.”
In 2009, the economist Larry Kudlow claimed that the president loved “to deal with both sides of the issue,” when it came to business and the economy and that he “revels in the back and forth. And he wants to keep the dialogue going with conservatives,” according to Lizza. By 2010, Mr. Kudlow had accused President Obama of presiding over a government of “crony capitalism at its worst.”
In 2009, while commenting on the violence set off by Iran’s rigged elections, the supposed “Reaganite” Peggy Noonan gushed “Mr. Obama was restrained, balanced and helpful in the crucial first days, keeping the government out of it.” By 2011, Miss Noonan declared the president “a loser.”
Given the fact that the Summers memo only confirms what several of these critics had already feared (i.e. that the Obama economic team has been utterly incompetent), perhaps these “over-the-top” criticisms aren’t that far off the mark.
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Comments (192)
John2261
Posted on January 25, 2012 at 10:10amThe resident is “Dictator” in chief… Hello Venezuela……
Report Post »Twinspeedr
Posted on January 25, 2012 at 10:22amDon’t kid yourself. I have a distinct feeling that this memo was leaked on purpose. All it does is cast the WH as typical Liberals, and people who are just naive, ignorant and overzealous. It seems to me that all the madcap antics detailed in this memo is just a ruse for the real forces of Globalism that have been forcing this country toward a collapse into tyranny for the last 40 years. We must keep our eye on the ball, we can’t get mired in petty politics and political voyeurism.
Think people, does this memo really reflect what we’ve witnessed over the past 3 years?
Report Post »GETLIFE
Posted on January 25, 2012 at 10:51amLet’s see George Will, Krauthammer, Peggy Noonan, and Larry Kudlow– what are they saying about the GOP candidates?
Report Post »RayOne
Posted on January 25, 2012 at 10:51amThe WH has asked for the power to make the federal government as he sees fit. This was the speech Caesar gave to the Roman Senate, and Castro delivered to Cuba. Congress needs to WAKE UP !!!
Report Post »AvengerK
Posted on January 25, 2012 at 11:20amThis isn’t unexpected. Obama‘s critics said clearly that Obama’s projections for his stimulus were based on rosier than rosy projections. “Lies” in clearer terms.
Report Post »teamarcheson
Posted on January 25, 2012 at 11:43amThe Spread Of Obama’s Darkness Across America Will Be Ended Starting Now
Napallitano, read me first…
Google, track me…
========================================
We will not allow Obama’s government re-organization because we know his plan is to prevent Congress or future presidents from changing anything when the evil one leaves office.
We will no longer allow the surrender our nation or our Constitution to foreign born dictators who have fraudulently gotten into the White House.
Congress declared war on us and we all now live in a Battle Zone.
Report Post »@leftfighter
Posted on January 25, 2012 at 12:14pm11 points showing the utter failure of Demand Side economics.
Can we please just relegate this schmuck to Jimmy Carter status and get back to prosperity, already?
Report Post »cuinsong
Posted on January 25, 2012 at 12:25pmWell here we are another State of the union speech and nothing has changed. I tried to listen all the way thru but had to stop just about the time he was promising more big spending . He is a broken record that keeps going on & on till I get so irritated that I can’t stand to listen any further. If I did not have music to vent with I think I mite have had a mental brake down by now. It’s not just him it is the congress as well because they have been enablers that are just as guilty in this destruction of our system as Obama. This is why I wrote this song. it’s called “what’s wrong with this song” Because of all the B.S. that is part of this admin. & congress. We are under attack and are being regulated out of existence with unreasonable, unworkable stupid requirements. All with the help of congress which does nothing but wring their hands like they are impudent to stop Obama and his illegal czar’s http://www.reverbnation.com/play_now/song_9134749
Report Post »Detroit paperboy
Posted on January 25, 2012 at 1:45pmOvereducated, classroom morons , that could’nt run a donut shop successfully….. and im not kidding !!!
Report Post »lvamervet
Posted on January 25, 2012 at 1:56pmobama wants more Executive Power…….
He spits on our Constitution now….
The Congress and Senate are in his way…..
A dictator cannot have anyone not agreeing with him…..
OMG
Report Post »AZpatriotmama
Posted on January 25, 2012 at 2:18pmTwinspeedr said:
“…all the madcap antics detailed in this memo is just a ruse for the real forces of Globalism that have been forcing this country toward a collapse into tyranny for the last 40 years. We must keep our eye on the ball, we can’t get mired in petty politics and political voyeurism.”
My thoughts exactly! It’s designed to make you think the Obama administration is merely incompetent. That way you still may be open to another, more ‘competent’ Dem/liberal/Marxist/communist to run in the place of Obama…for example…hmmm…let me see…ummm…oh, I’ve got it – how about Hillary!
Report Post »lucky1911
Posted on January 25, 2012 at 2:39pmI feel like this is a replay of te 50′s. Back then it was Joe McCarthy spewing all that vile crap about the commies. Us against the commies. Now it’s the commies spewing all that class warfare crap.
Report Post »It’s the the 99% against the rich. How many millionaires are there in Cuba or Hugo’s paradise.
It is all campaign lies manipulating the people against each other. Lie big, lie ofter and some of it will stick, especiall with the stupid, uninformed masses.
ChiefGeorge
Posted on January 25, 2012 at 2:52pmHe’s the most dangerous man in American History. Get ready folks! The rest of this year will be very dark for all concerned.
Report Post »goldmind
Posted on January 25, 2012 at 6:29pmGiven the evidence, the speculation and conspiracy theories…what is one to do? Absolutely, nil. Those pulling the financial strings, have won. All the survival therapy and planning under the sun, cannot stop their master plan. They hold all the chips, and the game is just about over. So, all the guns, militias, gold and other safeguards lack luster and potency. The ball was dropped decades, if not centuries ago. We have no choice but to drink from their toxic wells, and submit to their poison wills. Or we can choose our own poison, or demise. The police state is up and running, the control of media just about absolute, and the pawns in place. No one can deny, it was a masterful accomplishment. Classic demonstration of the Power of Greed. let’s give Nathan a worldwide standing ovation!
Nathan Rothschild said (1777-1836): “I care not what puppet is placed on the throne of England to rule the Empire. The man who controls Britain’s money supply controls the British Empire and I control the British money supply.”
Report Post »The-Monk
Posted on January 25, 2012 at 8:10pm11 revelations and the Bruins Hockey team just gave Obama a Bruins shirt with the # 11 on it? Weird?
Anyways… this is what all Chicago political thugs do. Make grand projections for the future and then change and manipulate the results later. Just like the unemployment figures; if you aren’t collecting unemployment you are not counted as unemployed! 8.5% my a(double)s!
Report Post »getalong
Posted on January 25, 2012 at 9:20pmIn regards to the State of the Union speech,Obama didn’t even know the exact number of soldiers killed in the war. What does that tell you about a guy that is suppose to be the commander and chief of the military. It tells me that he cares little for individual lives. He stated “the couple thousand who gave up their lives”. Did anyone else catch this statement in his speech last night?. Sometimes it’s not the big things people say – its the little things that speak of their true character. . My heart went out last night to every family, every husband, every wife, every child who has lost a loved one defending our country.. How insulting to them that the President did not know the exact number of lives, and stated it. Pathetic.
Report Post »MS Patriot
Posted on January 25, 2012 at 9:28pmThe progressive socialist are incompetent, they did exactly what they set out to do. They have push our economy and country to the brink of failure. Once the inflation kicks in this summer, due to the fed printing money like corn growing in Iowa fields it will simply crumble under the weight of the deficit and the lack of a manufacturing base that brings wealth back to this country.
We have had our wealth redistributed for the last 50 years. No one could compete in a free market with our manufacturing base and labor force. So they devised away to regulate us so we could not be competitive and allowed our manufacturing base to be lured away from the US for cheaper labor and better tax breaks in order to answer to their shareholders.
The American dream isn’t fading away, it has been stolen from the American people in an attempt to give it to the rest of the world.
Report Post »Jaycen
Posted on January 25, 2012 at 10:34pm@GETLIFE
Exactly. So, is it just me who feels as if the aforementioned “Conservative thinkers” often feel Progressive?
We have got to drag people out of their stupor. You can’t legislate your way through life.
Report Post »db321
Posted on January 26, 2012 at 12:24amI get this strange feeling he is flipping me the bird every time he speaks – it feels almost intentional – then again – I’m a good listener. Next time Obama speaks – think of yourself as an investigator and Obama is the prime suspect – Warning! – if you do this your head might explode with anger – to catch a crook – you got to think like a crook.
Report Post »Marci
Posted on January 26, 2012 at 1:12amMany of these commentators knew exactly who he was, but to avoid being swept from the airwaves immediately, they played it safe. Two problems I have with this….fed up with the amount of dancing around that talking heads and pundits display but more so irritated and infuriated with those in the general public who get swept up in the “what a racist” moment of the week and aide the move to sweep those who speak the truth out of sight.
Report Post »wbedding
Posted on January 25, 2012 at 10:05amfunny how Barry had control of both houses and he failed to get his entire agenda passed. even cutting the subsidies for “Big Oil”. he had his moment and he failed. now our nation is failing under this regime and will not recover as long as he is president. period.
Report Post »sWampy
Posted on January 25, 2012 at 10:35amBig Oil have done nothing but make record profits month after month since the democrats took over in 2007 and put into place the events that lead to the doubling of oil prices and profits.
Report Post »ValidFib
Posted on January 25, 2012 at 11:19amOil profits are up because oil is a commodity. Corn, cotton, and precious metals (gold, silver) are up too because the dollar is worth less. QE1, QE2, etc has diluted our currency. A dollar is worth less and will not hold its value as long at the Fed continues increasing the money supply.
Report Post »And you know, if the supply increases then prices would go down but B.O. will not allow more drilling premits or the Keystone Pipeline. What does that tell you. I think this is a manufactured crisis, that some want civil disrest and anger against the Oil companies. All in the plan. It makes since when connect the dots. They’re not stupid.
MS Patriot
Posted on January 25, 2012 at 9:38pmOil profits are up because of King Hussein’s regulations and policies that continue to keep the cost of fuel artificially inflated. There is no reason for fuel to cost more today than it did when Bush left office, other than without the US drilling for oil the Muslim nations can continue to take the wealth of hard working Americans and place it in the hands of the very people who wish to see us dead or paying homage to Allah.
Report Post »shogun459
Posted on January 25, 2012 at 9:57amGot to ask.
Why are so many of you addressing your comments to Obama supporters.
According to the Nat. Education Assoc. 51% of all high school grads in the last 20+ years,
Can’t Read.
Functionally Illiterate was the phrase they used.
That figure does NOT count the 20%+ that dropped out.
NEA’s own numbers.
Report Post »13th Imam
Posted on January 25, 2012 at 10:04amObviously most of the dolts you describe became Barry voters. TAKER CLASS
Report Post »weneedrubio
Posted on January 25, 2012 at 10:28amIt’s ironic that all the libs complaints coincide with the implementation of liberal teaching philosophy and the steady desassembling of the traditional values in this country. Imagine that, now all we hear from the left is “give me more, give me more.” It’s the only thing they know how to say.
Report Post »bandi9
Posted on January 25, 2012 at 11:12amin my day they just called them stupid…
Report Post »Melvin Spittle
Posted on January 25, 2012 at 11:30amSome of those 51% post comments on the Blaze. Their sentence structure, punctuation, grammar, and vocabulary is that of an eight year old. If what one has to say is important enough to document in a public forum, one should write at least at an eighth grade level to lend more credibility to their statement.
Report Post »VRW Conspirator
Posted on January 25, 2012 at 12:40pm@Shogun
being a teacher I need to clarify…not that you are wrong or that I disagree…
“functionally illiterate” means that they can not read, write, analyze, or do mathematics at a graduating senior (12th grade) level. This isn’t anything new to those that pay attention. The average college freshman can only read and write on a 9th grade level and do math on a 6-8th grade level. Why do you think American technology companies ship jobs oversees?? India graduates more engineers, scientists, and mathematicians in 1 year then there are TOTAL students enrolled in ALL US colleges.
The scarier information is that during their time in college, the average student only improves 1 to 2 grades in all subject levels from when they entered. Which means that even after 4 years of college, those that get a degree still can not read, write, or do math at what would be the graduating 12th grade level. SAD!!
“functionally illiterate” does not mean they can not read or write…just that they are 2 or more grade levels below where they should be….I know.. double speak from the NEA…but as a high school math and science teacher with a degree in Theoretical Physics…it makes me want to pull my hair out everyday in the classroom when my 11th and 12th grade Physics students can’t even do Algebraic rearrangement of an equation for the missing variable without step by step verbal and visual instruction……
Report Post »Plan B
Posted on January 25, 2012 at 4:08pmThant was funny!!
Report Post »objectivetruth
Posted on January 25, 2012 at 4:15pmImagine a student that was tested 20 to 30 odd years ago in junior high/high school.Their scores indicated they had the equivalent of a college graduate[four years]and masters in all, but one subject.
Report Post »How do you think they see the disparity?How do you think they see the world?
Stopit
Posted on January 25, 2012 at 10:01pmHey, Melvin the Punctillious.
I believe a plural subject deserves a plural verb…John “is” versus John and Mary “are”.
Since this forum is dealing with our pending economic collapse, perhaps substance might be in order. Don’t you think? Obviously your self-righteous standard falls short of the mark, don’t you think? No, I guess you don’t.
Report Post »dnewton
Posted on January 25, 2012 at 9:55amNo one has even approached the spending problem as one that fails to discriminate between consumptive spending and productive spending. All spending seems to be OK as long as the commerce department thinks that the money turns over and multiplies. We are great at calling something an “investment” when, in fact, it returns nothing of any measurable value or even cost more than it is worth. Our inability to shed these bad social investments is going to be our downfall. I can remember the good old days when Obama said there were 57 states and last night he had to admit that there were only 50. In another four years, we will probably lose another seven states. They will probably belong to the Chinese.
Report Post »Buck Shane
Posted on January 25, 2012 at 11:53amLet’s see: CA, NY, CT, MA, NJ, RI, OR.
Report Post »Who‘d miss ’em?
objectivetruth
Posted on January 25, 2012 at 4:17pmAnother seven years with obama at the helm,I think we may very well welcome the chinese.
Report Post »MS Patriot
Posted on January 25, 2012 at 9:50pmThe problem with that, much of the money that was printed for the stimulus went to places like Solyndra. The money was simply taken and moved to be reinvested in another country. We are basically supporting the rest of the socialist nations and keeping them from collapsing. This is why the progressive socialist are doing what they are doing. Until they completely collapse our economy and take away the middle class they have to provide life support via the wealth of the American citizens.
Report Post »David11
Posted on January 25, 2012 at 9:49amTaxes lower under Obama than ever before:
Clinton: Top Bracket: 40.8% Capital Gains: 21.2%
Bush: Top Bracket: 35.7% Capital Gains: 15.4%
Obama: Top Bracket: 35.0% Capital Gains: 15.0%
http://www.ctj.org/pdf/regcg.pdf
Of course you will never hear this from the neocons as they run from the truth – They also know most won‘t or don’t know how to fact check anything. A lot of the outrage should be at our media for distorting everything regarding both parties as what you think you know is most likely wrong.
Report Post »13th Imam
Posted on January 25, 2012 at 10:01amPeople don‘t pay income taxes when they aren’t working. Real unemployment over 16 %, Our , our children, our greatgrandchildren , and our greatgreatgrandchildren, will have to repay the Chinese,, the money that Barry stole to give to his Union Goombas. National Debt over 15 TRILLION DOLLARS. Oil prices continuing to necessarily skyrocket. No XL pipeline because it didn‘t fit into Barry’s strangle Americas energy plans. Only idiots or NeoDEMS will stay on Barry’s SS Costa Concordia, as he steers toward the reef that isn’t on his chart.
Report Post »wbedding
Posted on January 25, 2012 at 10:03amDavid11 – what you fail to point out is that in 2013 and going forward, the tax bracket percentages balloon to 44.6%. and this is ON TOP OF all the ADDITIONAL taxes the Obama “administration” has and will continue to levy on each and every American. nice to pull out a grain of sand from the shore when there is an entire ocean of facts that drown it in a socialist redistribution welfare system.
Report Post »ssanda
Posted on January 25, 2012 at 10:28am@ David11,
True, however, the lower tax rate is primarily a function of having a Republican controlled House. Don’t forget, Obama has been preaching that “the ‘rich’ should pay their fair share” since he was elected.
(Translation: raise taxes on high wage earners). Even going back to his first year in office when he passed his so-called “stimulus” bill of over $787B (a mind-boggling waste of the taxpayers’ money), he insisted that taxes should be raised “to pay for it”. This is the real truth. He wants to raise taxes, but can’t with a Republican House standing in his way. Why do you think he’s been preaching class warfare constantly–trying to galvanize public opinion against the Republicans and the so-called 1%? This, like everything else he has tried, has failed–it has only served to further divide this country and set us against each other.
And, based on the above article, it seems that even his own senior advisors do not think that BO is on the correct path. So blast away at the “neocons” if it makes you feel better, but you’re completely missing the real target–BO and his economic vision of America..
Report Post »TheVoice1
Posted on January 25, 2012 at 10:46amwbedding
Posted on January 25, 2012 at 10:03am
David11 – what you fail to point out is that in 2013 and going forward, the tax bracket percentages balloon to 44.6%. and this is ON TOP OF all the ADDITIONAL taxes the Obama “administration” has and will continue to levy on each and every American. nice to pull out a grain of sand from the shore when there is an entire ocean of facts that drown it in a socialist redistribution welfare system.
_______
Nicely said…
Stand Strong America
Report Post »TyrannyNoMore
Posted on January 25, 2012 at 10:56amNeocon= code for, I am a brain washed Alex Jones apostle.
Report Post »objectivetruth
Posted on January 25, 2012 at 4:23pmYes, but you to, are distorting the facts.There isn‘t a place or shouldn’t be ,for a tax rate that outlandish.
Report Post »So he lowered it a few points.His overwhelming spending policies won’t be curbed this way.The only way to do that is the 531 plan.You can‘t spend what you don’t have.Backing that, by requesting the world banks and other countries ,not to loan, our out of control government anymore money ,would start to fix this debacle.
Pydge
Posted on January 26, 2012 at 6:13amOblunder wants to increase taxes for the wealthy: weren’t you listening to his campaign speech entitled, “State of the Union”?
Report Post »The article above IS important because not only is bo over his head on Econ but, the guy wants to consolidate bureaucracy in the executive branch, eg. Commerce Dept. —->goodbye employment for sure!
2 million jobs LOST since he became prez.
SpankDaMonkey
Posted on January 25, 2012 at 9:45am.
Report Post »Did we really need Eleven more ‘Stunning Revelations’? To see what you PC White Guilt Obama Voters, did to this country……
LIBS-ARE-DINGLEHEADS
Posted on January 25, 2012 at 4:30pmI hope not. There is NOTHING “correct” about being “political”. Nothing.
Report Post »McNamara
Posted on January 25, 2012 at 9:36pmSpank is right on track!
Report Post »Stoic one
Posted on January 25, 2012 at 9:42amWho most fits the profile of balanced budget, smaller government, and following the constitution?
Report Post »Vote for him…
tomcat3112
Posted on January 25, 2012 at 9:36amEveryone should read Dr. Dinesh D‘Souza’s book “The Roots of Obama’s Rage” and it will tell you what Obama really is an anti-colonialist whose grandfather was a sympathizer for the Mau-Mau’s in Kenya and his “wonderful” father supported that idea of African rule. What Obama wants to do is take everything from the rich and destroy the “Imperialist” attitude of America. Remember America the only land we have overseas is to bury our war dead! Semper Fi!
Report Post »ashestoashes
Posted on January 25, 2012 at 9:59amI didn’t see any of the uber wealthy have any of their wealth stripped from them..the rich got richer..George Soros made how many billions during the bailouts?.
Report Post »How many CEO’s made millions off of failing companies through the our tax money bailouts?
How much wealthier did the terrorist organizations become through TARP to Sharia Compliant Banks and AIG bailouts..100 million through AIG are the numbers I got. 2.5% of every investment..7% fine for any Sharia Law broken.. Special thanks to Obama’s Supreme Court Justice appointee Jewish Elena Kegan..
Wars costing a trillion a year to take down secular dictators and replave them with Sharia Law ones.
Illegals costing the taxpayer 338.3 billion a year..
Private economics memo to Obama..you have to wonder what he thinks about it all..like is he thinking…
Good Job!!!?
bigbro
Posted on January 25, 2012 at 10:01amI read his birth certificate listed the name of hospital that did not exist until after his birth. His dad was listed to be from a country that did not exist at the time. Why has no one found a class mate of his? Check this out.
Report Post »carbonyes
Posted on January 25, 2012 at 10:40amObama did not attend Columbia. An extensive search revealed no one there knew him -NO ONE! Obama did have someone pay big bucks with connections to get him a sheep skin from Columbia. “Obviously” would have to have transcript from Columbia to get into Harvard, aside from the fact Obama got a letter of recommendation from a special person, Percy Sutton, in Texas to whom Harvard friends owed a big favor, and his Harvard board and tuition was paid for a Saudi Prince Alwahleed bin Talal through Khalid Al Monsour, a black Muslim friend of Barack. Why do you think all of Obama’s records were sealed – I mean everything? To hide the trail of lies, deceit and insane travesties that were perpetrated upon the American people and our nation by the elite one world government forces preparing and protecting Obama’s path to the White House. What is insaner, is that a goodly number of people in our government were either privy to much of this information or definitely knew there was something rotten in Denmark, but refused to raise a hand or in any way suggest and follow up on an in depth investigation into the true background of the Manchurian Candidate himself.
Report Post »Credible info exists that will not be touched by any serious investigative journalists, that Obama attended Patrice Lumumba University in Moscow during part of the time that Obama was allegedly going to Columbia. Obama’s book Dreams of My Father, written by Bill Ayers and filled with lies to cover and create a history for Ob
Lucy Larue
Posted on January 25, 2012 at 4:43pmTOMCAT3112,
I did not read D’Souzas book.., but you’re correct about his Father.
I will say that it seems that President Dunham does share an outsized ego and supreme narcissism with his birth Father, but really? The socialism comes from his Grandmother and Grandfather Dunham and his mother Stanley. His mentor Frank Marshall Davis was a communist and a sex pervert.
Barry Dunham’s political career was launched in the home of Bill Ayres and Bernadine Dohrn, both terrorists. Dohrn was fast friends with Michelle Robinson(our FLOTUS). She introduced Barry Dunham to both of them. Michele also introduced him to Valerie Jarrett.
You do not need D’Souzas book. You just need GOOGLE. Look up these people. Then decide…,is it incompetence or is it deliberate?
Either way, what he is doing to this country is shocking. And our elected Congressmen and Senators…,with few exceptions, are allowing it.
I could not watch all of his SOTU Speech last night. I turned it off when he started his speech with how he ended the Iraq war….yadda,yadda. He is destroying our military while praising them. UGH!
Vox Populi Vox Dei. We are awake. I just hope enough of us are and it is not too late.
Report Post »B-Neil
Posted on January 25, 2012 at 9:35amThat was not a,State of the Union speach. It was an out and out campaign speach. The man was talking in circles. I never heard such bull sh-t in all my born days. He laughed at us while laying out his desires to totally control this country. He honestly believed we did not catch on. There so wraped up in there bullsh-t, they don’t reolize we woke up. PEOPLE! VOTE. CARRY ON McDUFF
Report Post »Plan B
Posted on January 25, 2012 at 9:46amA campaing speach on the US taxpayers dollar.
Report Post »Stoic one
Posted on January 25, 2012 at 9:50am“I never heard such bull sh-t in all my born days.”
I have, last year same place. Both times are the only times that I have shouted at the television pointlessly “LIAR”. Both times may wife has asked: “WHEN is he on? So I can stay as far away as possible”……because the 2010 sotu scared her – my reaction not the speech ( she sees the effects and is troubled.
Report Post »BurntHills
Posted on January 25, 2012 at 9:35amtrue true true to one previous comment, if obama had been a white-white, he’d have been never elected — and definitely impeached by now… . his black african communist father’s 50% is what enabled the communist party place him in the WH to begin with.
Report Post »1me2ao
Posted on January 25, 2012 at 9:31ambascially all parties used this collpase as a power grab. THE TOOLS ARE APPROVED and new ones were not needed.
Report Post »BobtheMoron
Posted on January 25, 2012 at 9:24amThese people aren’t inept they are criminals. The only reason that there has been no impeachment is that Obama is half black. Were he all white he;d be toast,
Report Post »progressiveslayer
Posted on January 25, 2012 at 10:07amBurnt toast
Report Post »TerryDo
Posted on January 25, 2012 at 8:46pmObama is now known as milquetoast.
Report Post »acovenantinblood
Posted on January 25, 2012 at 9:20amWhat if god has allowed Mr. Obama to be in office for the express purpose of waking this nation up and returning it back to Him? If that is the case, have we woke up enough, or will God give him 4 more years to finish his real job?
Report Post »katarya
Posted on January 25, 2012 at 9:27amGod is not the only force that has a hand in the manipulation of humanity….Satin is a force working everyday against God
Report Post »katarya
Posted on January 25, 2012 at 9:27am*Satan LOL sorry, haven’t had coffee yet, typing sucks
Report Post »qpwillie
Posted on January 25, 2012 at 9:33am@katarya
LOL – I always thought satin was pretty nice.
Seriously though, your comment is right on.
Report Post »lukerw
Posted on January 25, 2012 at 9:53amIn the Presence of GOD… all would have to do as GOD Wills… so GOD created a Separation between HIMSELF and ManKind… allowing FreeWill in Humans… which provides the basis for a Divine Judgement selecting those who will enter Heaven.
GOD is not behind the Actions of People!
Report Post »13th Imam
Posted on January 25, 2012 at 10:07amBarry = the Satin Satan
you were correct
Report Post »Doin it for da Chilren
Posted on January 25, 2012 at 10:08amNo what if about it, God has his hands in all leaders rise to power. All this has to happen according to scripture; “For nations and Kingdoms will proclaim war against each other, and there will be earthquakes in many lands, and famine. these herald only the early stages of anguish ahead. But when these things begin to happen, watch out! For you will be in great danger.” Mark 13:8,9
Report Post »DividedWeFail
Posted on January 25, 2012 at 5:44pmTower
How to avoid voting for Globalists
2) Did They Vote For The Banker Bailouts? Do They Continue To Defend Them?
_________
Report Post »Mitt Romney was FOR TARP – a bail out of big banks and which also bailed European banks.
progressiveslayer
Posted on January 25, 2012 at 9:16amCentral planning never works the old Soviet Union can attest to that and Barry’s plan all along has been to crash the system. No one is this stupid and it’s my contention his plan was to destroy our economy by design.He’s a Marxist and his goal is to make everyone equal,in this case we’ll all be equally poor.
Two classes the uber rich and the poor,that‘s what’s coming soon because when China decides to stop lending us money the party’s over.
Report Post »IMPEACHBHO
Posted on January 25, 2012 at 9:20amI agree. Also, perhaps the pipeline denial – handing China the oil – was a stopgap until after the election.
Report Post »Tower7_TRUTH
Posted on January 25, 2012 at 9:23amHow To Avoid Voting For A Globalist Puppet ?
1) Have They Ever Promised To Investigate, Audit, Or Dissolve The Private Federal Reserve Bank?
2) Did They Vote For The Banker Bailouts? Do They Continue To Defend Them?
3) Do They Support The Domestic Spying Measures Of The FISA Act And The Dissolution Of The 4th Amendment?
4) Do They Support The NDAA, SOPA, PIPA, The AUMF, The Expatriation Act, Etc.?
5) Do They Have Overt Ties To The Military Industrial Complex?
6) Does It Feel Like They Are Just Telling You What You Want To Hear?
7) Where Are They Getting Their Money From?
by Brandon Smith @ http://www.alt-market.com/articles/532-how-to-avoid-voting-for-a-globalist-puppet
Report Post »Mandors
Posted on January 25, 2012 at 9:12amWill, Krauthammer, and Noonan are all Washington insiders who profit from having a leftwing extremist in the White House. They are as much a part of the problem as Obama.
Report Post »staythecourse
Posted on January 25, 2012 at 9:09amReading reviews… listening to pundits…. I am still trying to figure out if people heard the same speech I did! Obama’s speech last night was not like the previous speeches but much more bold. It scared the hell out of me. The dems always talk about the repubs talking in code. Perhaps that is because they are so good with ‘code’. But last night wasnt even code! He said it straight out and he was brash, bold and full of himself. People seem to think he said one thing when in fact he was completely outlining his plan to totally destruction of this United States Of America! Listen closely to the speech: he will shut down the coal industry.. shut down fracking..totally control the youth of this country with his MANDATORY education thru age 18. His whole ‘education/business’ connection was also frightening. Listen to what he was really saying. Also, something no one is catching at all is the new world that has slipped into federal lexicon with such ease….”RESEARCH’. This “RESEARCH” IS CONNECTED TO THE HEALTH CARE ACT. The research authorized in the act is unlimited reseach to will reach into every aspect of a person’s life. 1984/Brave New World is truly here.
Report Post »Oh, one more thing: Every time obama said to Congress ‘send me the bill and I will sign it” (and he said it a lot!) I got a very sick feeling in the bottom of my stomach. For each ‘request’ for a ‘bill’ I have no doubt that the Center for American Progress has that ‘bill’ written and r
qpwillie
Posted on January 25, 2012 at 9:29amAs each step gets more brazen than the one before, we become more and more desensitized. That’s why each speech sounds like the last one. It’s like the old thing about putting a frog in a pot of cold water and gradually increasing the heat.
Report Post »IMPEACHBHO
Posted on January 25, 2012 at 9:34amYes. It was a very clear announcement that he is a Marxist. It also makes it very clear what our choice is in Nov. ballot. It is no longer about candidates. Vote: 1)communism or 2)freedom
Report Post »http://youtu.be/7kqVZUCRth0?t=18m34s
cemerius
Posted on January 25, 2012 at 9:40amI heard it ALL!! Blood gushing from my ears and all……yes the bolder the lie the less likely ANYONE will see it!!! You know, Joseph Stalin or Adolf Hitler couldn’t have said what he said better!!!!
NO OBAMA in 2012!!
Report Post »dnewton
Posted on January 25, 2012 at 10:09amWhat were all of those standing ovations for? Was it not congress that created the tax code and all of its loopholes? Was it not Congress that created the situation where a secretary pays more or a higher percentage than her boss, Warren Buffet? We are already at a disadvantage, globally with respect to taxes, so how can raising taxes relieve the problems caused by money and opportunity moving off shore? As long as the Feds continue to bribe state and local governments with grants and matching money for questionable activities, the local burden will also rise. Why should millionaires pay more than anyone else? Are they higher maintenance? ( The obvious exception would be when they want us to build them a sports facility)
Report Post »IMPEACHBHO
Posted on January 25, 2012 at 9:08amThe State media will not mention any of this. They may keep reporting on that cruise ship right up to the election. It’s sunshine and lollipops now – they have their orders…
Report Post »hi
Posted on January 25, 2012 at 9:06amIt wasn’t a mistake as the article intimates, Obama did all of this on purpose to destroy America. It will get far worse if re-elected.
Report Post »inferno
Posted on January 25, 2012 at 2:44pmI agree completely with HI. Obama’s plan all along is to destroy our economy, which will “fundamentally” change the country that we have known. I repeat what I have said in the past. If Obama is reelected, he will attempt to change our laws against a President , which limits any commander-in-chief from serving more than two terms. Obma’s goal is power . His book ,”Dreams FROM MY Father, outlines his ultimate aims and his true motivations. He hates the country over which he presides. To quote a recent publication, “We are being ruled by a ghost”. That ghost is Obama’s deceased father . If anyone doesn’t believe that Obama will change the two term law, that will be possible if a majority of American fools reelect him !
Report Post »teapartyguardian
Posted on January 25, 2012 at 9:04amIt is far from Inexplicable as to why they have not strayed from the original economic path! Osama wanted to bring down the USA through bankruptcy……..Obama is DOING IT!
Report Post »Atokaite
Posted on January 25, 2012 at 9:02amOpine
Report Post »1. The 2008 economic direction was indeed an inept attempt to lay in, immediately, the agendas proposed by the Hillary Clinton/Podesta Center for American Progress. Heedlessly, headlong, and hell bent on getting done as much as possible, NOW, the Team Obama pressed forward. Goaded and guided by Van Jones, Podesta, Axelrod, the Team failed, failed and continues to fail.
2. This 2012 State of the Union address is simply more of the same. There is not “other” path for these Progressives. Cast in the Leninistic stone of ideology, we are being sheparded over the cliff.
bt
We are reaping what we allowed to happen in 2008. I watched a kool aid drinker, sated to the core, as the State of the Union address laid on more Progressive lies.
end
Semper Fi
IMPEACHBHO
Posted on January 25, 2012 at 9:13amThe kool-aid is really conversation hypnotism the BHO has been using all along.
Report Post »Here is some info on it..
http://www.ecquso.com/
IMPEACHBHO
Posted on January 25, 2012 at 9:27amHere is Wiikki’s..
Report Post »http://en.wikipedia.org/wiki/Conversational_hypnosis
FlyoverConservative
Posted on January 25, 2012 at 9:02amThe memo was simply justification to move ahead with their plans. Larry Summers’ memo just provides plausible deniability to the Socialist-Communist-Facist-Progressive traitors in the White House.
Report Post »Susie
Posted on January 25, 2012 at 8:59amWow. I wonder if the mainstream will pick this up or will it be just anther shocking Obama revelation which gets a pass in a useless media and ignored by an enabling, apathetic public.
Report Post »ThePostman
Posted on January 25, 2012 at 8:54amObama has failed – what a revelation…
Meanwhile, the republicans are offering more of the same sort of failure, just with a slower roll.
We are DOOMED.
This is the end, it‘s been nice fighting with y’all.
Report Post »Rightallalong
Posted on January 25, 2012 at 9:05amWhats unfortunate is that most people will not understand anything that is shown here. The near 50% that pay no Federal Income tax don’t care they just want their Obama Money – and as one very bright woman in line for her ‘Obama money’ said… ‘I dont know where it comes from…maybe its from his stash’ aka the Federal Reserve and the working people in this country.
Yes we are doomed – And I hate to admit it but Soros is right – the real fight is coming and the sheep in the cities will be in the middle of the slaughter.
Report Post »Gonzo
Posted on January 25, 2012 at 9:08amWhat? No confidence that Mitt Romney will change the course of Washington? Join the crowd. Hard to believe that with a POTUS this abysmal we can’t field a candidate that can get the base solidly behind him.
Report Post »bhelmet
Posted on January 25, 2012 at 9:10amHey, Postman hang in there. We still have lots of standing to do. Many will be lost, but if you are serious, I will stand with you anytime. I am not in TX, but I am close enough. There will be at least one bastion in NW AR – you are welcome anytime.
Report Post »GhostOfJefferson
Posted on January 25, 2012 at 9:12amNobody has even begun to fight yet. An attitude of defeat is a self fulfilling prophecy.
Report Post »beekeeper
Posted on January 25, 2012 at 8:49am(Ready to Publish)?
To borrow a line from Orson Wells – “We will post no story beofre it’s time…”
Report Post »lukerw
Posted on January 25, 2012 at 8:48amWe know; we know!
Report Post »