Obama presents the death blow - $1.2 trillion government spending cut in ten years, 980 billion tax increases -
From Dick Eastman
Obama's death blow - $1.2 trillion government spending cut in ten years, 980 billion tax increases. He talks about balancing the government budget -- but no one even looks at the deflationary effect on the lower-loop -- household and domestic business -- that will be hit by this amount of cuts times five or ten from the money contraction multiplier -- the effects of less money in the economy as it works through the loop.
Obama is an agent of the Organized Crime Syndicate that took over the US during the Bush 41 years - and demonstrated its power to all governments (who of course have known the truth from the first day) by destroying the world trade center and using their crime as a false-justification for making war on friendly and innocent Moslem nations -- with Americans fooled into paying for it and sending their sons to kill and die for it. No one challenges them because they have demonstrated real "shock and awe" -- not conventional military shock and awe -- but assymetrical information warfare - of which the Money Mafia have been masters of for centuries.
My advice, as always, is a world-wide Mohatma Gandhi rejection of rule by the minions of this mafia and adoption of a money system that cuts out their game of international usury and money manipulation - adopting social credit, national thin-air money, repudiation of debt, private national banking with 100 percent reserve requirement with no power to create money, elimination of the international corporation and the legal personhood of corporations and the re-regulation of foreign trade (including the elimination of derivatives).
Read about the Obama budget for 2014 below -- but first read what John Maynard Keynes wrote about the huge debt of nations after World War One:
Obama pitches status-quo funding of $22.6 billion for the Agriculture Department with targeted increases for research into obesity, food safety, bioenergy and climate change, as well as a first-ever proposal for mandatory funding to the Land and Water Conservation Fund that helps protect national parks, wildlife refuges and national forests.
President Barack Obama's budget plan would increase taxes by $1 trillion over the next decade, including a new tax on cigarettes and familiar proposals to increases taxes on the wealthy and some corporations.
The president said his plan includes $580 billion in tax increases to help reduce government borrowing. But the tax hikes don't stop there. Obama's budget proposal would also impose an additional $400 billion in tax increases. Much of it would be used to pay for more spending.
Obama's budget includes spending on policy priorities such as infrastructure and expanded pre-school programs.
A proposal for $77 billion to expand early childhood education would be financed by nearly doubling the federal tobacco tax to $1.95 from $1.01 per pack of cigarettes.
A 10 percent tax credit for small businesses that raise wages or hire new workers.
The administration would also raise $79 billion in revenues by raising taxes on large estates that are passed on to heirs. The president's budget would lower to $3.5 million from $5 million the threshold for estates hit by the tax, and would raise the tax rate to 45 percent from 40 percent.
Obama has said his goal is a corporate income tax rate of 28 percent.
Obama's proposed tax increase on cigarettes is popular among health care advocates
The second change would impose his so-called Buffett Rule, requiring that people with annual taxable income above $1 million pay at least 30 percent in income taxes. That would raise about $53.4 billion over 10 years, according to the budget.
Additional new revenues would result from the proposed change in the government’s inflation formula for benefit programs and in the tax code’s brackets, though much of the debate over the proposal concerns Social Security benefits.
By moving from the standard Consumer Price Index to what is called a “chained C.P.I.” in 2015, the administration said the government would save $230 billion over 10 years, more than half of it through higher revenues and about $80 billion in reduced Social Security benefits. Mr. Obama also proposed to mitigate the impact on the poorest and oldest beneficiaries of Social Security and other benefit programs, including by exempting means-tested benefits from the change.
Mr. Obama and other administration officials have been emphasizing that he does not favor the change itself, but has included it in his budget along with other concessions that he made in his final compromise offer to Mr. Boehner in December before their budget talks fell apart. The president said he would not let the change become law unless Republicans in turn dropped their opposition to higher taxes on the wealthy.
nder any of the plans, the federal budget for the next fiscal year would total nearly $3.8 trillion. But only one-third of that is so-called discretionary spending, split about evenly between domestic and military programs, which the president and Congress control annually. Most of the rest is spending for the entitlement programs — chiefly Medicare, Medicaid and Social Security — that automatically flow to beneficiaries unless the White House and Congress change them by law.
Mr. Obama would raise an estimated $583 billion in new revenue over a decade, mainly from two sources. Most of it would come from his proposal, made for the fifth time, to require that affluent taxpayers in higher tax brackets limit the deductions they take to the 28 percent rate
The Defense Department is requesting about $2.4 billion over the next five years for a round of base closures that would start in 2015, with the promise that consolidating the military’s roughly 23 percent in “excess capacity” in real estate would pay dividends over the long term. DoD also is asking Congress to slow the growth in its personnel costs with a 1 percent troop pay raise and increases in the fees paid for some health care services.
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The official 0% rate signals a death knell to the national financial foundation and economic vibrancy, the climax event slow in its pathogenesis following the departure from the Gold Standard in 1971.
The official 0% FedFunds rate (call it 25 basis points, no matter) is a direct signal of terminal illness for the entire capitalist structures within both the United States and its Western partners who stupidly or helplessly follow its lead.
They followed the US lead in the housing & mortgage bubble disaster with complete wreckage, yet they continue to follow the US monetary lead.
They claim to have no choice.
They do indeed have a choice, to discard the USDollar and to sell out of the USTreasury Bond, to impose a Gold Standard.
The propaganda has been thick over the last few years, especially since the US banking system suffered a fatal heart attack in September 2008. It has not recovered since, still insolvent, still wrecked, having returned a zombie center with a USTBond carry trade core and continued money laundering basement lifeline. The Jackass is tired beyond words, beyond description, of hearing that the Zero Percent Interest Policy is being kept as a stimulus measure to encourage continued economic recovery. It is neither a stimulant, nor is the USEconomy in recovery mode.
The official 0% rate signals a death knell to the national financial foundation and economic vibrancy, the climax event slow in its pathogenesis following the departure from the Gold Standard in 1971. The official 0% FedFunds rate (call it 25 basis points, no matter) is a direct signal of terminal illness for the entire capitalist structures within both the United States and its Western partners who stupidly or helplessly follow its lead.
They followed the US lead in the housing & mortgage bubble disaster with complete wreckage, yet they continue to follow the US monetary lead. They claim to have no choice. They do indeed have a choice, to discard the USDollar and to sell out of the USTreasury Bond, to impose a Gold Standard.
The Gold Trade Standard is coming into view. The East is no longer following the US lead, as a rebellion against the USDollar and its toxic USTreasury Bond is well along. The Eastern giants Russia and China are forging a new path, to install a new Gold Trade Standard that thumbs its nose at the Western banking system and the FOREX currency market. Its marketplace will be the Eurasian Trade Zone, and its gold central bank will be the BRICS Development Fund (clever name to disguise its eventual function).
Last holiday weekend, a public article was penned by the Jackass, but due to the limited opportunity for the Easter and Passover times, the article entitled “USDollar: Ring-Fenced & Checkmate” was posted only on the Gold Seek website (CLICK HERE) as a personal favor
oldickeastman@q.com