From the AP:
…The president on Monday will announce a proposal that includes repeal of Bush-era tax cuts for the wealthiest taxpayers, nearly $250 billion in reductions in Medicare spending, $330 billion in cuts in other mandatory benefit programs, and savings of $1 trillion from the withdrawal of troops from Iraq and Afghanistan, the officials said…
…Key features of the proposal:
–$1.5 trillion in new revenue, which would include about $800 billion realized over 10 years from repealing the Bush-era tax rates for couples making more than $250,000. It also would place limits on deductions for wealthy filers and end certain corporate loopholes and subsidies for oil and gas companies.
–$580 billion in cuts in mandatory benefit programs, including $248 billion in Medicare and $72 billion in Medicaid and other health programs. Other mandatory benefit programs include farm subsidies.
–$430 billion in savings from lower interest payment on the national debt…
According to the linked article, 90% of the Medicare cuts will be in the form of reduced payments to providers – and while beneficiaries are expected to pay more, they won’t pay until 2017…in other words, not until after Obama finishes his putative 2nd term. How much you want to bet that once the providers scream – and/or start refusing Medicare cases – that the cuts never materialize?
A trillion dollars of the “cuts” are from not fighting in Afghanistan…in other words, not money already appropriated and now cut, but a mythical figure placed on the table bearing no relation to what might actually happen in Afghanistan.
Lower interest payments on the national debt? Fine – that’ll work until we hit 16 or 17 trillion in debt and our bond prices go “Greek” on us.
This proposal is nothing but a crock of political horse manure. For cynicism it is hard to beat. We’re on the brink of economic and fiscal disaster and Obama comes up with a plan which doesn’t fix the budget and doesn’t help the economy. All it does is provide him with some MSM/DNC talking points in his effort to make the 2012 campaign about Congress rather than himself (the tax hikes won’t fly and the spending cuts will be resisted by his own party…so when the plan fails to pass, Obama can say, “I tried to do it, but those dratted Republicans stopped me!”). The United States can go drop off a cliff…Obama has more important things to do, like getting re-elected!
2012 really can’t get here fast enough…and it won’t work, Barry. We’re all on to the scam. Twist things as much as you like – go ahead and go through your motions. We’re still going to crush you and liberalism next year. We’ve all had enough of this garbage.
HAT TIP: Mish’s