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2008 October 30 Thursday
Obama Promising More Than He Can Deliver

In a rare mainstream press article of critical analysis of Barack Obama, Calvin Woodward of AP points out that Obama uses imaginary budget cuts to fund his massive proposed spending programs.

Obama's assertion that "I've offered spending cuts above and beyond" the expense of his promises is accepted only by his partisans. His vow to save money by "eliminating programs that don't work" masks his failure throughout the campaign to specify what those programs are beyond the withdrawal of troops from Iraq.

Aside from the military almost all government programs are loved by the Democratic Party. Though perhaps they'll cut back on prison spending.

Obama lies about cost cutting.

THE SPIN: "I've offered spending cuts above and beyond their cost." THE FACTS: Independent analysts say both Obama and Republican John McCain would deepen the deficit. The nonpartisan Committee for a Responsible Federal Budget estimates Obama's policy proposals would add a net $428 billion to the deficit over four years and that analysis accepts the savings he claims from spending cuts. The nonpartisan Tax Policy Center, whose other findings have been quoted approvingly by the Obama campaign, says: "Both John McCain and Barack Obama have proposed tax plans that would substantially increase the national debt over the next 10 years." The analysis goes on to say: "Neither candidate's plan would significantly increase economic growth unless offset by spending cuts or tax increases that the campaigns have not specified."

The extremely bad news: Existing entitlements programs will already hugely increase government spending in the next ten 10 years as the Baby Boomers stop paying much taxes and start using Medicare and Social Security. The fiscal outlook is even worse due to a dumber younger generation and the coming of Peak Oil.

Woodward comments that we could be facing a $1 trillion deficit next year. He'll try to increase spending even further in the face of that deficit. We live in Warren Buffett's Squanderville. We need to move to Thriftville.

By Randall Parker    2008 October 30 04:15 AM Entry Permalink | Comments (8)
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