Obama: Cut the deficit by taxing the rich

[Kasz216]

Rath said:

Seece said:

In a speech in Washington DC he outlined a package of tax increases and spending cuts aimed at reducing the deficit by $4tn (£2.45tn) by 2023.

The deficit is forecast to reach $1.5 trillion (£921bn) this year and both Democrats and Republicans have said cutting it is a priority.

Is that 1.5 this year alone, or total? else I'm confused, unless they expect it to peak above 4 trillion ..

Good point. Perhaps they don't mean annual deficit but reduction of net public debt?

Actually it's 4 trillion saved over the next 12 years.

And we're still supposed to have a huge deficit after that.

It's just your basic made up political numbers.

You project far enough into the future until your numbers look good.  Even though the farther you project the more inaccurate your projections are.

 

4 Trillion over 12 years = 333 Billion per year.  Which = basically nothing.

Not to mention a lot of that is probably backloaded for when he's NOT president.

 

Truth is, we need to tear down just about everything and rewrite the entirity about how government works and spends money.

 

Also replacing Social Security with an actual investment would be helpeful, rather then an IOU and using it for whatever pet projects you have.