Thursday, September 8, 2011

Obama - Deficit Reduction?


Tonight Obama gave another eloquent positive dynamic speech on jump starting the economy.  In his speech he referred "THE AMERICAN JOBS ACT" . He urged Congress to pass the jobs act "right away". In his speech he stated that the implementation of this legislation would be "paid for" as part of his long-term deficit reduction plan. Huh???????

Below are two excerpts from the Fact Sheet.
5. Fully Paid for as Part of the President’s Long-Term Deficit Reduction Plan.To ensure that the American Jobs Act is fully paid for, the President will call on the Joint Committee to come up with additional deficit reduction necessary to pay for the Act and still meet its deficit target. The President will, in the coming days, release a detailed plan that will show how we can do that while achieving the additional deficit reduction necessary to meet the President’s broader goal of stabilizing our debt as a share of the economy.
Fully Paid for as Part of the President’s Long-Term Deficit Reduction Plan. 
  • To ensure that the American Jobs Act is fully paid for, the President will call on the Joint Committee to come up with additional deficit reduction necessary to pay for the Act and still meet its deficit target. The President will, in the coming days, release a detailed plan that will show how we can do that while achieving the additional deficit reduction necessary to meet the President’s broader goal of stabilizing our debt as a share of the economy.
Following the increase in the debt ceiling, two graphs were published documenting that the deficits would continue over the long term and that our National Debt would continue to increase. So where is the deficit reduction?

Washington Post graph.