Obama jobs speech; pounds podium with $457 B of new unpaid debt

president obama, jobs speech, $457 billion, kruschev pounds podium with shoeWhat did you think of the President Obama‘s Jobs Speech to a joint session of Congress? Was I the only one that was reminded of Kruschev pounding on the podium with a shoe when BHO, 961 days into his presidency, kept pounding the “pass this bill right away!”

Allen Payton of Antioch, reported that the $457B worth of proposals would be paid for over ten years, which was disappointing to hear since, if true, indicates just more kicking the can down the road while beefing up the baseline budget.

Frankly, after TARP, U.S. bank bailouts, secret bailouts by the Fed for overseas banks, GM, Chrysler, $800B for Stimulus, QE1, QE2, and Solyndra times 10, $457 sounds like chump change for the President. What do you think?

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  1. Richard S. Colman says

    President Franklin D. Roosevelt tried to make Social Security tamper-proof. Roosevelt is alleged to have said that funding Social Security though a payroll tax will establish a funding system such that “no damn politician can ever scrap my social security program.” Social Security, passed by Congress in 1935, is funded by a payroll tax. The worker pays 6.2% of wages; the boss pays a matching 6.2%. (For 2011, Congress has reduced the worker’s contribution to 4.2%.) If wages exceed $106,800, neither the worker nor the boss has to contibute to Social Security. The Social Security tax applies only to wages — not to rental, interest, or dividend income. But did Roosevelt really make Social Security tamper-proof? Under President Barack Obama’s plan, announced on September 8, 2011, the Social Security tax would go from 12.4% (6.2% from the worker and 6.2% from the boss) to just 6.2% (3.1% from the worker and 3.1% from the boss). At the present time, the Social Security system pays out a bit more money than it receives. If the Obama plan is passed by Congress, a Social Security system that is losing money will run an even bigger deficit. If Social Security’s income is cut, how will senior citizens who are currently eligible for Social Security money get their promised income? By Roosevelt’s standards, “no damn politician,” except Barack Obama, has tried to scrap Social Security.

    Richard Colman
    Orinda, CA
    Sept. 10, 2011