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Obama-Style Deficit Reduction

By       Message Stephen Lendman       (Page 1 of 9 pages)     Permalink    (# of views)   1 comment

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Obama-Style Deficit Reduction - by Stephen Lendman

Obama wants to sock the poor to enrich the wealthy.

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On September 8, Obama's "American Jobs Act" address to Congress was a thinly veiled campaign speech. More on it below. 

On September 19 came Act Two to enlist support for "Living Within Our Means and Investing in Our Future" by cutting $4 trillion over 10 years (for starters with more to come) from Medicare, Medicaid, public pensions, veterans' benefits, unemployment insurance, the US Postal Service, and other social benefits.

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It's part of a bipartisan plan to destroy America's middle class, good-paying jobs and benefits, the dream of homeownership for millions, and a nation once fit to live in but no longer.

Economist and regular Progressive Radio New Hour contributor Jack Rasmus commented on the minimum $4 trillion deficit reduction plan, saying:

It's "not only the consensus deficit target but also the amount by which taxes have been cut for the rich and corporations."

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Moreover, it equals the amount banks and other large corporations "have been hoarding in cash since the bailouts," instead of using it for economic growth and job creation. 

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