Obama’s Fiscal Promises

posted by Nima

January 29, 2009 · Posted in General Economics 

President Obama’s campaign promises include, among others, the following:

Reinstate PAYGO Rules: Obama and Biden believe that a critical step in restoring fiscal discipline is enforcing pay-as-you-go (PAYGO) budgeting rules which require new spending commitments or tax changes to be paid for by cuts to other programs or new revenue.

We haven’t heard much of this in regards to the $819 Billion bill that was passed today. Mr. Obama needs to clarify how he will adhere to this campaign promise. People should ask these questions and encourage the administration to be open about it.

End Wasteful Government Spending: Obama and Biden will stop funding wasteful, obsolete federal government programs that make no financial sense. Obama and Biden have called for an end to subsidies for oil and gas companies that are enjoying record profits, as well as the elimination of subsidies to the private student loan industry which has repeatedly used unethical business practices. Obama and Biden will also tackle wasteful spending in the Medicare program.

Inquiring minds might want to read the “American Recovery and Reinvestment Act of 2009” and decide for themselves to what extent Obama and Biden are stopping wasteful, obsolete government programs that make no financial sense. One provision in the bill is a requirement to establish the website recovery.gov which promises transparency and accountability for projects. I will examine in detail what this site will tell us and where the money is going once this spending bill, just like the previous ones, is successfully shoved down the throats of the American taxpayers.

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