Dick Morris on Obama’s Budget Speech

This is just a four minute video. I hope you will watch. Morris is touching on things we are not hearing a lot about yet, even on Fox.

Dick Morris

My Summary:

Welfare spending up by 54%, medicaid and food stamps

Government spending (Departmental spending) up by 41%

Obama criticized Republican proposal to cut Education by 25% – yeah after you doubled it! Republicans will cut it back by 25%

Scaling back charitable donations – Obama wants the Government to make contributions to have the political control and manipulation.

Eliminate mortgage interest deductions – horrific effect on the economy

THE MOST DANGEROUS: If deficit reduction targets are not met, automatic tax hikes kick-in. [I did not see in the transcript Obama say the trigger would be automatic, but he did call it a failsafe, and it cannot fail, there will be no consideration by Congress. Obama said Congress should “come together” to fix the problem. Congress won’t be needed.]

Unfortunately, Morris does not allow embedding of his videos. Too bad. He would have a ton of exposure and links back to his website. I’ll give him one anyway: DickMorris.com View the video here.

 

  • While I agree with Obama on eliminating the home mortgage deduction, I would do it like this: 1) wait until we are confident the housing market has reached bottom, 2) grandfather any existing mortgages, and 3) phase it out over a period of 4-5 years.