Reality Check: The Cost Of Obama's Pledges

CBS Evening News: If Victorious, Barack Obama May Find Fewer Resources Than He Needs For His Campaign Promises

(CBS)  This story was written by CBS News correspondent Wyatt Andrews.

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Without question, the Barack Obama infomercial served as a very slick and powerful recitation of the biggest promises he's made as a presidential candidate. But the very bigness of his ideas is the problem: he seems blind to the concept his numbers don't add up.

Obama has already proposed a new stimulus package of $188 billion over two years. His tax cuts will cost $85 billion a year. His "army of new teachers": $18 billion; Renewable energy: $15 billion. CBS News and various independent experts estimate Obama's total first year spending could exceed $280 billion.

Still Obama repeated his claim he can find the money to pay for every proposal.

"I've offered spending cuts above and beyond their cost," he has said.

The fact is the savings Obama has identified do not cover his spending. According to a CBS News estimate, he's around $90 billion short. The Obama campaign disputes this, saying everything including the stimulus is paid for over 10 years. But other analysts say - even presuming Obama saves money in Iraq and chops the federal budget as promised - he falls short.

Let's break all of this down, starting with his highly suspect, and widely discredited, claim that he can find federal "spending cuts beyond the costs" of his promises. Very few independent economists believe he has identified the savings needed to offset his remarkable list of tax credits, tax cuts and spending pledges.

Fact: Even if you believe Obama intends to fix health care, most independent analysts say the cost is massive - $1.2 trillion over ten years, according to the highly respected Lewin Group. When the new Congress wakes up next year to a $1 trillion deficit, and answers the overwhelming new demands for another stimulus package, will the leadership really bite on a health care reform package that digs the deficit hole so much deeper?

And that's just the beginning of what Obama would spend.

Fact: The tax cuts he promises, which are mostly refundable tax credits (code for cash back), will cost $60 billion just in year one, according the National Taxpayers Union, though the Obama campaign's own estimates in July put that figure at $130 billion.

Fact: His new promise to give businesses a $3,000 tax credit for each new job created will cost $40 billion. But economists say this credit is far more likely to benefit companies already planning to expand and will likely not be enough to help companies create new jobs or forestall layoffs.

Fact: Obama's claim he will lower health care premiums by $2,500 is: 1.) guesswork, which is 2.) based on health care savings that might, in a perfect world, happen over 10 years - a fact Obama neatly glosses over.

Fact: Obama, when referring to savings he can make by leaving Iraq ($90 billion, according to Congressional Budget Office estimates), has spent these savings several times over, across several different promises depending on the crowd he's addressing.

Most of the time he spends the Iraq savings in the context of the roads he wants to build; sometimes it's for the teachers he wants to hire. Tonight, he riffed rhetorically on the savings, asking how many scholarships could be funded, or how many schools could be built. In the end though, presuming he really saves $90 billion, he can only spend it once.

Remember he also mentioned rebuilding the military ($7 billion/yr); his education initiative ($18 billion/yr); and his energy initiative ($15 billion/yr). He did not mention the $188 billion that he would spend on the brand new stimulus package he has proposed.

If he closes every loophole as promised, saves every dime from Iraq, raises taxes on the rich and trims the federal budget as he's promised to do "line by line," he still doesn't pay for his list. If he's elected, the first fact hitting his desk will be the figure projecting how much less of a budget he has to work with - thanks to the recession. He gave us a very compelling vision with his ad buy tonight. What he did not give us was any hint of the cold reality he's facing or a sense of how he might prioritize his promises if voters trust him with the White House.

[afactjack]

How can this be??

CBS is now, here in the last six days of the election, finally willing to admit what us real Americans have been preaching for months now.

Barack NObama simply does not have what it takes.

His whole campaign is founded on stilts made of pure ka,ka.

Even the FACTS CBS is offering above is very likely nothing compared to what the real cost of having the most libturd member riding first chair in the Executive Branch, with the #3 most libturd member riding second chair, compounded with SanFranNan Peelosely and Harry "Palms" Reid running Congress.

Like I have been attempting to point out.....America, drop your pants and break on over like a breech loading bird gun, cause you are about to be loaded!!!!

[afactjack]

[[Fact: Obama, when referring to savings he can make by leaving Iraq ($90 billion, according to Congressional Budget Office estimates), has spent these savings several times over, across several different promises depending on the crowd he''s addressing. ]]

Enough said. Hey NObama, your inexperience is showing.

[kathykirk50]

I am SOOOO not believing what I am reading. CBS has wised up about BO, I wonder how long it will be before the other liberal media outlets will wise up and realize HE will say anything to get elected. To be perfectly honest, I am not crazy about either candidate,however this is a situation where you have to pick the lesser of the two evils. I see BO being more evil than JM. A whole lot more.

[stanjam]

Just getting out of Iraq saves us 120 Billion a year. Cutting wasteful Cold War defense programs would save untold amounts of money. The money is there, if someone is daring enough to take the plunge and go get it.

[arvinont]

Even if Obama runs up the deficit, at least it will be money spent on building the American infrastructure, which will create jobs and bring money to the people. His education program will make Americans more competitive in the global economy. The new energy programs will not be outsourced and will increase the tax base. The McBush policies ran up a huge deficit in burning up good money in Iraq and enriching their friends. Very often great brains are mocked at by people with limited vision. Obama wont do worse than McBush and has already out-strategized and outmaneuvered McCain. Give Obama a chance. You might be glad you did.

[xpineapple]

Just call him Barack All-of-the-Above Obama. Have it your way...just don''t forget to pay the bill at the checkout window.

[sparks224]

Reality Check: The Cost Of Reaganomics.

[ski80218]

The only facts here are that the CBS masters are pissed that we are not falling for the same old GOP talking point. Wyatt Andrews is a paid GOP shill.

[republic1776]

Think I''m having a Jimmy Carter moment.

[afactjack]

...
Give Obama a chance. You might be glad you did.
Posted by arvinont at 12:28 AM : Oct 30, 2008
================

You know, my country obviously means a bit more to me than it does to you, so let us find something of value to you for this analogy....

They have discovered you have a brain tumor the size of a baseball on your brain and it has to come out immediately or you will die....

But, the experienced brain surgeon is on vacation in the backwoods of Canda fishing and can''t be reached.

But, they do have this guy who plays a brain surgeon on TV ready to step up.....

Do you repeat your above? "Give the rookie a chance, I might be glad I did!"

[afactjack]

Think I''m having a Jimmy Carter moment.
Posted by republic1776 at 12:58 AM : Oct 30, 2008
=================

You meant to say, a Jimah Carter movement didn''t ya??

Cause I know reading the idocy being demonstrated on this board alone by these NObama worshippers is most certainly scaring the Jimah Carter out of me!! :)

[afactjack]

McCain may lose next Tuesday, but even if he does I gotta say thanks to all the real Americans on these boards who have fought the good fight with this bunch of neo-Marxist hyphenated-Americans who clearly care nothing for anything that doesn''t promise them lots and lots of largess (Free Government Cheese) in exchange for their vote.

[afactjack]

With NObama promising all this free government cheese as payment for our votes, reckon why there are still so many of us real Americans unwilling to sell to him??

It''s convenient for Obama shills to call everyone else a shill for putting up a debate. It''s been a staple of the Obama campaign to threaten TV and radio stations with retaliation for inviting Obama-hostile guests, not to mention clogging the phone lines. Just a taste of how the Obama team would act if they had real power.

As for economic growth - the stock market just voted. As the odds have shifted to Democratic control of the government, business has gone into flight. There is no economic recovery in higher taxes, persecution of the existing energy industry (CO2 regulation), taxation of family businesses, siphoning money from efficient producers to subsidize the inefficient ("alternative" energy from sources that can''t meet our needs), creation of massive new federal bureaucracy that will be a drain on us forever...

[samthetvcat]

It''s so frustrating the way politicians make these fantastical promises to get people to vote for them. But ultimately, has anybody ever cared about promises made at election time UNLESS things aren''t great when re-election rolls around (?)

Like didn''t Bill Clinton promise not to raise taxes when he was elected, and then he did. And the economy was great and he got re-elected no problem.

But then didn''t Bush''s Dad promise not to raise taxes when he was elected, and then he did and the economy wasn''t great and he lost his re-election.

Maybe the length of time their party had held the White House made a difference, but if broken campaign promises also take on more significance when the election''s not so great, then I guess it''s in Barack''s hands now to get the job done assuming he wins the election as it looks like he will. Otherwise maybe he''s just given the next crop of contenders for 2012 a platform for winning over the Presidency (?)

Then again who knows maybe blaming Bush has enough juice to push Barack all the way through the next 8 years (?)

[garyjames53]

TALK IS CHEAP AND ALL WE HEARD WAS MORE TALK FROM OBAMA.

Since Obama has voted 130 times present we cannot have a full view of who he is without looking not only at his record but who he associates with.

Obama praised Rashid Khalidi %u2013 Palestinian PLO promoter, who has radical views on Israel.

Obama endorsed a book in 2001 for William Ayers who is a self proclaimed Marxist and still as of 2001 proud of being a terrorist.

Obama said William Wright was a good friend, mentor and pastor for 20 years yet Wright preaches Liberation Theology which Wright admits is based on Marxism.

His mentor as a young man from his book - Yup you guessed it Marxist.

"To each according to their ability to each according to their need" - Karl Marx

"We need to redistribute the wealth..." Obama has an undeniable lifetime pattern of Socialism.

http://www.bornalivetruth.org/ - Obama believes in allowing born alive children to die if they are not wanted.

http://www.washingtonpost.com/wp-dyn/content/article/2008/10/28/AR2008102803413_pf.html - a link on Obama''s untraceable donations.

http://www.timesonline.co.uk/tol/news/world/us_and_americas/us_elections/article5042571.ece - Poor Aunt of Obama found in Boston Slum. Will you end up in a slum if Obama is elected???

http://www.hypemovie.com/index.html - Great 1 hour movie that shows that Obama is the greatest speaker but has no character and no substance and no record to back up what he says.

[endofempire]

Are you guys kidding? Communist Barak Supporters (CBS) are finally doing some digging? They are finally exposing the fraud? I am aghast and in a state of utter disbelief.
Maybe someone got wise that they would be, like in Venezuela, Nicaragua, North Korea and other countries that have the same lean as Mr. Obama, the first ones to get the ye olde axe. The dictatorship of the proletariat depends on total control of the propaganda machine and dissent is not tolerated. Ask the Venezuelans. A little too late, but at least someone at CBS is smelling the coffee finally.

Obama''s energy "plan" has already destroyed thousands of jobs. Texas Utilities was bought and dismantled by a coalition of hostile takeover firms and community organizers.

TXU planned to built 11 of the world''s most efficient, cleanest, cheapest coal fired power plants, but the plan ran into Obama''s promise to regulate CO2 - so much so that the mayor of Waco, TX, which was to benefit from one of the new electric plants, feared a government crackdown and initiated the hue and cry. The result was no new electric plants, and a hostile takeover of TXU.

The terrifying news is that what Obama promises to do to our energy industry, is seconded by "Me Too Mccain" who has betrayed us all - he at least should know better. (Obama is a hopeless case of Hyde Park elitism who doesn''t know any better.)

[endofempire]

Undecided: Have you read Michelle''s graduate thesis? This woman really hates whites and "whitened" blacks. Barak is no different, according to his book, often disowning his own mother so that others would not know he was half-white. No, this man has not intentions of doing anything but turning us into a payback-mode socialist wannabe country.

[endofempire]

Spread the word, folks. We are not ready for what is coming... Peaceful revolution? Oxymoron if I ever heard one.

[endofempire]

Barak Hussein complained about Palin''s wardrobe @ $150K, but blew 5 Million on his media spots? Speaking out of both sided of his mouth, is he?

[samthetvcat]

---"but Obama could seriously throw us right into extreme depression"---
Posted by Undecided9

I guess the flipside of Barack maybe needing the economy to turn around under his watch is that the GOP for their rise back to power maybe need for Barack to not do that great as President . . .

Like 4 years from now or even possibly 2 years from now, if the economy''s in terrible shape and the GOP stand up and say that Barack''s in over his head, the Dem supermajority''s been a disaster, the two together are twice the trouble, etc is there at all a chance people are going to think oh they just need more time?

It''ll be interesting to see how long the GOP go from being the problem to being seen as the solution, even if the reality may be that the economy''s going to need more time or that it''s largely out of the Government''s hands, or whatever (?)

[mikekleber]

After 8 years of Bush, how could anyone question something new? Do you have any better ideas?

[samthetvcat]

---"is this CBS? ..or did I just wake up in the Twilight Zone? how dare they question Obama!"---
Posted by billpl

LOL You''re like the 5th or 6th person under this one article to make the same comment LOL

It feels like they feel like Barack''s got it in the bag so it''s not going to hurt (?)

[McHineguy]

And McCain promises us spending freezes, and spending cuts. That is supposed to help our economy?


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Posted by BBinFla at 01:51 AM : Oct 30, 2008

Turns out it will. The more our government spends, the less we have. Its simple, whatever we make and whatever we do, there is just so many of us making and doing. We can do it for each other or we can do it for the government. If they are spending we arent.

[McHineguy]

---"is this CBS? ..or did I just wake up in the Twilight Zone? how dare they question Obama!"---
Posted by billpl

LOL You''''re like the 5th or 6th person under this one article to make the same comment LOL

It feels like they feel like Barack''''s got it in the bag so it''''s not going to hurt (?)


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Posted by SamTheTVCat at 02:08 AM : Oct 30, 2008

Im shocked!!! The mass media is questioning "the one". Thats blasphemy.

[charlie1000-2009]

So,again a bunch of empty promises!

The question is :are people are buying it.

[charlie1000-2009]

I can not believe this!!

For one time CBS has the courage to question Obama!!!!!!!

[vranger]

"Taxing my healthcare benefits is not going to work. McCain is out of touch."

Another ignorant person who buys into Obama''s lie without actually checking the facts.

This is coupled with a $5000 TAX CREDIT. That means that if you were in the 35% tax bracket (very high), and your employer paid $10,000 a year for your health insurance (again very high), you would still get $1500 back that you don''t get now.

If you are in the 25% bracket and your employer pays the average $5200 a year for your insurance, you would get THRITY SEVEN HUNDRED DOLLARS back that you don''t get now. I don''t know how stupid YOU are, but if McCain wants to tax my health insurance and give me that money back in a tax credit, plus $3700 more, I''m not going to complain about that.

This is just one of the MANY MANY ways that Obama and the DNC have misled you and lied to you for the past few monts.

[charlie1000-2009]

I don''t want the nice stories and sales talk of Obama,but I want to ask tough questions to Obama and Biden!!!

[vranger]

---"but Obama could seriously throw us right into extreme depression"---

Carter threw us into the worst recession this country had suffered since the Great Depression, and Obama''s policies are disturbingly similar to Carter''s, except he goes much much further down the road Carter paved than Carter was comfortable with. Obama won''t have that restraint, and this country will suffer mightily for buying into his glib lies and promises should he be elected.

[smurfcrusher]

FAR better than McSame, who would continue the looting of America for the super rich. Not on our watch!

[brundage3]

Shame on you CBS.

I will not argue here with the writer''s opinions.

But publishing this asa News Story is a dark shame.

When Ed Murrow spoke an oppinion, we saw or heard it clearly as opinion, as when he did it AFTER a long news report in which there was a legitimate attempt at objectivity.

At thelvery least this should have been labeled as an OPINION column. It does not rise to the level of news journalism.

It certainly is a black mark upon the edifice that is the reputation for ehtics that CBS has been.

Not a ***** in the armor. A Very Large hole from a self inflicted cannon wound.

I have been proud to be a member of the same "media" as CBS. Yoday,,, I am ashamed.

Scott Brundage

[afactjack]

With NObama promising all this free government cheese as payment for our votes, reckon why there are still so many of us real Americans unwilling to sell to him??

[slayrre007]

This country is pathetic. How can anyone with a brain vote for the anti-American and anti-Constitution hypocrite Barack Obama.

If anyone of you had a child who consistently hung around extremely bad influences.... you would DEFINATELY NOT reward your child. Yet... you same idiots are willing to overlook the horrendous people Barack has accepted into his life both personally, politically, and spiritually because you don%u2019t like the economy and are too stupid to look past the political RHETORIC that has been spoken by every politician since the beginning of time... "I will bring Change"... are you f''''n kidding me...???

I dare anyone of you Barack cool-aid drinking idiots.... to show me significant evidence that he has done ANYTHING in his brief political career to back up the CHANGES his mouth has been spouting off since the start of the primaries.

The guy is a fraud and the pied piper of lies... and so many stupid people in this country are willing to close their eyes and follow his music. Not surprised considering this country was stupid enough to LISTEN and then VOTE George W Bush into office TWICE!

NO experience managing an economy on any level, NO foreign policy experience, and very questionable allegiances... so lets make him President! HAHAHAHA.....

[waynester9]

After 8 years of Bush, how could anyone question something new? Do you have any better ideas?
Posted by mikekleber
___________________________________

New and different isn''t a guarantee of "better". Things can get worse, and economically will if this article is anywhere near being accurate. As for better ideas, as a nation we will need to make hard choices about how we spend our money. Although no one likes this word, "sacrifice" will become important. Not everyone''s favorite program can be funded. We will need to make spending cuts. No one should claim that this would be easy or painless. But at some point we cannot put off the inevitable. We can''t continue to mortgage the future of our children (and grandchildren). Someone will have to pay off our debts. We might as well start to do that now and live within our means. As far as specific details on how to accomplish this, I suppose everyone will have their own ideas. But there must be a consensus that this type of attitude and approach is necessary, or our economic health will continue to deteriorate.

[catherinemc1]

I am supposed to be impressed with CBS sudden research powers? Has CBS been right about anything yet? Did you foresee the $750,000,000 we''ve had to spend in Iraq? Did you foresee the $700,000,000 we had to peel out of our treasury fund to rescue the "free" markets? Didn''t think so. So to believe that Wyatt Andrews would know everything, and know exactly what is feasible and what isn''t is not exactly reliable. Our income revenue is still an unknown, and there lies the error in your analysis. Underestimating what Barack Obama will be able to do is a fools errand. I''m sure you thought the contest would be between Hillary and Rudi, hey? If it was up to those who want to tell Americans what can''t be done, those folks would be writing a column instead of running for President. Just sayin''.

[obgyn33]

Some of the most brilliant financial minds put that propsal together. They may have to tweak it but for CBS to have some hacks clance over it without talking to the authors of the proposal is unfair.
If you want to be fair, compare each and every part to whatever it is John McCain is going to do, which no one knows.
McCain spends so much time telling people what Senator Obama is going to do, no one at his rallies know what McCain is going to do. He will not give a true solid straight answer to any thing, he lies and dances around the issues.

[obgyn33]

This country is closer to realizing long desired hope of unity, working together for the greatter good, and healing. CBS takes a poposal that a good man is going to try his best to make work and cast it in a negative light to bring people down and give McCain and Palin something to quote.
Maybe the high school dropout Todd Palin can do better.
CBS just won''t let this country move forward and heal.

When is McCain going to stop talking aout Senator Obama''s plans and give us straight talk about his?

Shame on you CBS, Shame on you.

[nevadanan]

Too bad you cannot compare Obama''s plan with the detailed plan that McBush put together because he still doesn''t have one. And is saddens me as I read some comments here because the one plan McCain did have was to instill fear and hate in our American people. Looks like that one is working. Palin better watch out with her "guilty by association" finger pointing. She and Ted Stevens have worked together on several occasions. But with the Repug''s, it''s "do as I say, not as I do." Not a very compelling plan - cheap, but not constructive.

[obgyn33]

Other presidential candidate have laid out plans,
they are proposal that they try to fulfill.

Do you want to vote for someone like McCain who has no plan other than Bush?

[gregg_7]

So basically Obama''s plan does not add up?

Anyone paying attentipon knows that Obama is a slick politician, capable of telemprompted speeches with out any substance.

Glad to see the media scrutining the liar Obama and his unfunded policies.

[heartlandjim]

Obama''s plan gives the hard working man and woman hope, optimism and for the first time in a while, a fighting chance. I like it!! McSame''s plan is simple - throw more money to the rich and keep us poor suckers wages low. Not this time!! I''m voting Obama!!!

[dbstevens]

At least Obama''s trying, and he cares about the American people. McCain is not in touch with REAL American... it really WILL be more of the same Bush doctrines.

[lf1952]

You all are missing the point. Our taxes aren''t up to 50% yet (the European standard) and Obama wants to redistribute wealth so he will indeed deliver as promised, paid for by huge tax increases. That''s what socialism (redistribution of wealth) is.

Remember that "universal health care" is a FAILURE in every country with the possible exception of New Zealand where it has been tried. All those countries have 50%+ tax rates, BTW.

There is no basis for the "McCain is a continuation of Bush" argument. Bush has proven himself both ignorant and incompetent, and (I suspect) has a Messianic complex.

McCain is a leader, genuine hero, and far from being a socialist. I don''t like his social positions (i.e. I am opposed to abortion, but don''t think the Government can cross the line of controlling a woman''s body; I think science classes should be based on scientific texts, not the Bible) but will accept those risks to avoid socialism - which is exactly what Obama preaches.

If you want higher taxes, with worse and rationed health care, THEN vote for Obama.

[Gary Kempf]

Bush is throwing 700 billion at Wall Street, America owes China, The housing collapse, Banking collapse, Unemployment at it highest level. Not to mention the cost of Iraq and Afghanistan.

Yea, the Republican Party has done such a wonderful job. Wyatt Andrews is drunk on Moronic Republican garbage. Stupidity still Reigns supreme in the Republican Party. The fact Obama is willing to try to do something, shows Middle Class America that he is offering something to reverse this corruption and decay of Washington. The Republican Party is saying it will continue its special interest,lobbyist, Corporate policies.

No Thanks McCain!

[gregg_7]

It is likely Obama policies if implemented will drive America further in to a deep recession.

Raising taxes on small business will kill jobs, Obama does''nt understand that.

Obama wants to spread the wealth around and have a European social welfare system, then taxes has to raise or Obama will cut the defense budget.

It is pretty clear that Obama is a liar who will say anything for votes.

[bsb53]

I read where Barney Frank wants to cut the defense budget 25%

[gramto8]

I read where Barney Frank wants to cut the defense budget 25%

Posted by bsb53 at 05:51 AM : Oct 30, 2008

Actually that would be a wonderful place to start! For fiscal year 2008, DOD''s budget was $693,214,000,000 give or take a dollar here or there. That is just about what Bush gave the banks, true, but with the DOD it is every year and doesn''t include any ''Oh, by the way, we need'' type spending, such as things like bombing Iran, or starting a war with Russia. Those are just little items that McCain and Palin would toss in afterward for fun like Bush did with Iraq.

[floydzeppt]

CBS Evening News: If Victorious, Barack Obama May Find Fewer Resources Than He Needs For His Campaign Promises
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No kidding. The Republicans already wasted them on two wars they''ve failed in and a big Socialist Bailout for Banks.