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.

[USA_Constitution]

How Can CBS entitle this piece with "REALITY" - how about reporting the "reality" of Obama and his actions and the affects of those actions?

[USA_Constitution]

THE COST IS WAY TOO HIGH. YOU ARE DEFINATELY NOT WORTH IT MR. OBAMA. GO BACK WHERE YOU CAME FROM. THE USA CAN'T AFFORD YOU! YOU AND YOUR WIFE WHO GO OUT ON $27,000 WEEKEND DATES - ON AMERICA'S DIME!!!

O NE B IG A SS M ISTAKE.

[USA_Constitution]

Why should anyone be surprised about what ever Obama is doing to our country? It was all out there during the campaigning for president. If more voters stopped their emotional choice and used their sense of intelligence of right and wrong - and what America is all about - revisited the US Constitution - Obama and friends would not be in the White House today.

[USA_Constitution]

Mr. Obama only is concerned about his personal praise from other countries...not the praise that the USA should be getting from other countries. Instead, Obama criticizes the USA, its citizens. He's weakened our national defense - he's using smoke and mirrors and lies about making the American people believe he's increased the national defense budget; when in fact, his adminstration moved current supplemental budget allocations into the national defense budget - to make it "look like" he's increased the national defense $$$. He's a frauds fraud. 48 million voters studied and researched who Obama was before Nov 4th...while 52 million other americans should have researched Obama before Nov 4th. No one knew who Obama was - yet, America voted him in to the highest office in the nation - if not the world. 52 million Americans were foolish and dangerously ignorant - if not plain stupid. Look at the facts of Obama. Not because he gives a good speech (due to notes and teleprompters) - he ran a successful campaign - but based on lies to get votes - he's looked at as a pretty cool guy - but, his heart and character is not in a place to be the best and do the best for the United States of America and it's citizens. He and his administration violates the USA Contstitution constantly - nothing is visibly being done and no one being accountable. Our country is in the worst state of security and stability than ever before...in a very short time. 2012 - WE THE PEOPLE - REALLY DO NEED A CHANGE - A CHANGE BACK TO VALUES OF THE US CONSTITUTION. OUR FOUNDERS WERE CONSERVATIVES WHO PRODUCED THE CONSTITUTION - TO PROTECT IT'S CITIZENS FROM BIG GOVERNMENT - NOT FOR THE GOVERNMENT TO INFILTRATE AND TAKE ADVANTAGE OF THE CITIZENS. WE NEED TO GET BACK TO CONSERVATIVE VALUES FOR OUR CHILDRENS' WAY OF LIFE FOR THE FUTURE, OTHERWISE, YOUR CHILDREN WILL PAY FOR THIS ADMINISTRATION'S IRRESPONSIBLE ACTS.
EDUCATE YOURSELF - MARK LEVIN'S BOOK - "LIBERTY AND TYRANNY" - WONDERFUL BOOK HOW, WHAT AND WHY OUR US CONSTITUION WAS ADOPTED AND WHAT THE LIBERAL LEFT TOOK OUR COUNTRY TO AND HOW.

[USA_Constitution]

Janeane Garofalo and her comment on MSNBC are absolutely sick! She and others like her should just shut their mouths. The Show "24" will suffer now.

[classifried]

If and when Obama gets elected (Let''s hope this doesn''t happen)But if he does the American people need to hold him accountable for each and every promise made. Don''t let him backslide or weasel his way out of any promise. He dealt the cards now it''s our turn! He wants to play let''s play!
I have been doing some very extensive research in the deep south listening to one side then the other and this race in the south is without question based upon race alone in the african-american comunity.
In their rush to make so called history and get who they think is one of their own into the white house his past associations, philosophies, and record are being totally over looked.
I sincerely believe that unknowingly they are going to bring absolute shame upon themselves after struggling so long and so hard to get where they are today.
All this effort and the votes are being thrown away, without doubt, on the wrong black candidate. He is not what this country needs at this time and he is not what they think he is!
He is being voted for by the african-american community strictly for what he is, not who he is!
And personally I don''t think they care. Which is and will be (as I have said) ultimately and sadly to their own shame I''m afraid!
The anger and disenfranchisement upon his inability to meet any of his promises, I''m afraid, will be absolutely immense!

[classifried]

If and when Obama gets elected (Let''s hope this doesn''t happen)But if he does the American people need to hold him accountable for each and every promise made. Don''t let him backslide or weasel his way out of any promise. He dealt the cards now it''s our turn! He wants to play let''s play!
I have been doing some very extensive research in the deep south listening to one side then the other and this race in the south is without question based upon race alone in the african-american comunity.
In their rush to make so called history and get who they think is one of their own into the white house his past associations, philosophies, and record are being totally over looked.
I sincerely believe that unknowingly they are going to bring absolute shame upon themselves after struggling so long and so hard to get where they are today.
All this effort and the votes are being thrown away, without doubt, on the wrong black candidate. He is not what this country needs at this time and he is not what they think he is!
He is being voted for by the african-american community strictly for what he is, not who he is!
And personally I don''t think they care. Which is and will be (as I have said) ultimately and sadly to their own shame I''m afraid!
The anger and disenfranchisement upon his inability to meet any of his promises, I''m afraid, will be absolutely immense!

[voodoowoman1]

YOU DECIDE BUT READ THIS FIRST

WHO AM I?

I am a republican. I am under the age of the 45. I love the outdoors. I am an avid hunter and fisherman. I am a member of the National Rifle Association. I have a reputation as a reformer. I am known for taking on the republican establishment. I have a lot of children. I served less than 2 years as governor before being named to the national ticket as the Republican vice presidential candidate.

HAVE YOU HEARD OF ME BEFORE NOW? I AM THEODORE ROOSEVELT.
This was taken from an article written by Bill Miller in the North American Hunter Magazine

I know who I am voting for. Can the Obama supporters say the same? Who is Obama? (other than a sneak, a practicing deceptionist that hides all records that would speak of his integrity, ability and determination.)

[truth4u2]

Know the Truth!
You Will be Shocked I GUARANTEE!!
Video from C-Span

Truth ,Who is responsible for the banking crisis? You be the judge.
Watch the whole thing you will be shocked!! hear it straight from Bill Clinton himself.
http://www.youtube.com/watch?v=blcC_kCnf8U

Fannie CEO and the Democrats are one big family
http://www.youtube.com/watch?v=cLQU7uNR5bM

Truth on Oil/ Drilling
http://www.youtube.com/watch?v=VobxUtOEM7M

Another on drilling our own oil, This one is pathetic and makes me sick
http://www.youtube.com/watch?v=1teACBS-1cc


You deserve to know the Truth!!!

[ycessna]

It is about time, although a little late since the vote ia around the corner now, for the main stream media to publish the truth about Obama and unusally favorable information to McCain.
After Katy Couric''s Palin-interview, which was very calculating, I had absolutely no faith that CBS could be fair and balanced about the Presidential campaigns.
Bravo Wyatt Andrews! Someone who actually researches and publishes the truth.
You can fire Katy Couric with my blessings.

[gdorunda]

Time for a reality check! He doesn%u2019t have to pay; Comrade Obama will order you to pay for all of his pipedreams.

Hey, it%u2019s only your money.

George Dorunda
Dorunda.com

[shearichard]

Posted by PJC27 at 08:25 AM : Oct 31, 2008 wrote:
"I think, even in the end, if we have a great and successful country, people are willing to pay for that. Educated kids up on science and math; good jobs...that is worth a few bucks to me. I''''ll take my tax cuts where I can get ''''em, but when it comes time to pay I am willing.
It''''s like buying a bigger, better house, you pay more -you get more. ...Obama! Tax cut or not! We are in the definate tax cut bracket. But I tell ya, I''''d be willing to pay 500 MORE in taxes for Obama than to ever see McPalin in the White House.


You really have to be out of touch to say you''d like to pay MORE taxes to have Obama in office. Good jobs? When Obama starts taxing the wealthy even more, what incentive is there for business to continue to grow? If business doesn''t grow, there won''t be more "good jobs". Businesses will continue to lay people off because let''s see: The business isn''t selling as much product, so they cut back inventory purchased from their suppliers. The suppliers cut back their work force because they aren''t selling as much inventory to the business. That employee who just got cut isn''t going out to eat as much or to the movies so the restaurant starts laying off workers...get the picture??

A bigger better house--yes you get more and you pay more and it costs MORE to keep it up year after year after year and lots of people bite off more than they can chew in that regard! i.e, our current mortgage crisis.

[vale4791]

"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."

Brilliant minds? You mean like Franklin Raines?

[vale4791]

Thank You CBS for finally making Obama accountable for his promises. I wish the American people would wise up and realize that all these promises require money. We have used up all our credit and look at us now.

Since the first time I heard Senator Obama say he would review the budget "line for line" I knew he was full of it. As a simple citizen I have no earthly idea about the size of the budget, but I can almost guarantee that in order for "President Obama" to review it line for line, he would need a whole lot more available time than the president has. Why am I the only person I know that catches these things and questions them?

ABC also has a similiar story regarding Obama-Claus.

http://blogs.abcnews.com/politicalpunch/2008/10/obama-claus.html

[ninerbob22]

First off, Obama is not the Anti-Christ!

Who is lying and who is attacking. If it is the truth and the other has been lying, it isn''t an attack.

This is eye opening and seeing is believing. This election is important, take the time to watch these liks. One will go to You tube and it might say it is gone. but, if you type it into your addreess box it will show up. Please take time to watch, this electionis impotant.

http://www.youtube.com/watch?v=3rTLmFx-uiy


http://www.snopes.com/politics/soapbox/huntleybrown.asp


The truth about obama, all this I say is on internet:
He knew Bill Ayers well, he lied.
He would not wear the flag pin showing support after 911
he was Barry all his life until visiting muslim countries and became Barack, what brought out his muslim background wanting to be Barack?
He stated the big tragedy of the civil rights movement was that there was no redistribution of wealth to minorities.
Took the American flag off of his plane and won''t put hand over heart for pledge of allegiance.
He is very close to Reverend Wright for many years and knew of the reverend''s anti American and racists rants and lied about knowing what he has said. As long as he was with Wright, it is obvious he had no problems with Wright''s views.

[tennhorns]

Wow! This is so hard-hitting, and probative, and thoughtful, and..and..Just like Dan Rather! Thank God for unbiased, non-partisan news reporting like CBS. Wouldn''''t it be awful if Network news sources actually supported and helped one candidate over another?

Posted by basbariton at 03:06 PM : Oct 31, 2008

Dude, I know it''s been a long time since anyone in the media has held Obama accountable for anything he has said; but have you forgotten that news bureaus used to check out and report when candidates (from BOTH parties) said things that aren''t true? This is an article about Obama''s claims, and a study of whether they are true. There are many, many more articles picking nits at McCain than there are articles acknowledging the enormous whoppers Obama tells. You certainly can''t seriously think Obama''s been, on the whole, badly treated by the MSM. Delusion is one thing; that''s gotta be willful blindness.

[basbariton]

Wow! This is so hard-hitting, and probative, and thoughtful, and..and..Just like Dan Rather! Thank God for unbiased, non-partisan news reporting like CBS. Wouldn''t it be awful if Network news sources actually supported and helped one candidate over another?

[tennhorns]

Fact Check: Wyatt Andrews forgot the $billion$ per month to be saved from ending the war in Iraq.

Fact Check: Wyatt Andrews omitted a crucial part of Obama''''s infomercial where he said he''''d go through the budget line by line and get rid of programs that are not working.

Posted by chosenson at 12:50 PM : Oct 31, 2008

chosenson, did you even read the article?? As a matter of fact, Mr. Wyatt accounted for both:

"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."

"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."

You can be for Obama, of course; but you''ll do your cause a lot more good if you at least pretend to be paying attention.

[rtdan]

Yes, of course he wont be able to keep all his campaign promises. No politician ever does. But, at least he has a list of priorities that make sense, and if he can put at least 80% of his proposals into place, that will make America a better place, indeed. Ending the Iraq war and finding a health care solution are the 2 biggest priorities, and if those get taken care of, then the econmony will benefit. Personally , taxes probably dont need to be cut right now, even on the middle class. We need ever penny to clean up the mess the last 8 years of fiscal irresponsibility.


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Posted by cg37102006 at 09:09 AM : Oct 31, 2008

cg, He will be lucky to accomplish 5% of what he says. His health plan will cost more than twice what he expects it to cost and that cost is more than what what will be saved from the war.

[chosenson]

Fact Check: Wyatt Andrews forgot the $billion$ per month to be saved from ending the war in Iraq.

Fact Check: Wyatt Andrews omitted a crucial part of Obama''s infomercial where he said he''d go through the budget line by line and get rid of programs that are not working.