In case you missed it…

“Hmm…let’s see…about 100 days left to keep up this sh*t….damn, I hope these idiots will still be stupid enough to buy it come election day…”

While everyone is busy with the Chick-fil-a distraction, The American Spectator’s Peter Ferrara points out the President continues to LIE to YOU about the economy….

Obama’s Calculated Deception

The Obama Watch

How the Obama campaign is trying to deceive you on the economy.

Calculated Deception. That is the central theme of the Obama campaign. Calculated Deception is the term I use for Obama’s rhetorical practice of trying to take advantage of what he calculates the average person does not know, and his party-controlled, so-called mainstream media won’t report. And that can be seen over and over in the Obama campaign.

Obscuring the Worst Recovery Since the Great Depression
In Monday’s Wall Street Journal, Edward Lazear, former Bush chairman of the President’s Council of Economic Advisors, notes, “A graph titled ‘Private Sector Job Creation’ on the Obama-Biden campaign website… announces proudly that 4.4 million private sector jobs have been created over the past 28 months.” But that factoid is meaningless out of any context, more like a pediatrician boasting to you that under his care your 16-year-old son has grown to 4 feet 4 inches. At the same point during the Reagan recovery, the economy had created 9.5 million new jobs.

Moreover, Lazear correctly adds, “there hasn’t been one day during the entire Obama presidency when as many Americans were working as on the day President Bush left office.” That’s right, contrary to the Obama campaign’s misleading claim of 4.4 million new jobs created, total jobs today are still half a million less than in January 2009 when Obama entered office.

Lazear continues, “Moreover, the unemployment rate, which we were told would not exceed 8% if we enacted Mr. Obama’s stimulus package…has never fallen below 8% during his presidency. The rate has averaged 9.2% since February 2009.” In sharp contrast, after Bush’s tax rate cuts were all fully implemented in 2003, the economy created 7.8 million new jobs over the next 4 years and the unemployment rate fell from over 6% to 4.4%. We won’t see that again until Obama is out of office.

President Obama and his chairman of the Council of Economic Advisors, Alan Krueger, brag that private sector jobs have now grown for “28 straight months.” Obama and Krueger apparently think most Americans do not know that job growth is the norm and not the exception for the American economy. In the 62 years from January 1946, after World War II, until January 2008, jobs grew in 86% of the months, or 640 out of 744. Reagan’s recovery produced job growth in 81 out of its first 82 months, with 20 million new jobs created over those 7 years, increasing the civilian workforce at the time by 20%. Even George W. Bush oversaw 52 consecutive months of job growth, including nearly 8 million new jobs created after his 2003 capital gains and dividends tax rate cuts became effective (which Obama is dedicated to reversing).

The relevant streak of Obamanomics was extended in the June jobs report. That report established that under President Obama America has suffered 41 straight months of unemployment over 8%, which the Joint Economic Committee of Congress confirms is the worst recovery from a recession since the Great Depression almost 75 years ago. Indeed, the last time before Obama unemployment was even over 8% was December 1983, when Reaganomics was bringing it down from the Keynesian fiasco of the 1970s. It didn’t climb back above that level for 25 years, a generation, which is a measure of the spectacular success of Reaganomics.

But Krueger tells us about that June jobs report, “It is important not to read too much into any one monthly report.” The Obama Administration, however, has said the exact same thing for each of the last 30 months, as documented July 6 by Bryan Preston for PJMedia.

How Stupid Does He Think We Are?
President Obama keeps telling us his economic program should be judged by comparison to the worst of the recession. Look, we have turned the corner, he says, and the economy has started growing again, just like your teenage son. But the correct comparison is to prior recoveries from past recessions. As Lazear explained, “Yet we know that all recessions end and that labor markets recover eventually. What distinguishes this labor-market recovery is not that jobs are finally being created but rather the growth rate is so slow that it will be 2016 before we return to pre-recession employment levels.” Obama is campaigning as if he were certain that a majority of Americans do not know that all recessions end and that labor markets recover eventually.

American recessions since the Great Depression previously have lasted an average of 10 months, with the longest at 16 months. But this latest recession began in December 2007. The June labor report showed that the most commonly cited U3 unemployment rate remains stuck at 8.2%, with the number of unemployed Americans actually rising over the last 3 months by 76,000, 54 months after the recession started, and 3 years after it was supposedly over, the longest period of unemployment that high since the Great Depression.

Barack Obama knows that history, even though he is sure a majority of you don’t. That is why he was confident enough to tell Matt Lauer and the nation in February 2009 regarding economic recovery: “If I don’t have that done in three years, then this is going to be a one-term proposition.” And it is why the Administration so confidently labeled the summer of 2010 “Recovery Summer,” as by historical standards the recovery was already way overdue by then.

Obama’s tragic jobs record reflects the dismal economic growth under his administration’s throwback, Keynesian economic policies. For all of last year, the economy grew by a paltry real rate of 1.7%, only about half America’s long-term trend. The average so far this year has been no better. That dismal growth is further reflected in the Census Bureau reports of falling real wages under Obama, kicking median family income back over 10 years, with more Americans in poverty today than at any time in the more than 50 years that Census has been tracking poverty.

In sharp contrast, in the second year of Reagan’s recovery, the economy boomed by a real rate of 6.8%, the highest in 50 years. Real per capita disposable income increased by 18% from 1982 to 1989, meaning the American standard of living increased by almost 20% in those first 7 years of the Reagan boom alone. The poverty rate, which had started increasing during the Carter years, declined every year from 1984 to 1989, dropping by one-sixth from its peak. That is the proper comparison for Obama’s economic performance.

Obama cannot explain away the disgraceful failure of his Keynesian economic policies by arguing it is because the recession he inherited from Bush was so bad. The American historical experience is that the worse the recession, the stronger the recovery, as the American economy snaps back to its world-leading, long-term, economic growth trend line. Based on this historical record, we should be enjoying the third year of a raging economic recovery boom right now.

But the dismal economic performance we have suffered instead, with no real recovery from the steep 2008-2009 recession at all, is because Obama has so thoroughly followed the opposite of every policy of Reaganomics. I first argued in the Wall Street Journal in February 2009 that Obamanomics was going to produce the opposite of Reaganomics as a result. That is what is now just beginning to happen.

“The Rich” and Their Fair Share
We can see the same Calculated Deception in regard to President Obama’s tax policy, where he has been barnstorming the country for three years now telling us that “the rich” (whatever that is supposed to mean) do not pay their fair share of federal taxes, and the middle class pays more as a result. But the CBO issued a report last month that proves him grievously wrong.

The Distribution of Household Income and Federal Taxes, 2008 and 2009,” issued by CBO on July 10, reports that the top 1% of income earners paid 39% of federal individual income taxes in 2009, while earning 13% of the income. That means their share of federal income taxes was three times their share of income.

And that is down from 2007, before President Obama was even elected. In that year, after 25 years of Reagan Republican tax policies, the top 1% paid 40% of federal individual income taxes. That was more than double the 17.6% of federal individual income taxes paid by the top 1% when President Reagan entered office in 1981.

Also in 2007, again before Obama was even elected, and after 25 years of Reaganomics, the bottom 40% of income earners on net as a group paid less than 0% of federal income taxes. Instead of paying at least some income taxes to help support the federal government, the federal government paid them cash through the income tax code.

Does that reality sound like what you hear in President Obama’s deceiving speeches?

CBO further reported that in 2009 the top 20% of income earners, those earning more than $74,000, paid 94% of federal individual income taxes, virtually all of the net total. That was 85% more than the share of national income they earned.

Yet, in that same year, the middle 20% of income earners, the true middle class, paid 2.7% of total federal individual income taxes on net, while earning 15% of before-tax income. And the bottom 40% of income earners, instead of paying some income taxes to support the federal government, were paid by the IRS cash equal to 10% of federal individual income taxes on net.

That means altogether the bottom 60% of income earners, which includes the middle class, paid less than 0% of total federal individual income taxes as a group on net. Instead, as a group, they received net cash payments from the IRS on net.

Ignorant or Lying?
The Obama campaign continues its Calculated Deception in saturating the Internet with advertising alleging that Mitt Romney’s “tax plan” would raise taxes on the middle class and working families. Not only has Romney proposed no such thing. House Republicans have already voted for Rep. Paul Ryan’s tax reform plan that would cut the federal income tax rate for all families earning less than $100,000 to 10%, and Romney has endorsed that as well.

Indeed, the whole history of Republican tax policy going back to Reagan is that Republicans have never raised income taxes on the middle class and working people. Quite to the country, Reagan and his Republicans abolished federal income taxes on what the Left calls the working class, and almost abolished them for the middle class, as the official data discussed above shows.

That began with the Earned Income Tax Credit (EITC), which grew out of then Governor Ronald Reagan’s famous testimony before the Senate Finance Committee in 1972, where he proposed exempting the working poor from all Social Security and income taxes as an alternative to welfare, with the credit serving as a way to offset payroll taxes for the poor and low income workers. As President, Reagan cut federal income tax rates across the board for all taxpayers by 25%. He also indexed the tax brackets for all taxpayers to prevent inflation from pushing working people into higher tax brackets.

In the Tax Reform Act of 1986, President Reagan reduced the federal income tax rate for middle and lower income families all the way down to 15%. That Act also doubled the personal exemption, shielding a higher proportion of income from taxation for lower income workers than for higher income workers.

Newt Gingrich’s Contract with America adopted a child tax credit of $500 per child that also reduced the tax liabilities of lower income people by a higher percentage than for higher income people. President Bush doubled that credit to $1,000 per child, and made it refundable so that low-income people who do not even pay $1,000 in federal income taxes could still get the full credit. Bush also adopted a new lower tax bracket for the lowest income workers of 10%, reducing their federal income tax rate by 33%.

That is how we reached the point by 2007 where the bottom 40%, or even 60%, of income earners as a group on net were being paid by the federal income tax code instead of paying federal income taxes. So when then candidate Obama said in 2008 that Republicans cut taxes for the rich, but haven’t “given a break to folks who make less,” was he ignorant or lying?

Obama’s lying allegation regarding Romney flies in the face of that reality. Rather, it is Obama who has raised taxes on the middle class, in gross violation of his 2008 campaign pledge not to do so. That has been held, in fact, by the United States Supreme Court, which ruled that the individual mandate in Obamacare is constitutional precisely because it is a tax. And that individual mandate tax applies to the middle class, and working people. Moreover, Obamacare includes several other tax increases that apply to the middle class, and working people, such as the new tax on medical devices, the new tax on health insurance, the new tax on prescription drugs, and others.

Blame Obama on the Democrat Party
The Obama campaign is trailblazing new realms of dishonesty in the history of American politics, bringing to America for the first time Soviet-style propaganda that flies in the direct face of reality, buttressed by dishonest, party-controlled media operations. Moreover, it is a classically abusive Saul Alinsky trick to accuse your opponent of planning to do exactly what you have done, as Obama does in continually accusing Romney of proposing to raise taxes on the middle class. Only an idiot can fail to see that the entire Democrat party’s spending plansrequire sweeping tax increases on the middle class.

The bottom line is that the entire Democrat party needs to be held responsible for Obama, the abusive dishonesty of his campaign operation, and the accelerating downward spiral of America his neo-Marxist policies are producing. Those policies in fact are not unique to Obama, but represent the heart and soul of today’s Democrat party. This is a Paul Revere moment for the American people. The only way to save your country is for each of you to rally your friends, neighbors, and relatives this fall to come out in force and defeat the entire Democrat party root and branch.

More reading:

Class Warfare: Sequestration Edition

ABOUT THAT CBS/NYT/QUINIPPIAC POLL

Powerline Blog

Just Open Up Your Eyes And Look – 65 Signs That The Economic Collapse Is Already Happening

The Economic Collapse Blog

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The REAL World!….

Not a good week, was it Mr. President?…..Reality sorta sneaks up on you!

While former President Clinton excuses himself for endorsing the extension of the “Bush tax cuts”, and ABC News (just like most of the lame stream media) makes excuses for the misfortunes of the Democrats (“Incoming! The Potential Campaign Torpedoes Beyond Obama’s Control”), our friends at the Economic Collapse blog have some harsh facts these guys absolutely REFUSE to acknowledge:

The U.S. Economy By The Numbers: 70 Facts That Barack Obama Does Not Want You To See

Why is the economy going to collapse? Have you ever been asked that question? If so, what did you say? Sometimes it is difficult to communicate dozens of complicated economic and financial concepts in a package that the average person on the street can easily digest. It can be very frustrating to know that something is true but not be able to explain it clearly to someone else. Hopefully many of you out there will find the list below useful. It is a list of 70 numbers that show why we are headed for a national economic nightmare. So why does the title of the article

single out Barack Obama? Well, it is because right now he is the biggest cheerleader for the economy. He is attempting to convince all of us that everything is just fine and that the economy is heading in a positive direction. Well, the truth is that everything is not fine and things are about to get a whole lot worse. Certainly others should share in the blame as well. Congress has been steering the economy in the wrong direction for decades, the “too big to fail” banks have turned Wall Street into a pyramid of risk, leverage and debt, and the Federal Reserve has more power over the financial system than anyone else does. Our economy has been in decline for quite a while now, and soon we are going to smash directly into an economic brick wall. Unfortunately, a lot of Americans are in denial about this. A lot of people out there doubt that an economic collapse is coming. Well, if you know someone that believes that the U.S. economy is going to be “just fine”, just show them the list below.

The following are 70 facts that Barack Obama does not want you to see….

$3.59 – When Barack Obama entered the White House, the average price of a gallon of gasoline

was $1.85. Today, it is $3.59. 22 – It is hard to believe, but today the poverty rate for children living in the United States is a

whopping 22 percent. 23 – According to U.S. Representative Betty Sutton, an average of 23 manufacturing facilities

permanently shut down in the United States every single day during 2010. 30 – Back in 2007, about 10 percent of all unemployed Americans had been out of work for 52

weeks or longer. Today, that number is above 30 percent. 32 – The amount of money that the federal government gives directly to Americans has

increased by 32 percent since Barack Obama entered the White House. 35 – U.S. housing prices are now down a total of 35 percent from the peak of the housing

bubble. 40 – The official U.S. unemployment rate has been above 8 percent for 40 months in a row.

42 – According to one survey, 42 percent of all American workers are currently living paycheck to paycheck.

48 – Shockingly, at this point 48 percent of all Americans are either considered to be “low income” or are living in poverty.

49 – Today, an astounding 49.1 percent of all Americans live in a home where at least one

person receives benefits from the government. 53 – Last year, an astounding 53 percent of all U.S. college graduates under the age of 25 were

either unemployed or underemployed. 60 – According to a recent Gallup poll, only 60 percent of all Americans say that they have

enough money to live comfortably.

61 – At this point the Federal Reserve is essentially monetizing much of the U.S. national debt. For example, the Federal Reserve bought up approximately 61 percent of all government debt issued by the U.S. Treasury Department during 2011.

63 – One recent survey found that 63 percent of all Americans believe that the U.S. economic model is broken.

71 – Today, 71 percent of all small business owners believe that the U.S. economy is still in a recession.

80 – Americans buy 80 percent of the pain pills sold on the entire globe each year. 81 – Credit card debt among Americans in the 25 to 34 year old age bracket has risen by 81

percent since 1989. 85 – 85 percent of all artificial Christmas trees are made in China.

86 – According to one survey, 86 percent of Americans workers in their sixties say that they will continue working past their 65th birthday.

90 – In the United States today, the wealthiest one percent of all Americans have a greater net worth than the bottom 90 percent combined.

93 – The United States now ranks 93rd in the world in income inequality. 95 – The middle class continues to shrink – 95 percent of the jobs lost during the last recession

were middle class jobs.

107 – Each year, the average American must work 107 days just to make enough money to pay local, state and federal taxes.

350 – The average CEO now makes approximately 350 times as much as the average American worker makes.

400 – According to Forbes, the 400 wealthiest Americans have more wealth than the bottom 150 million Americans combined.

$500 – In some areas of Detroit, Michigan you can buy a three bedroom home for just $500. 627 – In 2010, China produced 627 million metric tons of steel. The United States only

produced 80 million metric tons of steel.

877 – 20,000 workers recently applied for just 877 jobs at a Hyundai plant in Montgomery, Alabama.

900 – Auto parts exports from China to the United States have increased by more than 900 percent since the year 2000.

$1580 – When Barack Obama first took office, an ounce of gold was going for about $850. Today an ounce of gold costs more than $1580 an ounce.

1700 – Consumer debt in America has risen by a whopping 1700% since 1971.

2016 – It is being projected that the Chinese economy will be larger than the U.S. economy by the year 2016.

$4155 – The average American household spent a staggering $4,155 on gasoline during 2011. $4300 – The amount by which real median household income has declined since Barack

Obama entered the White House. $6000 – If you can believe it, the median price of a home in Detroit is now just $6000.

$10,000 – According to the Employee Benefit Research Institute, 46 percent of all American workers have less than $10,000 saved for retirement, and 29 percent of all American workers have less than $1,000 saved for retirement.

49,000 – In 2011, our trade deficit with China was more than 49,000 times larger than it was back in 1985.

50,000 – The United States has lost an average of approximately 50,000 manufacturing jobs a month since China joined the World Trade Organization in 2001.

56,000 – The United States has lost more than 56,000 manufacturing facilities since 2001. $85,000 – According to the New York Times, a Jeep Grand Cherokee that costs $27,490 in the

United States costs about $85,000 in China thanks to all the tariffs.

$175,587 – The Obama administration spent $175,587 to find out if cocaine causes Japanese quail to engage in sexually risky behavior.

$328,404 – Over the next 75 years, Medicare is facing unfunded liabilities of more than 38 trillion dollars. That comes to $328,404 for each and every household in the United States.

$361,330 – This is what the average banker in New York City made in 2010. 440,00 – If the federal government began right at this moment to repay the U.S. national debt at

a rate of one dollar per second, it would take over 440,000 years to totally pay it off. 500,000 – According to the Economic Policy Institute, America is losing half a million jobs to

China every single year.

2,000,000 Family farms are being systematically wiped out of existence in the United States. According to the U.S. Department of Agriculture, the number of farms in the United States has fallen from about 6.8 million in 1935 to only about 2 million today.

$2,000,000 – At this point, the U.S. national debt is rising by more than 2 million dollars every single minute.

2,600,000 – In 2010, 2.6 million more Americans fell into poverty. That was the largest increase that we have seen since the U.S. government began keeping statistics on this back in 1959.

5,400,000 – When Barack Obama first took office there were 2.7 million long-term unemployed Americans. Today there are twice as many.

16,000,000 – It is being projected that Obamacare will add 16 million more Americans to the Medicaid rolls.

$20,000,000 – The amount of money the U.S. government was spending to create a version of Sesame Street for children in Pakistan.

25,000,000 – Today, approximately 25 million American adults are living with their parents. 40,000,000 – According to Professor Alan Blinder of Princeton University, 40 million more U.S.

jobs could be sent offshore over the next two decades if current trends continue.

46,405,204 – The number of Americans currently on food stamps. When Barack Obama first entered the White House there were only 32 million Americans on food stamps.

88,000,000 – Today there are more than 88 million working age Americans that are not employed and that are not looking for employment. That is an all-time record high.

100,000,000 – Overall, there are more than 100 million working age Americans that do not currently have jobs.

$150,000,000 – This is approximately the amount of money that the Obama administration and the U.S. Congress are stealing from future generations of Americans every single hour.

$2,000,000,000 – The amount of money that JP Morgan has admitted that it will lose from derivatives trades gone bad. Many analysts are convinced that the real number will actually end up being much higher.

$147,000,000,000 – In the U.S., medical costs related to obesity are estimated to be approximately 147 billion dollars a year.

295,500,000,000 – Our trade deficit with China in 2011 was $295.5 billion. That was the largest trade deficit that one country has had with another country in the history of the planet.

$359,100,000,000 – During the first quarter of 2012, U.S. public debt rose by 359.1 billion dollars. U.S. GDP only rose by 142.4 billion dollars.

$454,000,000,000 – During fiscal 2011, the U.S. government spent over 454 billion dollars just on interest on the national debt.

$1,000,000,000,000 – The total amount of student loan debt in the United States recently surpassed the one trillion dollar mark.

$1,170,000,000,000 – China now holds approximately 1.17 trillion dollars of U.S. government debt. Yet the U.S. government continues to send them millions of dollars in foreign aid every year.

$1,600,000,000,000 – The amount that has been added to the U.S. national debt since the Republicans took control of the U.S. House of Representatives. This is more than the first 97 Congresses added to the national debt combined.

$5,000,000,000,000 – The U.S. national debt has risen by more than 5 trillion dollars since the day that Barack Obama first took office. In a little more than 3 years Obama has added more to the national debt than the first 41 presidents combined.

$5,000,000,000,000 – What the real U.S. budget deficit in 2011 would have been if the federal government had used generally accepted accounting principles.

$11,440,000,000,000 – The total amount of consumer debt in the United States. $15,734,596,578,458.59 – The U.S. national debt as of June 7, 2012.

$200,000,000,000,000 – Today, the 9 largest banks in the United States have a total of more than 200 trillion dollars of exposure to derivatives. When the derivatives market completely collapses there won’t be enough money in the entire world to fix it.

Boggles the mind, doesn’t it?….

Matt Welch @ Reason.com has a great piece out..and the title alone is PERFECT advice for Mr. Obama and the Democrats:

GET SERIOUS ABOUT GOVERNING, DEMOCRATS!

Check it out! Definitely worth your time!….In the meantime, the Wisconsin fall out continues…and November 6 looms ever closer….

“No one else is even close…..”

The Wall Street Journal’s analysis of our President’s fiscal behavior…

$5 TRILLION AND CHANGE

The political strategy behind Obamanomics was always simple: Call for “stimulus” to rescue the economy, run up the debt with the biggest spending blitz in 60 years, and then when the deficit explodes call for higher taxes. The Congressional Budget Office annual review released yesterday shows this is all on track.

CBO reports that annual spending over the Obama era has climbed to a projected $3.6 trillion this fiscal year from $2.98 trillion in fiscal 2008, or more than 20%. The government spending burden has averaged 24% of GDP, up from an average of about 20%. This doesn’t include the $2 trillion tab for ObamaCare.

All of this has increased the federal debt by about $5 trillion in a mere four years. Thanks to higher revenues, the federal deficit will decline to $1.08 trillion in 2012, or 7% of GDP. But that is still the highest deficit since 1946—except for the previous three years. In other words, the four years of the Obama’s Presidency will mark the four highest years in spending and deficits as a share of the economy since Harry Truman sat in the Oval Office.

1cbo

EPA

And don’t forget the national debt held by the public—the kind we have to pay back. On President Obama’s watch, CBO says public debt will climb this year to 72.5% of the economy from 40.3% in 2008. This isn’t as high as Italy or Greece, but it’s rising fast toward the 90% level that begins to debilitate an economy.

We pause from this gloom for some good news: Despite the abuse they’ve taken, House Republicans have made some fiscal progress. CBO estimates that overall federal spending in 2012 will grow by only $3 billion, or less than 1%, which compares with double digit increases during the Obama-Pelosi years. Republicans have also tried to reform entitlements, but Democrats wanted a $1 trillion tax hike ransom for even modest cuts, which was wisely rejected.

The other part of the fiscal story is that revenues have been in the tank for five years. In 2012 revenues will hit $2.52 trillion down from $2.57 trillion in 2007. Revenues are still only 16.3% of GDP, about two percentage points below the norm.

The drought has two main causes. First, the anemic recovery in jobs and investment isn’t spinning off enough new output (1.7% growth last year) to boost tax receipts anywhere near their historic level.

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Second, a series of non-stimulative tax cuts—tax rebates in 2008 and 2009, and payroll tax holidays in 2011 and this year—have depleted the Treasury with little economic benefit. These tax cuts don’t change the incentive at the margin to work or invest, and they thus have little feedback effect in revenues from faster growth.

The most amusing part of the CBO’s report is its projection that the deficit will fall to $269 billion by 2015, or a mere 1.5% of GDP, if current law holds. But this is a fiscal fantasy because current law never holds.

CBO predicts, for example, that all the Bush tax cuts will go away next year. The Alternative Minimum Tax will supposedly be allowed to hit 30 million tax filers (up from four million now) with an income as low as $75,000 a year. Under those assumptions total federal revenues rise by $1 trillion over the next three years, $1.5 trillion over five years, and $3.6 trillion over 10 years. You can’t get anywhere near that level of revenues without a much bigger tax increase on the rich and the middle class, or an extended boom in the range of 5% to 6% annual growth.

Even the Keynesians who run CBO concede that the 2013 tax hike—on capital gains, dividends, estates and small business—would knock economic growth down to 1% next year and raise unemployment to 9.1% (from 8.5%). That means about 750,000 more jobless Americans. You can’t have such a lousy economy and cut the deficit in half.

CBO also indulges in the fantasy that discretionary spending will fall by nearly $2 trillion over the next decade—with almost all the cuts after 2015. About $1.25 trillion of those cuts come from the automatic across-the-board reductions that Congress and Mr. Obama agreed to last year. But wait. More than half of those cuts will come from the military budget and even Defense Secretary Leon Panetta has said these reductions could be “devastating” to national security.

To sum it all up, CBO’s facts plainly show that Mr. Obama has the worst fiscal record of any President in modern times. No one else is even close.

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CRITIC’S CORNER WEDNESDAY: ‘BEST SUPER BOWL ADS, ‘WHITNEY’ – Robert Bianco @ USA Today

Sometimes you just have to sit back and admire the business of show business.

Tonight, CBS takes something most viewers generally see as an unwelcome interruption — commercials — and builds an hour-long special around them: Super Bowl‘s Greatest Commercials 2012 (8 ET/PT), the excuse being that people have a fondness for Super Bowl ads that extends to no other form of the art.

In addition to reliving the ads, you’ll get to vote on the “greatest commercial brands.” And don’t be surprised if a few of those brands also buy ad time inside the ad-based program.

Things are mixed on the NBC comedy front tonight.

The good news — and it’s very good indeed — is that John Cleese is making a guest appearance.

The not-so-good news is that he’s making it on Whitney(8 ET/PT).

There are a lot of pre-February sweeps repeats tonight, including a very funny Modern Family (ABC, 9 ET/PT) that emphasizes the show’s skill at physical comedy.

Frustration is a theme tonight, as multiple irritations, from a fender bender to a kid cheating Haley out of money, build to a surprisingly successful confrontation.