As we noted last week, Barack Obama is now paying lip service to fiscal conservatism by calling for a "freeze" on federal spending in the face of huge deficits. Yet the freeze would apply to only a small fraction of spending and save a measly $15 billion -- and not until 2011. With Monday's budget release, in which outlays will reach $3.72 trillion for fiscal 2010 and $3.83 trillion in 2011, this political posturing becomes all the more disingenuous.While the projected deficit will hit a record $1.56 trillion this year and a cumulative $5.08 trillion over the next five years, spending will reach 25.4 percent of GDP this year, a post-World War II record. The phony freeze simply sets a new floor for government largesse -- a floor that's nearly 30 percent higher than in 2008.
The Wall Street Journal reports, "Despite talk of 'tough choices' in [Monday's] document, the Administration wants $25 billion in new spending for states for Medicaid, $100 billion for yet another jobs 'stimulus,' big boosts in spending for low-income family programs, for health research, heating assistance and education." Additionally, the budget moves Pell Grants out of the "discretionary" spending column and into the permanent entitlement one at a cost of $307 billion over 10 years.
To finance this growth in government, including the assumption that ObamaCare and cap-n-tax become law, the budget includes nearly $2 trillion in tax increases over the next decade. Yet Obama had the gall in his SOTU to declare, "Now, let me repeat: We cut taxes." Characteristically, the budget drops one of these cuts after 2012 -- the $400 payroll tax credit.
More from The Patriot Post
3 comments:
I thought you posted a picture of my ass and then upon closer examination saw it was obama makin an ass of himself.
I think it may be time for the democrats to change their 'mascot'
An ass has certainly been an appropriate figure up till the last year, but now, I think a weasel would be much more suitable.
Maybe one with lipstick, like Mzzzzz Pelosi.
I have been told that there is plenty of money to lend, but the people who are qualified to borrow don't want it because of the uncertainty being created by this administration. It makes perfect sense to me. Why would anyone go any deeper in debt when they don't know what the rules will be tomorrow? Most people who own and run small businesses are just trying to ride out the storm and are not willing to take any risks right now. The idiots in the white house have never done anything that had anything to do with business or making a profit (I said a bad word), so they don't have a clue.
Post a Comment