Yesterday I blogged about the rumored Obama budget that did nothing more than freeze the current budget for 5 years. At a time when the bloat in the federal budget has destroyed our position in the global economy, Obama doesnt seem to have heard the message from the election that a serious reduction in federal spending, not a freeze, was the only way to get control of our budget.
Today the President went on the road to Baltimore to tout his new budget; to a middle-school. Huh?
The rumors are now replaced by facts, and those facts are far scarier than the rumors. Mr. Obamas supposedly pared down budget calls for $3.73 trillion in spending, a $1.1 trillion deficit next year, $1 trillion in supposed spending cuts and tax increases, including a 5 year freeze on non-security discretionary spending. And what do we get for all this bogus fiscal restraint? Youre gonna laugh I promise: the deficit will stabilize at about 3% of GDP in 2017! Stabilize not shrink. That means it will continue to grow for another 6 years!
Wake up Tea Party! Mr. Obama didnt hear you!
Lets dig a little deeper. On the tax front, Mr. Obama has proposed a one-two punch of massive tax increases. First he wants to remove the deduction for home interest payments. Imagine how good thatll be for the real estate market! Hell raise the death-tax from 35% to 45%. Just a year ago we had no death-tax, then it came back this year and hes already looking to increase it by more than 25%! Then all the Presidents number assume the Bush tax cut expires in 2012. Can you see where this is heading?
On the spending front, Mr. Obama proposes not reductions, but significant increases in the areas of infrastructure (you know, more of those shovel-ready projects) and education. The spending is all fueled by the tax increases, so dont expect any reduction in the debt. In fact, if youre to believe the administrations own numbers, this budget will increase the national debt by over 7.2 trillion dollars! Is this man deaf? All the talk about reductions in spending, and the Education department alone gets a 35% increase over 2008 levels! There is not a single cut in this entire budget. What a farce!
The Democrats are quick to pull out the Congressional Budget Office (CBO) whenever convenient to them, but today they were not very convenient. According to the CBO, this budget doesnt only fail to reduce the deficit by a trillion dollars over the next decade, it in fact increases it by over a half trillion dollars. Lets see if the liberal media brings up that inconvenient truth!
I implore conservatives and independents, all over the country, to come out into the streets and proclaim, Were mad as hell and were not going to take it anymore! Nothing that took place in November has gotten through to this man or his cadre of tax and spend liberals. Is his goal to drive us into bankruptcy?
This budget could be the last step to devaluing our currency to third-world status. Congratulations Jimmy Carter Obama, I think youve hit the trifecta!