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Goofy Obama - What a trip!
With a straight face, at a time when the U.S. government faces its most serious fiscal crisis in decades, Obama proposed almost $9 billion in new spending over and above what the federal treasury is expected to take in. On top of that, he’s adding nearly $1.6 trillion in new taxes and will see the public debt double or even triple.
This is not reform. It is most certainly not cost cutting, and it does little to put the nation’s fiscal house in order.
Among the highlights, Obama’s proposed budget:
- Includes the 14 highest deficits in U.S. history and never achieves balance.
- Calls for the third and fourth trillion dollar deficits in a row, continuing a pattern that began when he fist came into office.
- Increases federal spending by 28 percent since 2008, pegging it at nearly 25 percent of U.S. Gross Domestic Product, a post-war high.
- Adds $12.2 trillion in new debt, taking it from $14.2 trillion (which is just about one year’s U.S. GDP) to $26.4 trillion in Fiscal Year 202 read more
