Obama’s budget brings us the largest deficit in the history of the republic. But somehow we’re expected to believe the budget will bring down the deficit in the long term, and his spending freeze is somehow going to put a dent in the national debt. The Heritage Foundation blasts the president for his bloated budget and they call his spending freeze a fraud. (See video below explaining how the “freeze” really works.)
One might hope that given last year’s $1.4 trillion budget deficit was an all-time high and the President promised a spending “freeze” in last week’s State of the Union, this budget might signal a change in direction from the White House. No such luck. President Obama’s new budget is full of billions of dollars in new spending for failed government programs, higher taxes on American families and businesses, and deficit spending for as far as the eye can see.
At the very least, the budget document President Obama is submitting today exposes his spending “freeze” promise for the fraud that it is. As outlined last week, the administration would halt spending increases for only a $447 billion sliver of our total budget, with a total of $15 billion to be saved. That is less than half a percent off of last year’s spending. Worse, this isn’t even an across-the-board spending freeze; it is an aggregate one. So “spending cuts” in parts of the budget are immediately channeled to others. For example, even though the federal government does not need any money for the Census next year, President Obama counts the $5 billion spent this year as a “spending cut” that can be immediately spent on other government programs, such as a 16% increase in Department of Education funding, a 6.8% increase in Department of Energy funding, and increases for ineffective Health and Human Services programs like Head Start and sex education.
Given the best case scenario, the most the White House hopes to save from this supposed spending “freeze” is $15 billion. And that is easily dwarfed by just the $100 billion President Obama wants for his Economic Stimulus II plan. Then there are the tax hikes, including higher taxes on families earning more than $250,000 and a brand new tax on financial institutions to pay for the failed automobile union bailout.
Yesterday I called the president fiscally reckless. What an understatement.
Find more reactions to the Obama’s bloated budget at mememorandum.
Video via Breitbart