Buying Big Government: What the Obama Budget Is Costing You ...This Time
Hitting the Federal ATM, Again
- Apparently, It Does Grow on Trees: After an $800 billion
stimulus bill, the President's budget increases spending by $1
trillion over 10 years, includes an additional $250 billion
placeholder for another bailout, and calls for a pay-as-you-go
(PAYGO) law while astonishingly violating that rule by $3.4
- More Deficits and More Debt: The President's budget
leaves permanent deficits averaging $600 billion even after the
economy recovers and doubles the publicly held national debt to
over $15 trillion ($12.5 trillion after inflation).
- To Pay for Historic Government Expansion: The 25%
spending increase in the President's budget represents the largest
non-war government expansion since the New Deal. Domestic
discretionary spending (including the stimulus funds) has been
hiked by nearly 80% over 2008 levels.
When Is It Enough? After multiple bailouts, an $800
billion stimulus bill, an omnibus spending bill, major Medicare
expansion, SCHIP expansion, and now a historic tax and spend
budget, all in less than eight weeks, when is it enough?
Doubling Down, Again
- Bush v. Obama: Bush expanded the federal budget by a
historic $700 billion. Obama would add another $1 trillion. Bush
increased federal education spending 58% faster than inflation.
Obama would double it.
- Bush v. Obama, Round 2: Bush became the first President
to spend 3% of GDP on federal antipoverty programs. Obama has
already increased it to 20%.
- Bush v. Obama, Round 3: Bush reduced taxes by
nearly $2 trillion. Even after Obama's tax cuts, he still will
raise them by a total of $1.4 trillion.
- Bush v. Obama, Round 4: In 2007, before the
recession, Washington spent $24,172 per household. Obama would
increase that to $32,463 per household.
- Bush v. Obama Scorecard: While President Obama
has framed his budget as a break from "failed policies" of the Bush
Administration, it is in fact a doubling down on borrowing,
spending, and bailing out.
More Taxes, Again
- Spreading the Wealth: The President's budget raises
taxes by $1 trillion over the next decade on those earning over
$250,000. This means raising taxes for 3.2 million taxpayers by an
average of $300,000 during that time.
- Yes, Even the "95%" Are Taxed: Through his proposed
cap-and-trade system, the President would be raising taxes on all
Americans while crippling the manufacturing sector and destroying
jobs. Warren Buffet called it a "regressive tax," correctly
identifying that it will be borne by all American energy
That '70s Show
- Back to the Future: President Obama's budget returns us
to the economic policies starting in 1952 and culminating with
Jimmy Carter's high taxes, high spending, and Keynesian
economics--which resulted in high recession rates, high inflation,
high interest rates, and a stagnant stock market.
- More Carter Than Carter? Lawmakers should reject this
budget and hold the President to his pledge of fiscal
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