President Obama yesterday unveiled his record-setting budget proposal. According to news accounts:
The budget paints a remarkably dire picture of a federal government that will have to borrow one-third of what it spends next year as it runs a deficit that still would total some $1.3 trillion.
Other notable details about Obama’s proposed budget include:
- the largest-ever deficit
- $100 billion for another bout of “stimulus”
- a fraudulent “spending freeze” that actually locks in 20% higher spending
- higher taxes on many while implementing mostly temporary tax credit schemes being sold as “tax cuts”
Obama’s plan is so irresponsible, even the New York Times labeled it as “mind-boggling.”
By President Obama’s own optimistic projections, American deficits will not return to what are widely considered sustainable levels over the next 10 years. In fact, in 2019 and 2020 — years after Mr. Obama has left the political scene, even if he serves two terms — they start rising again sharply, to more than 5 percent of gross domestic product. His budget draws a picture of a nation that like many American homeowners simply cannot get above water.