Now THAT is what Obamanomics is all about! That fun fact is brought to you from analysis of the 2010 Obama budget conducted by Harry M. Reidl at the Heritage Foundation. Redl begins his piece by pointing out the contradictory nature of the president when it comes to walking the walk on fiscal responsibility:
When he released his new budget proposal on February 1, President Barack Obama asserted that the government "simply cannot continue to spend as if deficits don't have consequences; as if waste doesn't matter; as if the hard-earned tax dollars of the American people can be treated like Monopoly money; as if we can ignore this challenge for another generation."
Yet the President's new budget does exactly that-- raising taxes by $3 trillion and federal spending by $1.6 trillion over the next ten years. If enacted, this budget would increase the 2010 deficit to more than $1.5 trillion, and leave a deficit of more than $1 trillion even after an assumed return to peace and prosperity. Overall, the President's budget would double the national debt over the next decade.
So Obama is not being truthful again – a daily occurrence big surprise, no doubt. The real shock however, comes in the numbers which add more credence to the argument that our government is clueless in managing our tax dollars – Obama's 2010 budget would:
permanently expand the federal government by 3 percent of gross domestic product (GDP) over 2007 pre-recession levels;
raise taxes on all Americans by nearly $3 trillion over the next decade;
raise taxes for 3.2 million small businesses and upper-income taxpayers by an average of $300,000 over the next decade;
run a $1.6 trillion deficit in 2010--$143 billion higher than the recession-driven 2009 deficit;
leave permanent deficits that top $1 trillion as late as 2020;
dump an additional $74,000 per household of debt into the laps of our children and grandchildren; and
double the publicly held national debt to over $18 trillion.
