Morning Bell: Accelerating Us Off a Cliff

Conn Carroll / March 17, 2009

Speaking to House Democrats at their Kingsmill Resort & Spa retreat last month, President Barack Obama defended his economic stimulus plan, claiming: “[We] are not going to get relief by turning back to the same policies that for the last eight years doubled the national debt and threw our economy into a tailspin. … If you’re headed for a cliff, you’ve got to change direction.” Our public policy definitely needs a change in direction. But the Obama Administration’s budget is not a change in direction. Instead, it is a foot on the accelerator taking us off that cliff. Consider:

• President Bush expanded the federal budget by a historic $700 billion through 2008. President Obama would add another $1 trillion.
• President Bush began a string of expensive finan­cial bailouts. President Obama is accelerating that course.
• President Bush created a Medicare drug entitle­ment that will cost an estimated $800 billion in its first decade. President Obama has proposed a $634 billion down payment on a new govern­ment health care fund.
• President Bush increased federal education spending 58 percent faster than inflation. Presi­dent Obama would double it.
• President Bush became the first President to spend 3 percent of GDP on federal antipoverty programs. President Obama has already in­creased this spending by 20 percent.
• President Bush tilted the income tax burden more toward upper-income taxpayers. President Obama would continue that trend.

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