Buying Big Government: What the Obama Budget Is Costing You … This Time
Rory Cooper /
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 trillion.
- 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?