He needs to have a copy of ‘The Wealth of Nations’ shoved up his ass. After all, that’s where his head is.
This latest ‘spread the wealth’ tactic includes:
$3.73 trillion — total spending this year (25 percent of GDP, highest levels since World War Two).
$46 trillion — total spending over the next decade.
$8.7 trillion — total new spending over the same period.
$26.3 trillion — Total new debt, including entitlement obligations, predicted by 2021.
$7.2 trillion — Total deficit predicted by the end of the decade.
$1.1 trillion — How much the White House estimates the proposal will reduce the deficit over the next ten years.
$4 trillion — How much the president’s deficit commission recommended reducing the deficit over the next ten years to avoid financial catastrophe.
$1.6 trillion — The projected annual deficit for 2011 (11 percent of GDP), up from $1.3 trillion in 2010.
$2 trillion — Amount the budget will raise taxes on business and upper-income families over the next ten years, which includes letting the Bush-era tax rates expire in 2012 (for incomes $250,000 and up).
$50 billion — Amount the administration plans to spend this year on infrastructure and transportation “investments.”
$30 billion — Amount dedicated to a “National Infrastructure Bank to invest in projects of regional or national significance to the economy,” including the much-touted high-speed rail initiative.
$77.4 billion — Funding allocated for the Department of Education, a 22 percent increase from 2010 levels, and a 35 percent increase from 2008 levels.
$29.5 billion — Total spending on the Department of Energy, a 22 percent increase from 2008 levels.
$9.9 billion — Funding allocated for the Environmental Protection Agency (EPA), a 30 percent increase from 2008 levels.
$150 billion — Total amount the White House plans to spend next year on research and development programs.
8.2 percent — Predicted unemployment rate in 2012.
Guess who’s gonna pay for this latest economic rape. The taxpayer.
However, Obama also would rely heavily on new taxes, to a degree unacknowledged by administration officials in recent days. His budget request calls for well over $1.6 trillion in fresh revenue over the next decade, much of it through higher taxes on the wealthy and businesses.
Households with income of more than $250,000 a year would immediately see new limits on the value of their itemized deductions. And starting in 2013, they would lose the lower tax rates and other breaks that were enacted during the George W. Bush administration and recently extended.
The president proposes to hit businesses with an array of proposals he has offered in the past, including an end to subsidies for oil and gas companies, new taxes on hedge fund managers and a $30 billion fee on financial institutions aimed at repaying taxpayers for the federal TARP bailout.
The cuts target defense, heating assistance and community development grants and include a scale-down of the Pell grant program for college and vocational students.
Businesses create jobs and hire people. This will give them even more incentive to outsource or simply pick up stakes and leave the country. Nice move, Ex-Lax.
If anyone thinks higher taxes won’t end up affecting the middle class, just wait.
Republicans, realizing that they were elected the House majority to fight against this kind of liberal insanity, have responded:
“Failing to heed the warnings of economists and the demands of the American people, the President’s budget accelerates our country down the path to bankruptcy. Far from ‘living within its means,’ the President’s budget puts the government on track to nearly double in size since the day he took office — a direct result of his party’s reckless spending spree,” House Budget Committee Chairman Paul Ryan (R-Wis.) said. “His budget destroys jobs by imposing a $1.6 trillion tax hike, adding $13 trillion to the national debt and fueling uncertainty in the private sector,” he added.
Senate Budget Committee ranking member Jeff Sessions (R-Ala.) said, “President Obama has failed to lead in the face of this growing crisis. Today he submitted a budget to Congress that accelerates our dangerous trajectory. His budget increases spending every single year, eventually doubling the size of the entire government from what it was the day he took office.”
“The president’s budget also doubles the national debt by the end of his term, and then triples it by the end of the decade,” he noted.
Obama’s tactic is to force Republicans to act first by demanding cuts and tackling entitlements; thinking the public will turn against them. Republicans were elected to stop the bat-shit crazy spending. Obama’s idiotic determination to drive us even further into economic oblivion, has to be stopped. Our debt is $14 trillion and growing.
The nation’s debt now equals the TOTAL U.S. GDP.
If he can’t control his urge to burn through the taxpayer’s money, it’s up to the Republican Congress to do it for him.