The president’s proposed budget raises taxes by three trillion dollars over the next ten years, notes Washington fiscal analyst Brian Riedl in the Wall Street Journal. Yet, in spite of that, “The president’s budget would borrow 42 cents for each dollar spent in 2010,” and “double the national debt over the next decade.”
The Obama administration recently ran up the largest budget deficit in history — so big that the monthly deficit was much bigger than George Bush’s entire annual deficit in 2007.
The president wants a new $267 billion stimulus package, on top of the $800 billion one that passed earlier. Obama claimed the stimulus package was needed to avert “irreversible decline.” But the Congressional Budget Office concluded that the stimulus package will actually cut the size of the economy in the long run.
Unemployment has skyrocketed past European levels, as big-spending countries have fared worse than thrifty ones. As the Examiner notes, “If his stimulus program was approved, Obama promised, unemployment would not go above 8 percent this year. The reality is that it passed 10.3 percent.”
The stimulus package destroyed thousands of real world jobs in America’s export sector. Meanwhile, the administration claimed credit for creating thousands of imaginary jobs in non-existent congressional districts. The stimulus is full of wasteful spending.
“President Obama’s policies would add more than $9.7 trillion to the national debt,” the Congressional Budget Office said. That’s roughly fifteen times the cost of the Iraq and Afghanistan Wars combined.
The president’s health care proposals will add still more to the national debt, through budget gimmicks. Even Democrats have expressed alarm about their unaffordable cost. Their true cost, experts say, is at least $2.3 trillion, dramatically increasing the budget deficit. ObamaCare would reduce medical innovation, raise taxes, drive up insurance premiums, break campaign promises, and increase state deficits. It would cut the quality of care, while imposing restrictions that failed when tried at the state level. It ignores advice from experts about how to cut costs.