February 3, 2010

$2 Trillion in New Taxes Proposed by TeamObama

The Wall Street Journal today published this summary of TeamObama's proposed tax increases to support a mind-boggling $3.4 budget, including continued massive deficits. In addition to this outlandish spending proposal, most troubling are the increases in 'mandatory' or entitlement government spending. For example:
"...As further proof, the White House proposes to convert long-standing "discretionary" spending that requires annual appropriations into permanent entitlement programs. A case in point is the Pell Grant program for college, which the budget would shift into the "mandatory" spending column at a cost of $307 billion over 10 years. The political goal here is to make a college education as much of a universal entitlement as Social Security."
Budgets such as this will ruin America by running up deficits, encouraging massive transfer of wealth via government programs, create expanding bureaucracies and push the country ever further into the socialist camp. Enough! This budget represents 'Change we cannot believe in or accept.'

As Vermont's socialist senator is so fond of saying, this is "outrageous." While on that subject, if Vermont's Congressional delegation supports this budget, they rightly deserve to be unelected at the earliest possible opportunity.

The Economist has this to say (deficit chart above from The Economist):

Clueless in Washington

Neither the president nor Congress shows any sign of knowing how to tackle the deficit

"...What is truly worrying, though, is the medium-term outlook. Mr Obama’s budget reveals a road-map to fiscal catastrophe. At no point over the coming decade will the deficit be below 3.6% of GDP; and after 2018, it starts rising again. The cuts the president has proposed are comically insufficient: a budget freeze on non-security discretionary spending, which amounts to only about 17% of the entire $3.8 trillion budget; and a toothless deficit commission (a better version has already been killed by obstructive Republicans in Congress) whose recommendations will doubtless be ignored."
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