President Obama put out another insane budget of $3.77 trillion dollars with nearly a trillion dollars in deficit spending. The projected revenue that the government might take in during the 2013-2014 tax year is about $2.9 trillion.
The president wants another $1.1 trillion in tax increases, some of which will hit the middle class by his own admission.
He just won two tax increases in January but it will never be enough.
He has no interest in negotiating and believes this nearly $4 trillion dollar budget is a compromise.
The partying president made a minuscule adjustment to an overstated inflation rate for Social Security and Medicare which amounts to about $5 per person per month. The left, including socialist Richard Trumka of the AFL-CIO gang, harshly criticized the president’s cut in a strange display of outrage. The left doesn’t want any slow down in spending.
The president wants to “invest” in government and union jobs in infrastructure, early childhood education, and non-defense research. He is quite an investor – think Solyndra, A123, the Volt, Fisker, Compact Power, Ener1, Tesla, Light-Squared, Siga Technologies, First Solar, Ariva Few, Ex-Im, Abound Solar, and others. Failures all! Read about them on this link.
Obama had the arrogance to insist he cut $2.7 trillion from the deficit and no one had better say otherwise. He did not cut anything. He cut an imaginary increase in spending beginning in 2020. Every year, he duplicate counts the wars ending in Iraq and Afghanistan and the war spending that might have happened seven years from now – another imaginary cut.
Oh, I take it back, he did cut something. He cut funding to hospitals and another $700 billion in future payments to Medicare.
There is no tax reform, only taxes and a minor adjustment to the way inflation is measured for taxes and for Social Security and Medicare.
There are 20 new taxes in Obamacare. There are hidden tax hikes that include taxes on small businesses and higher income people, increased estate taxes, cigarette taxes, and the CPI adjustment (which is a more accurate measure of inflation for Social Security and Medicare).
Business income – 80% of businesses – will get hit and that will be passed down to all consumers.
He has spent our money impoverishing people and putting them on food stamps. I don’t doubt there is a lot of fraud given the fact that the SNAP cards are a snap to get on the Internet and a snap to cash.
President Obama’s budget is not much different from the one put out by Senate Democrats who made no attempt to balance it.
He did expand Medicaid, another entitlement.
Obamacare adds to the deficit despite Obama’s promise that we would add 32 million people to this new entitlement and save money.