It’s jaw-dropping. After reading about President Barack Obama’s budget proposal for this year, I sat rubbing my eyes, shaking my head in disbelief.
Obama has proposed a 2009 budget that will run a deficit of $1.75 trillion dollars and an additional deficit of $1.2 trillion dollars next year.
Back in 2004, Sen. John Kerry rightly attacked President George W. Bush’s spending policies as “reckless.” By 2008, the attacks on Bush’s record increased.
Democrat Stanley Hoyer, who is second in command behind Nancy Pelosi in the House, said “the Bush administration is the most fiscally irresponsible administration in American history.”
The Bush administration added roughly $4 trillion to the national debt during its eight years. According to Obama’s budget, he will add an additional $4 trillion to the debt by the end of 2011. Hoyer should be horrified, Obama will cause more fiscal harm to our nation in three years than Bush did in eight.
Obama’s Chief of Staff, Rahm Emmanuel, also weighed in, saying, “President Bush . . . ran up record deficits and added nearly $4 trillion to the national debt. Mr. President, we will be forever in your debt,” according to the Los Angeles Times.
The national debt is now $11 trillion, and, according to USA Today, if Obama’s plan is passed, within a decade we’re going to have a $23 trillion debt. Bush’s debt is small potatoes compared to what your boss is planning, Mr. Emmanuel.
President Obama, in a display of profound irony, is holding a “fiscal responsibility summit.”
Here are a few ideas for his summit If he really believes in fiscal responsibility, he might not want to blow $787 billion on a stimulus plan within his first month in office.
Also, his $634 billion dollar new “health reform reserve” is a bad idea. We shouldn’t be reserving money when we don’t have funds in the first place.
Also, what’s the point of his new tax strategy? Yes, he’s raising taxes on the rich, but he’s also cutting taxes for everyone else.
Why cut any taxes in a time like this? I know, he’s trying to win votes with stale economic class warfare, but it isn’t cute anymore. This isn’t the time to be playing games with the tax code. We’re running the biggest deficit ever; tax cuts now are utterly irresponsible.
I’ve written extensively about the problems our national debt will reap. Like California, we will soon have to make draconian budget cuts if Obama’s monetary madness continues unchecked.
For fiscal year 2009, the federal government will spend $3.6 trillion, but will only bring in $1.8 trillion in taxes. For every dollar in tax receipts, the government will spend two. Most third-world countries are more fiscally responsible than that.
Maybe Obama doesn’t think debt ever has to repaid. His presidential campaign assured cash-strapped Chicago that it would reimburse them for the costs of police protection for Obama’s victory rally.
As of now, the Obama campaign has become delinquent on that bill. Chicago is owed $1.7 million by the deadbeat campaign, according to the Chicago Sun Times.
Chicago is forced to fire employees while Obama’s campaign team refuses to pay its bills.
I can assure Obama that the Chinese and the Saudis who have lent us money won’t be so merciful as his good buddies in the Chicago government; they’ll demand repayment of their money with nasty consequences should we fail to pay up.
Anyone who voted for change has got to be disappointed. More failed bailouts, more wasted money on banks and now even worse deficit spending than Bush, who Democrats attacked as the worst ever.
Your grandchildren are going to be paying for Obama’s shopping spree. Let’s just hope he comes to his senses and stops this nonsense before it’s too late.
Ian Bezek is a junior economic major. His column appears Tuesdays in the Collegian. Letters and feedback can be sent to firstname.lastname@example.org.