In 2009 Obama promised to halve the deficit by FY 2013. As Jim Geraghty said…….oh heck, I am tired of quoting that. Barack Obama has ballooned both deficits and the national debt. At the rate he’s going he will double the national debt to 26 trillion in ten years.
In 2021, the national debt will have risen to $26.3 trillion, increasing by $1 trillion every year until 2021. Obama’s budget does not contain any plans for balancing the federal budget or reducing the national debt.
Obama has no intention of making a dent into the deficit or the debt. William Teach notes how the lapdog media is portraying Obama as cutting deeply into the budget.
So many media outlets are portraying Obama’s supposed budget as a big saver, as him reigning in federal spending. The Politico discusses Obama’s “hard choices.” CBS discusses that this $3.73 budget will somehow reduce the deficit by $1.1 trillion over 10 years, and cuts are deep. The NY Times is, of course, thrilled, and doing their normal high school cheerleader routine. And we have the Washington Post
President Obama will roll out a $3.7 trillion budget blueprint Monday that would trim or terminate more than 200 federal programs next year and make key investments in education, transportation and research in a bid to boost the nation’s economy and reduce record budget deficits.
And Teach is right. Boston.com:
Deep cuts, chance of gains for state in Obama budget
Obama defends $3.7T budget; deep cuts needed ‘to walk the walk’
So how deep are the cuts in this 3.7 trillion budget? Not very.
Remember, Obama’s proposed 2010 budget was $3.6 trillion.
He’s not serious about cutting at all. In fact, Obama is doing absolutely everything he can to balloon the deficit and the debt and there is a reason for it.
Obama has added about 141,000 to the Federal Payroll and that’s just the beginning. Obamacare adds 159 new agencies and programs. The list can be seen here. Over one thousand IRS agents and staff will be needed to enforce Obamacare at a cost of $359 million in 2012 alone just to begin implementing Obamacare. It is estimated that overall Obamacare could require at least 17,000 more federal employees. We are going to be made to pay $11 million dollars for 81 workers just to make sure tanning salons pay their new ten percent tax. That averages out to be $135,000 per tanning tax enforcer per year.
Dodd-Frank will add 8 agencies and 5000 people to the Federal Payroll.
The cost of these agencies will very likely double every twenty years. The budget for the Department of Education went from $24 billion in 1990 to $64 billion in 2009.
The number of Federal employees making over $150,000 per year has doubled under Barack Obama. Pay and benefits for federal workers are now double what is seen in the private sector.
Obama has increased welfare spending to historic levels. Welfare spending has increased from $500 billion in 2008 to $750 billion in 2010.
Did you know that Nancy Pelosi’s net worth rose from $13.7 million in 2008 to $21.7 million in 2009?
Keith Henessey poured over the new budget and this is part of what he had to say:
# No big surprises here. The budget tracks the State of the Union address as well as press events and leaks over the past month. There are a few gems, including a hidden 25-cent per gallon gas tax, a State bailout and unemployment tax increase on almost all workers, and a $315 B unspecified Medicare savings gimmick, but those are to be expected.
# Spending, taxes, and deficits would reach new plateaus, each well above historic averages. The President proposes sustained bigger government and bigger deficits and debt. Much bigger.The numbers are terrifying.
Henessey opines that Obama is placing his own re-election desires above the needs of the country:
The President is choosing both a policy path and a campaign strategy. He is betting that having no proposal to address the looming fiscal crisis is better for his reelection prospects than having one.
I agree, but I think there’s even more to it.
From the big loser bailouts of the auto industry to the wasteful stimulus package, growth of government is killing this country and there has never been a more ardent acolyte of big government than Barack Obama. Government jobs COST taxpayers in taxes, they do not add to the economy. Welfare subsidizes both ignorance and poverty, increasing both. Big government, big deficits and big national debts are the remedy to what Obama saw as the failure of the Warren Court to “break free” of the constraints of the Founding Fathers and engage in redistributive change. He and the Democrat party are piling it on as fast as they can. They broke into the candy store and they’re handing out the stolen candy until the cops show up. And the kids showing up to take that stolen candy are going to vote in the next election.
Obama and the Democrats know that poor people are never going to pay this debt. The better off are going to have to pay it, and so are their kids.
And grand kids. And great-grand kids. We’re never going to get out. Entitlements are eternal and they grow like cancer.
It’s the ultimate redistribution of wealth – the forever debt. Obama has done in two years what the Warren Court could not do.
We are the new slaves.
See author page
Yep, then America will no longer be able to cause trouble in the world.
@tarpon: Or save it.
Sweet. In addition to being screwed by the federal government, my state government is screwing me and my city government is going to dump even more taxes on me because they are being screwed too.
Yeeeeee haawwwwwwww..
Where’s my Cheytac…it’s time to slash some “debt”
Socialism; Share the wealth; BIG Government; Manchurian Candidate;
“From each according to their ability, to each according to their need.”
Not even Socialism but Marxist Communism!
Well, he promised change. It’s just that the vast majority of the electorate never bothered to ask him to define that change.
Too bad, because his “change” is damaging our country.
’12 cannot get here fast enough.
@cml in Maine:
I’m going to assume you mean you will be selling your rifle.
I hate deficits. Our government should not be allowed to deficit spend unless there is an emergency that calls for it.
Prior to Obama becoming President I posted on FA:
The Republican Party set this debt monster in motion and fed it with being a sleep at the switch as it relates to monitoring the equity and real estate markets.
(AUTHOR)
Yes, after a near collapse of the economy many Americans were left out of work and in need of support. This increase did not happen in a vacuum… it happened after the greatest period of economic collapse in 70 years.
(AUTHOR)
The markets lost $8 Trillion between Jan 1 and Oct 11 2008, loss of value of real property due to the unregulated CDS market was even more massive. It is obvious the market cannot regulate itself. Even if I doubt the ability of a bureaucracy to do much better…but at least those who do get caught will go to jail. How many Investment Bankers are in jail due to manipulating the market, or selling worthless CDS?
Many want individuals to be responsible for their retirement… even if one did everything right… buying a house, diversifying your portfolio; this present economic collapse would have damaged your living standard. Someone should pay for that thievery, that is why we have police in our society and why we need to police the markets as well.
In January 2009 there were 11.1 million unemployed.
http://www.nytimes.com/2009/01/10/business/economy/10jobs.html
In January 2011 there were 13.9 million unemployed
Let’s call it 3 million more.
Welfare spending went from $500 billion to $750 billion.
That’s $83,000 per unemployed person.
Pay me $83,000 per year to do nothing and I will quit working too.
@blast:
Geithner was head of the NY Fed. His job was to watch Citigroup. Obama rewarded that failure by making Geithner Treasury Secretary.
A guy who could not use Turbotax properly.
In my mind that includes Dodd and Frank of Dodd-Frank because they either got sweetheart deals from the abusers of the system or they were part of the problem in insisting that all have their own homes. I love irony.
Had everyone paid responsibly the house of cards would not have fallen. Pushing those who could not and would not pay for what they were given into ownership was stupid.
I do not consider it coincidence that those who contributed the largest sums of money to Obama now enjoy the greatest profit.
@drjohn: I am not here to defend Frank or Dodd… just merely to point out the need for police. The cause and effect are not just part of the concept of “everyone becoming home owners” it goes way beyond that to CDS and the derivatives that allowed unbridled speculation and not just on homes. It caused the world wide crisis… so it was not just a few crappy loans to people who could not afford their loans.
@blast: I’ll give you that. But then why can’t we cut out what isn’t working? If there are dysfunctional and inoperative agencies, then by God eliminate them! I don’t want to see another agency established without the subtraction of the obsolete.
But we just keep ADDING!
@drjohn: We are in total agreement on that. We need to cut what is not necessary, and FIX what is not working.
When you think Obama is not very business-friendly, what examples come to mind?
How about that….
Japan is now the world’s largest manufacturer of automobiles, producing about 5 million more than American manufacturers in 2009.
China has now displaced the U.S. as the top producer of beer globally
China is the world’s top exporter of high-technology products, including aerospace, computers, pharmaceuticals, scientific instruments, and electrical machinery.
Europe‘s Airbus is now the world’s top producer of commercial aircraft.
China is earth’s top producer of wind energy.
China exports more lettuce, rice and pork than the U.S.
Atlantic Magazine via Economy in Crisis.
This one really bothers me considering they are working very hard to knock us off economically and militarily.
In 1794, Congress appropriated 15,000 dollars in aid money for refugees who escaped a violent Haiti and landed in Philadelphia. James Madison an author of the constitution, is quoted as saying “I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of spending, on objects of benevolence, the money of their constituents.”
Perhaps Obama’s teleprompter found the missing article.
In the end, when Boehner allows another massive spending bill to come to the floor, and it passes, will DJ et al heap contempt on him?
Look, Obama is a snake, but if you guys think that the Republicans in D.C. have the balls to do anything about it, you’re crazy.
The Republicans are Obama’s enablers.
Obama may have to throw Timmy Geithner, his own Treasury Secretary, under the bus.
Timmy was testifying to the Senate Budget Committee on Thursday about the budget when Sen. Jeff Sessions (R-Ala.) asked him, “Under your budget, the interest increases each year. It was $187 billion in 2009. Under your proposal, it increases to $844 billion”
Geithner responded, “Senator, absolutely, it is an excessively high interest burden, it’s unsustainable.”
Sessions said, “Well it’s your plan. That’s the plan the president submitted.”
At that point, Geithner partially agreed with the ranking member.
@Ivan: He’s not going to get the chance, Ivan. Democrats have lsot touch with reality and are not going to go along with anything that even hints at a cut.