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Obama Budget (Finally) Revealed

Well here we are. Today is the day that we finally received the Anointed One's budget. Deadlines don't seem to matter too much to this president, who is too busy playing golf with Tiger Woods, vacationing around the country and palling around with celebrities and rock stars. But his budget is finally out, so let's deal with it.

Obama budget spends $3.77 trillion, an increase of $220 billion over this year's budget (a 6% increase), which is $160 billion more than if we simply kept current spending levels in place. That is hardly a cut! He is actually increasing the rate of growth of government spending. That never balances the budget.

Obama's budget is said to reduce the deficit by $1.8 trillion, which is nothing but a gimmick. The number is actually more like $600 billion and that comes entirely from tax increases. This is because Obama counts his replacement of $1.2 trillion in sequester cuts as new deficit reduction, which it's not. This is coming from the same man who told us this morning that there's “not a lot of smoke and mirrors in here” when it comes to his budget.

Obama also claims that when it comes to deficit reduction, “I've already met the Republicans half way.” Here he is referring to the provenly-false claim that he has already cut the deficit by $2.5 trillion. I already pointed out earlier this week that this $2.5 trillion claim is based on projected limits in government spending to take place over the next 10 years, along with tax increase revenue, and not cuts that have already taken place. For Obama to stand in the Rose Garden and say that “our deficits are falling at the fastest pace in years,” is laughable when you consider the fact that he has been responsible for historic $1+ trillion deficits during his first administration. That is unprecedented! Now we are supposed to thank him?

Obama wants to double the federal tax on cigarettes, but that's not in order to pay down our debt or deficit ... it is to fund more government spending! He wants to fund universal Preschool for our children, so that the government can get its hands on your children at an even younger age. If Obama wants to spend that money (rather than apply it to the deficit), why not apply it to defense spending, which he instead wants to cut?

Obama's budget offers modest entitlement reform, including over $300 billion in cuts to Medicare and a change in the calculation for Social Security benefits. The proposal to calculate benefits using the Chained CPI index already has liberals up-in-arms. But in the end, none of these changes will take place if Republicans don't agree to tax increases.

Now let's talk about the tax increases on the rich. Obama's budget would impose the “Buffet Tax,” meaning that the minimum income tax a millionaire or billionaire would pay is 30%. It would limit deductions for rich Americans to 28%, along with imposing taxes on carried interest and it limits the amount of money rich Americans can save in tax-preferred savings accounts. Obama says we need to do this in order to stop rich people from “gaming the system.” Apparently taking advantage of legal loopholes and tax preferences is now “gaming the system,” according to Obama. But even more outrageously, Obama says that we must increase taxes on the rich because the rich need to “begin” paying their fair share. Are you kidding me? The Democrats just got $600 billion in new tax increases on the rich this year. Never mind the fact that the rich already carry the lion's share of the burden when it comes to taxes. According to the latest data from the CBO, the top 1% of taxpayers earn 13% of the income but pay 22.3% of all income taxes.

The Anointed One told us during his speech in the Rose Garden today that “nothing shrinks our deficits faster than growing our economy.” Then why did he go on to propose more of the same failed policies of the last few years – Increased taxes, more government spending, more government programs? In the end, Obama told us this morning that he wants a debate “not driven by politics.” Yet his budget is exactly that – A political blue print, picking the winners and loser by punishing the achievers in order to spread the wealth and grow the size of government.

Here's the bottom line: He delayed his proposal by two months, for this?? This is a rehash of Obama's failed policies, with a few minor bones thrown the Republicans' way. Yet he tried to paint himself as the one who is sacrificing and compromising. What it comes down to is the fact that Barack Obama has an irrational desire to raise taxes. I've pointed out many times on this website and on the program that there is no amount of taxes that Obama could impose that could pay for his levels of government spending. It's impossible. What we need is for our economy to grow, and punitive tax increases are the opposite way to do that. Studies, researchers, economists will all tell you that's the case. Yet Obama continues to push for tax increases out of a desire for “fairness.” Socialist attempts to “spread the wealth around” never worked, and they won't work now. We cannot allow Obama to lead us in that direction, under the guise of tax “reform” and with the promise of spending “cuts.” Make no mistake: Obama is not cutting anything. He isn't even cutting the rate of growth! His entitlement reform offers are a step in the right direction, but they are merely skimming the surface of our $87+ trillion unfunded liability problem. We cannot continue on the current path, and tinkering around the edges means that we are allowing the generational theft of our children to continue.