Spend Baby Spend
President Obama is the most liberal president ever to occupy the Oval Office. Spending records have been set on his watch. And he’s only been president for about 2 years. This is quite the testament to his insatiable lust to spend. The Left bitterly attacked Ronald Reagan for his $200 billion deficits. Compared to Obama, though, that’s chump change. He measures his deficits in a different kind of dollars. He prefers trillions. For billions are just too small. See the sobering numbers in the Political Hotsheet blog article National Debt Up $3 Trillion on Obama’s Watch by Mark Knoller on www.cbsnews.com.
New numbers posted today on the Treasury Department website show the National Debt has increased by more than $3 trillion since President Obama took office.
If you divide this by the 2 years in office, that comes to about a $1.5 trillion deficit each year. Or, to compare with Regan’s $200, billion, that would be $1,500 billion. That about 8 times the deficit spending of Ronald Reagan. All you hear from the Left about the Reagan deficits was that they were bankrupting the country. Now that they are doing the spending, it’s spend baby spend.
Read My Lips – It’s George W. Bush’s Fault
And the numbers just keep getting bigger.
The Debt increased $4.9 trillion during President Bush’s two terms. The Administration has projected the National Debt will soar in Mr. Obama’s fourth year in office to nearly $16.5-trillion in 2012. That’s more than 100 percent of the value of the nation’s economy and $5.9-trillion above what it was his first day on the job.
Dividing Bush’s $4.9 trillion by his 8 years in office comes to about an annual $800 billion deficit. Dividing Obama’s $16.5 trillion by the 4 years in his term ending in 2012, that comes to about an annual $4,125 billion deficit. Holy crap! That’s 5 times the Bush deficit. And 20 times the Reagan deficit! If Reagan was reckless and irresponsible with his spending, than so must be Obama. All the bad the Left said about Reagan, then, must apply to Obama. For his spending is 20 times worse. Either that or the Left was wrong about Reagan. Or lying.
Mr. Obama frequently lays blame for soaring federal deficits on his predecessor.
“By the time I got into office we already had a $1.3 trillion deficit and we had exploded the national debt,” he said last month during one of his backyard chats with Americans.
The blame George W. Bush argument doesn’t work here. You’d have to be pretty blind, stupid or in denial if you can’t see that Obama will add another $3 trillion (or $3,000 billion) to what he ‘inherited’ from George W. Bush. Such comments are either insincere. Or deceitful.
Here Comes the Middle Class Tax Hike
And once again, the Left opposes those ‘unfunded’ tax cuts. Yes, they look at a tax cut as a government benefit. As if it wasn’t even our money in the first place. But it’s our money. And letting us keep our money is not a benefit. So they don’t have to fund them. But that’s the way the Left looks at it. If they don’t take our money, the deficit will grow. It’s never their out of control spending that grows the deficit.
The soaring deficit and Debt is one of the reasons Mr. Obama is adamantly opposed to extending tax cuts for Americans earning over $250,000 a year.
The ten year cost would total $700-billion and Mr. Obama says it would needlessly add to the deficit and Debt.
The ten year cost comes to $70 billion per year. Or approximately 1.7% of his projected deficit. This isn’t even chump change. This is statistically insignificant. Now, Obama denies being a socialist. Says he believes in free-market capitalism. But all of these numbers say otherwise. A free-market capitalist knows that tax cuts stimulate the economy. A free-market capitalist is against massive government spending. Therefore, Barack Obama is not a free-market capitalist. He’ll spend trillions on stimulus spending that doesn’t stimulate anything in our economy. But he won’t approve tax cuts that have always stimulated economies whenever we’ve tried them.
President Obama and Congress await recommendations on ways to reduce federal deficits from the National Commission on Fiscal Responsibility and Reform.
The 18-member panel will report December 1st – after the midterm election.
And here comes the tax hikes. The ‘bipartisan’ committee will report that there is no choice but to increase taxes. This bombshell (Obama reneging on his no new taxes for anyone earning less than $250,000) won’t affect the midterm election result. And they are no doubt hoping that 2 years will be enough time for the American people to forget this broken promise before Obama runs for reelection. But I doubt anyone will forget in 2012 who gave us the 2nd Great Depression. And that is exactly what he’s giving us with this out of control spending and massive tax hikes (coming sometime after November 2010).
There will be a middle class tax hike. The rich just aren’t rich enough to pay for all of their spending.
Tags: Barack Obama, benefit, Bush, capitalism, deficit, deficits, economy, free-market capitalism, free-market capitalist, government benefit, government spending, middle class tax hike, Obama, out of control spending, Reagan, Ronald Reagan, spend baby spend, stimulus spending, tax cut, tax cuts, tax cuts stimulate, tax hikes, the Left