Short and effective:
In case you missed it, Obama’s FY 2015 budget proposal is about as reckless as you might expect. It increases spending, raises taxes by nearly $2 trillion (on top of the $1.7 trillion in previous Obama-era hikes), and never comes close to balancing. According to the White House’s own numbers, the plan would add $8.3 trillion to the national debt over the next ten years; again, that’s after all the tax increases. As Ed noted yesterday, OMB’s calculations are also ludicrously optimistic compared to the nonpartisan CBO’s projections. Obama’s fiscal path does nothing to address the unfunded liability crisis, a long-term debt problem that even the president has acknowledged in years past. Not any more. The White House is positioning this blueprint as — drumroll, please — an end to America’s “era of austerity.” Really. I reviewed what that era has looked like over at Townhall:
Under this president, the federal government has spent more money annually than at any other time in US history. Annual deficits have ranged between $500 billion and $1.4 trillion. Prior to Barack Obama’s presidency, the United States had never racked up a single trillion-dollar annual shortfall. On his watch, Washington has done so four times. The Congressional Budget Office projects that on our current trajectory, we’ll hit $1 trillion again within eight years. Various fact-checkers have confirmed that among his many predecessors, President Obama is the “undisputed debt king,” having added more than $6 trillion to the nation’s red ink since taking office in 2009. In his first campaign, Obama called President Bush “unpatriotic” for amassing more than $4 trillion in gross national debt over two full terms in office. So that, ladies and gentlemen, is the “era of austerity” that Obama has magnanimously decided to end.
I’ll leave you with this: