President Obama says he is concerned about deficits, but you would never know it based on his actions.
Here is an interesting analysis from the Heritage foundation that I came across over at the Corner:
Obama Adds $2 Trillion in Spending and Deficits to Last Year’s Budget
One would think the nation’s deteriorating fiscal picture would cause the White House to scale back it spending-and-debt spree. Think again. Over the ten years in which both budgets overlap (FY 2010–2019), this year’s budget would spend an additional $1.7 trillion and run up an additional $2 trillion in — raising the debt by an additional 6 percent of GDP over the same period. It is a spending spree that will drive up both taxes and deficits.. In fact, this year’s proposal shows annual budget deficits as much as 49 percent larger than last year’s proposal
According to our quick analysis of his budget, the president’s budget also would:
* Permanently expand the federal government by nearly 3 percent of gross domestic product (GDP) over 2007 pre-recession levels;
* Raise taxes on all Americans by more than $2 trillion over the next decade (counting health-care reform and cap-and-trade);
* Raise taxes for 3.2 million small businesses and upper-income taxpayers by an average of $300,000 over the next decade;
* Borrow 42 cents for each dollar spent in 2010;
* Run a $1.6 trillion deficit in 2010 — $143 billion higher than the recession-driven 2009 deficit;
* Leave permanent deficits that top $1 trillion in as late as 2020 — a time of assumed peace and prosperity; and
* Double the publicly held national debt to over $18 trillion.
Before the recession, federal spending totaled $24,000 per U.S. household. President Obama would hike it to $36,000 per household by 2020 — an inflation-adjusted $12,000-per-household expansion of government. Even the steep tax increases planned for all taxpayers would not finance all of this spending: The president’s budget would add trillions of dollars in new debt.
President Obama has offered a budget that does nothing to address the nation’s serious short-term and long-term fiscal problems — and indeed makes them worse. By doubling the national debt over pre-recession levels, America could head toward the tipping point when rising debt levels will become too large for global capital markets to absorb, potentially triggering a financial crisis, an interest-rate spike, and gigantic tax increases.
The president who said, “I didn’t come here to pass our problems on to the next president or the next generation — I’m here to solve them” would, over the next decade, pass $75,000 per household in additional debt into the laps of our children and grandchildren.