Well, that didn’t take long. President Barack Obama already has failed his test.
The Progressives’ idea of a budget is out of the Senate Budget Committee, now, and on the Senate floor, where Senate Majority Leader Harry Reid (D, NV) will do his best to thrust it home with as little debate allowed as he can achieve. Here’s the summary table (and scroll down a bit to this table; sorry you have to crane your neck); the whole thing can be viewed, in piecemeal form, on the Senate’s site:
Notice that. Aside from continuing to gut Defense, overall spending continues apace, President Barack ObamaSenator Patty Murray (D, WA), the Budget Committee’s Chair, demands even more taxes from working Americans than he got in January, and our national debt explodes.
The Democrats want, with an absolutely straight face, to increase spending every year–$3.6 trillion in FY 2014, $4.05 trillion in FY 2016, and so on to $5.7 trillion in FY 2023, a 62% increase over the current level for FY 2013.
Reading the fine print in one of those piecemeal parts at the Senate site, we see that the Progressives want to create a(nother) $100 billion program aimed at generating new jobs, again by funding infrastructure work. Of course, we know Obama already tried this, repeatedly, throughout his first term. As he’s already confessed, “Shovel-ready was not as shovel-ready as we expected,” and as those earlier programs demonstrated, the jobs aren’t there at any time in his government programs. This is magical thinking.
And it turns out Murray lied about those taxes, too, cynically understating them at “only” an additional $975 billion. The Weekly Standard has this table, provided by a staffer for the Senate Budget Committee’s (Murray’s committee) minority membership:
Murray cynically understated Obama’s tax demands by fully one-third. These $1.5 trillion in new taxes, combined with the $600 billion in new taxes Obama got at the start of the year, adds up to $2.1 trillion in new taxes being demanded in just these two and a half months.
Progressives just can’t stand to not raise taxes. Their addiction to OPM is palpable.
And that debt. The Progressives fully intend to explode it to $24 trillion by 2023, with annual interest payments running nearly to $800 billion. This also assumes the market would be willing to buy such risky debt at those rates. But then Obama denies, ostrich-like, that there’s any urgency to our debt fiasco. This is more magical thinking.
All of this is predicated, too, on Obama’s/Murray’s pipedream of a GDP annual growth rate over the next 10 years of 4.2%-6.6% each year—rates we’ve never sustained in any 10 year period in our history. With all of this taxing and spending taking money out of the private economy—the economy in which Americans actually live, work, and die—positing such rates is…wrong.
Matched with the $975 billion in claimed spending cuts, this isn’t even the balance about which he’s been yammering. This is more…magical thinking.
This proposal is a disaster waiting to happen.