Wednesday, February 15, 2012

Obama's Make-Believe Fiscal 2013 Budget

Sure, presidential proposed budgets are always wishful thinking, certainly political in nature. But Obama's 2013 fiscal budget proposed this week was pure fantasy.

Just like he said after taking office back in February 2009 that his presidency would be "one-term proposition" if the economy did not recover in three years, he is making a similar claim with this new budget. His claim is that during his second term the $1.3 trillion in deficits will be cut in half.

The problem with his budgets and his presidency is that the policies he and his party espouse are based on a lie they prefer to believe. They believe that by greater government spending and having more people dependent on the government, it is a better political society that the opposite. It is only better for two minute groups: the most destitute and those that are in power. For everyone else, it is enslavement.

Obama's 2013 budget and his four next potential budgets will be just like his past three, disasters. Obama's four years (including 2013) have seen annual deficits over $1.29T each (never happened in our history); revenues will not reach 16% of GDP (has not happened since 1950); annual spending of more then 24% are the highest since 1946; total new deficit is $5T -- over 74% of GDP and heading over 77% next year. Add this to the IOU programs of Social Security, Medicare/Medicaid, and Obamacare, the picture is Greece, just on a more massive scale.

The economic conditions the Obama Administration has created, will do nothing to get us out of this recession because there are too many barrier to risk assumption and business success, from burdensome taxes to stifling regulation.

If Obama wins re-election, America will have returned to the roots it left centuries ago. We will morph to become nothing more than despotic.

No comments: