President Obamas budget increases spending by $1 trillion over the next decade, raises taxes on all Americans by $1.4 trillion over the next decade, and doubles the publicly held national debt to total over $15 trillion. Plus, it includes $250 billion for more financial bailouts.
And while Obama has framed his budget as a break from the Bush Administrations policies, it really only accelerates Bushs borrow, spend, and bailout policies. For example:
President Bush expanded the federal budget by a historic and unprecedented $700 billion through 2008. President Obama would add another $1 trillion.
President Bush ran budget deficits averaging $300 billion annually. After harshly criticizing Bushs budget deficits, President Obama proposed a budget that would run deficits averaging $600 billion even after the economy recovers and the troops return home from Iraq.
President Bush began a string of expensive financial bailouts. President Obama is accelerating that course.
What does this mean for the average taxpayer? Before the recession, federal spending totaled $24,000 per U.S. household. Obamas budget would increase it to $32,000 per household by 2019an inflation-adjusted $8,000-per-household expansion of government. And while your taxes will be raised to pay for it, no livable level of taxation would be able to pay for this increase in spending.
Thus, Americas debt will grow to $15 trillion. And this surge of debt will increase interest rates, slowing down the economic recovery by making it more costly for businesses to invest and more difficult for families to afford home and auto loans. Click here to learn more about the proposed budget, and its consequences.
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