v'ܩ Obama’s Fiscal Talk is Just That, Talk
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Obama’s Fiscal Talk is Just That, Talk

February 1st, 2010

Obama spent his State of the Union address talking about our fiscal problems and how he wanted to fix them. He then released his budget for this year. We are going to have a 1.56 trillion dollar deficit on a 3.8 trillion budget, the highest in history. He’s calling for increased jobs spending:

The jobs initiative largely mirrors last year’s stimulus bill, but is about one-third its size. The president is asking for nearly $300 billion for recession relief and job stimulus. The budget paints a remarkably dire picture of a federal government that will have to borrow one-third of what it spends next year as it runs a deficit that still would total some $1.3 trillion.

What a great idea, since last year’s stimulus package worked so well at creating jobs. Unemployment went from 8 to 10 percent from the time the stimulus package was passed last year until now.

Obama went on to say, “What I reject is the same old grandstanding when the cameras are on, and the same irresponsible budget policies when the cameras are off,” the president said. “It’s time to save what we can, spend what we must, and live within our means once again.” It is a little bit entertaining to me that he can say this with a straight face. Who is he talking to? He just submitted the largest budget in our history with a 1.56 trillion dollar deficit.

Republicans weren’t impressed with the proposals.

“They’re not willing to do big ideas. They’re doing ideas that create perception but don’t do anything big,” said New Hampshire Sen. Judd Gregg, senior Republican on the Budget Committee. “The spending freeze for example. You’re talking what, $10 billion on a $1.6 trillion deficit?”

Obama’s proposal spells out plans to have a 700 billion deficit in 4 years, “fulfilling” his promise to cut the deficit in half. What a joke. That is bigger than any deficit we had before he took office. I’m not impressed. If Obama were serious about getting us out of this mess, the deficit would be 0, not 700 billion. He, along with the rest of Washington, clearly doesn’t know what the word “budget” means. I don’t get to spend money I don’t have, I really wish they would stop spending money they don’t have.

Here is a stat that is pretty telling. To have a 0 deficit based on the projections in Obama’s budget, we’d have to go all the back to the amount we spent in….wait for it….2004. I know, huge sacrifice. Just do it. The growth in government recently has been staggering, and it has to stop. I’m sick of fancy speeches and smooth talking, I want some real action.

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Author: Derek Clark Categories: Finance, General Politics Tags: