Wow, that's breathtaking. President Obama's 2015 federal budget proposal, that is. The law requires Obama to submit this document no later than the first Monday in February, so his sixth budget is a month late, the fifth time it's been submitted past the legal deadline. Judging by the bottom-line numbers, it appears the president and his minions used the extra month to stuff in as many new taxes and as much added spending and debt as possible. While they were doing that, incidentally, the Congressional Budget Office repeated its perennial warning that federal spending and debt are on an “unsustainable” path.
This is one kind of sustainability Obama is not worried about. Here are just some of the bottom-lines, as calculated by Sen. Jeff Sessions, R-Ala., the ranking member of the Senate Budget Committee:
• The 2015 Obama budget plan increases federal spending by 63 percent over the next decade, going from $3.6 trillion to $5.9 trillion annually.
• The new Obama budget hikes federal outlays in 2015 $56 billion above the Ryan-Murray caps the president signed into law less than two months ago, in January.
• The Ryan-Murray caps would be exceeded by a cumulative $791 billion during the coming decade.
• The proposed Obama budget adds $8.3 trillion to the national debt over the next decade.• The national debt will reach $25 trillion at the end of those 10 years. That comes to $72,689 for every man, woman and child in America in 2024.
• Interest payments on the national debt will go from $223 billion this year to $812 billion in 2024.
• Federal taxes would go up $1.7 trillion over the same period.
Numbers like these make clear that Sessions wasn't kidding when he said “the president's plan rejects the very idea of limits. It is the manifesto for a big government, tax-and-spend ideology. It will further grow the government, shrink the middle class, and shield the political elite from accountability as they raid the nation's wealth.”
In other words, the latest Obama budget proposal abandons any pretense of ever balancing federal outlays and revenues, lifting the dead hand of bureaucratic regulation from what's left of the private economy, replacing the failed welfare state with programs that actually help those in poverty, or eliminating the crippling national debt. It is the budget of an America that's become just like Europe.
As Charles Blauhous of the Mercatus Center points out: “Since 1947, the four largest deficits run by the U.S. government, as a percentage of the economy, were in fiscal years 2009, 2010, 2011 and 2012 -- the first term of the Obama Administration. These deficits ranged in size from 6.8 percent to 9.8 percent of GDP. The previous annual record was 5.9 percent in 1983.” Blauhous adds that “since 1947 there have been only three fiscal years in which the U.S. government spent more than 23 percent of our total national economic output -- 2009, 2010 and 2011, the first three years of the Obama administration.” Does Obama think he or the country is exempt from economic reality?