The new Obama budget

Well it did not take very long when President Obama handed of his budget to congress he became the highest spender in US history. That only took 30 days, he is if anything a fast study. The budget is full of changes to expanded health care, environmentally friendlier energy policy, improved education, farm payments, and taxes. All we see is higher taxes, soaring government spending and record federal deficits in this budget. These things will double our national debt in seven years while raising taxes on small businesses. Since there is no way to stop whatever the democrats want Senate Majority Leader Harry Reid, Democrat from Nevada will have the legislation ready for a vote within a month. Here is couple of points as we have only scanned the budget proposal so far. There is an energy piece that includes steps to spur development of renewables and increase efficiency. A national requirement for utilities to produce a certain percentage of their electricity from the wind, sun and biofuels as well as reduce greenhouse gas emissions. The power map is not ready for this and it can only drive up the cost of utilities for the consumers. The other thing that immediately jumped out is to pay down the deficit from all this spending, President Obama has factored in a 5-8% GDP growth to keep everything in balance. There has not been growth that high in close to two decades in fact when we grew at 2.3% the year of the President Bush stimulus checks economists could not believe the impact. Welcome to new America as we have elected hope and change which looks like socialism to us.

Leave a Reply