Barack Obama’s Budget: More Spending, Higher Debt, Higher Taxes

I’ve been looking for a chance to learn more about President Obama’s new budget, not trusting the mainstream media’s analysis of it.

Now I think I’ve found someone who has an intelligent perspective. Daniel J. Mitchell is a Senior Fellow at the Cato Institute. He writes,

The President’s new budget has been unveiled.

There are lots of provisions that deserve detailed attention, but I always look first at the overall trends. Most specifically, I want to see what’s happening with the burden of government spending.

And you probably won’t be surprised to see that Obama isn’t imposing any fiscal restraint. He wants spending to increase more than twice as fast as needed to keep pace with inflation.

What makes these numbers so disappointing is that we learned last month that even a modest bit of spending discipline is all that’s needed to balance the budget.

By the way, you probably won’t be surprised to learn that the President also wants a $651 billion tax hike.

That’s in addition to the big fiscal cliff tax hike from early last and the (thankfully smaller) tax increase in the Ryan-Murray budget that was approved late last year.

The mainstream media will never remind us, of course, but there was a time when Senator Obama allowed himself to sound much like a fiscal conservative. I know I didn’t imagine that. Here is Jeb Bush’s statement from 2009, showing he remembers the same campaign I do:

Barack Obama would not have gotten elected if he’d let us in on his secret plan prior to the election. He would not have gotten elected if he’d said, “My idea is to create a $1.8 trillion deficit for the next fiscal year. My idea is to spend $750 billion [the president’s budget estimate puts this figure at $630 billion] over the next ten years on a government-sponsored, government-subsidized health-care policy. My idea is to create a massive cap-and-trade system [based on the idea] that CO2 is [a] pollutant and we need to tax it in a massive way to reduce greenhouse-gas emissions.” Those ideas, which are now embedded in his budget, and the ideas in the stimulus package, weren’t central in his campaign. In fact, he basically won the tax debate, which is breathtaking if you think about it. Cutting taxes is generally considered a center-right idea, not a center-left or left idea. He made it appear like McCain was going to raise taxes, which was unfair, but there was no response back. When there was an ideological component, it was generally centrist or even center-right. Had he said what he was going to do as a candidate, [Obama] would have lost.

He had excuses. The bad economy demanded stimulus. Then he actually came up with the idea of sequestration.

Now, he acts like none of it ever happened. They all do in the Democrat Party and in the media. They really believe that they can just keep spending keep raising taxes.

And most Republicans don’t act like it matters to them.