When you are royalty, you should not be asked to produce a budget. Obama really hasn’t since he has been in office. The senate has never passed an Obama administration budget.
But, this is an election year. So why not publish a nice wish list for the ignorant voters who might like this fiction and vote for me. It’s hundreds of pages long so no one will read it. It’s ridiculous, so no Congress will pass it. It’s just hundreds of pages of campaign strategy. As your King, I owe you nothing. That’s what I gave you, nothing.
Here are the key data from that bogus budget:
Federal debt is now $16 trillion. It would increase to $26 trillion over 10 years.
The cost of servicing the national debt is now $225 billion. It would go up to $850 billion in 2022.
The federal debt is 100% of annual GDP.
Federal spending is $3.8 trillion. It would go to $5.8 trillion in 2022.
Obama hired a debt commission. He ignored what they brought him. Here are some differences between what they recommended and Obama’s proposed budget.
Debt commission brought spending to 21.6% of GDP by 2015. Under Obama it remains at 22.8% in 2022.
Debt commission comparision between 2013 and 2020 would trim $2 trillion in annual deficits vs. Obama plan.
No right minded politician would approve the Obama budget. It’s a straw man to blame Republicans again. But, Republicans didn’t name a debt commission to get spending under control, Obama did. Republicans didn’t ignore all the recommendations to fix our coming financial crisis, Obama did.
