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Our great leaders address the pressing problems of their times. That's what George Washington did. So did Abraham Lincoln, FDR, Truman, JFK, and Reagan. Taking on their responsibilities is what made these leaders great.
The most pressing problem of our time is DEBT. Some would say it's jobs, but that's only in the short term. It's the debt crisis that will ultimately sink our ship of state if we do not address it. It is the job of our leader, our President, to confront this crisis of our time.
Yesterday, Barack Obama proved he is not a great leader. Instead, the President released his new 10-year budget and proved he is no leader at all. It almost makes me sick to report this. National Review has the lowlights from Obama's budget request:
$3.73 trillion — total spending this year (25 percent of GDP, highest levels since World War Two).
$46 trillion — total spending over the next decade.
$8.7 trillion — total new spending over the same period.
$26.3 trillion — Total new debt, including entitlement obligations, predicted by 2021. [Note from King - This doesn't mean the federal debt would increase by this amount, because we don't include future entitlement obligations in our debt numbers]
$7.2 trillion — Total deficit predicted by the end of the decade.
$1.1 trillion — How much the White House estimates the proposal will reduce the deficit over the next ten years.
$4 trillion — How much the president’s deficit commission recommended reducing the deficit over the next ten years to avoid financial catastrophe.
$1.6 trillion — The projected annual deficit for 2011 (11 percent of GDP), up from $1.3 trillion in 2010.
$2 trillion — Amount the budget will raise taxes on business and upper-income families over the next ten years, which includes letting the Bush-era tax rates expire in 2012 (for incomes $250,000 and up).
$50 billion — Amount the administration plans to spend this year on infrastructure and transportation “investments.”
$30 billion — Amount dedicated to a “National Infrastructure Bank to invest in projects of regional or national significance to the economy,” including the much-touted high-speed rail initiative.
$77.4 billion — Funding allocated for the Department of Education, a 22 percent increase from 2010 levels, and a 35 percent increase from 2008 levels.
$29.5 billion — Total spending on the Department of Energy, a 22 percent increase from 2008 levels.
$9.9 billion — Funding allocated for the Environmental Protection Agency (EPA), a 30 percent increase from 2008 levels.
$150 billion — Total amount the White House plans to spend next year on research and development programs.
8.2 percent — Predicted unemployment rate in 2012.
Zero — Political risk the president was willing to assume by proposing meaningful reform to entitlement programs. That said, Republicans haven’t exactly been willing to stick their necks out either, at least not yet.
Jake Tapper of ABC News summed it up best when he said, "At no point in the president’s 10-year projection would the U.S. government spend less than it’s taking in.” The LOWEST deficit projection over Obama's 10-year budget is $607 billion. Obama's LOWEST deficit projection is higher than any in the history of the country prior to 2009 when Obama took office.
Even Andrew Sullivan of the Atlantic, an Obama fan, had something intelligent to say on the subject - "To all those under 30 who worked so hard to get this man elected, know this: he just screwed you over. He thinks you're fools. Either the US will go into default because of Obama's cowardice, or you will be paying far far more for far far less because this president has no courage when it counts. He let you down. On the critical issue of America's fiscal crisis, he represents no hope and no change. Just the same old Washington politics he once promised to end".
Exactly. The swarms of young people who flocked to the polls to elect Barack Obama in 2008 were in effect signing their own economic death warrants.
After this abdication of responsibility by Obama, 2012 can't get here fast enough for me. I wrote recently that the new "centrist" Obama sounded good, but we'd find out from his actions whether he had really changed, or whether it was just words, political doubletalk. Now we know it was just words, and nothing more.
Here's a newsflash for liberals - Obama's 10-year budget includes allowing the Bush tax cuts for those making over $250,000 to expire in 2012. It didn't make much difference, did it liberals ? We're still headed into debt hell with or without those tax cuts. I hate to say I told you so, but...I told you so.
After failing miserably to address our biggest economic problem, President Obama had the audacity of non-hope to say his budget represents "tough choices and sacrifices". Surreal.
Speaking of surreal, listen to how the Associated Press begins to describe Obama's budgets:
WASHINGTON – Putting on the brakes after two years of big spending increases, President Barack Obama unveiled a $3.7 trillion budget plan Monday that would freeze or reduce some safety-net programs for the nation's poor but turn aside Republican demands for more drastic cuts to shrink the government to where it was before he took office.
This is why the American public is so misinformed. The AP characterizes it as "putting on the brakes after two years of big spending increases" when Obama just proposed INCREASING federal spending by nearly $200 billion this year over 2010 levels. That doesn't put the brakes on anything. It presses the gas pedal.
The bottom line is - Obama's 10-year budget plan would add $13 trillion in debt over the next decade, and that's the rosy scenario, because Obama's plan assumes complete economic recovery. Obama's "rosy" scenario would have our national debt at about $27 trillion in ten years. Does anyone remember Obama's first 10-year budget plan ? That one added $9 trillion to the debt over ten years. Now, it's up to $13 trillion. Maybe the AP can tell me again how that equates to "putting on the brakes", because my calculator is telling me just the opposite.
Think about this - Obama has already added about $4 trillion to the debt in a little over two years. If he could serve for 10 more years, by his own projections he'd add about $17 trillion to the debt in twelve years. Here's the kicker. THE ENTIRE ACCUMULATED DEBT IN THE HISTORY OF THE COUNTRY WAS ABOUT $10 TRILLION BEFORE OBAMA BECAME PRESIDENT. Democrats were rightly upset that the country ran up $5 trillion in debt under the alleged conservative Bush, but now Obama makes Bush look like the model of fiscal responsibility by comparison. That is no easy feat, but Obama has embraced enough fiscal insanity to accomplish this in only TWO YEARS.
Time for a new President, America. This one isn't a leader. He's just a politician, and not even a wise one. He's ruining the country at breakneck speed. The Tea Party movement is right.