Skip to comments.$1T IN TAXES IS HELL TO PAY
Posted on 02/27/2009 3:10:25 AM PST by Scanian
WASHINGTON - Big government is back - and so are big taxes.
President Obama unveiled a mammoth, $3.6 trillion budget yesterday that would dramatically boost federal spending almost across the board - and pay for it with tax hikes of $1 trillion on individuals and businesses over the next decade.
Experts immediately tagged the new president's supersized spending plan the most sweeping government overhaul since Lyndon Johnson's Great Society in the 1960s.
Marty Regalia, the chief economist at the US Chamber of Commerce, called it "the biggest return to the welfare state that we've seen in decades."
The budget would create an eye-popping $1.8 trillion deficit for the 2009 fiscal year - the highest ever in dollar terms - amounting to a 12.3 percent share of the economy, which is the largest since 1945.
The big budget - which Obama released two days after telling Congress the "day of reckoning" for past economic blunders had arrived - encompasses his key priorities, from a troop drawdown in Iraq to big new investments in health, science, and education.
Republicans immediately balked at the spending free-for-all.
House GOP leader John Boehner of Ohio said, "The era of big government is back, and Democrats are asking you to pay for it. We can't continue to pile debt on the backs of our kids and grandkids."
(Excerpt) Read more at nypost.com ...
30 days wipes out 40 years of hard work.
HIS objective is clear
Fat welfare momma up the road and her dumb communist kids are getting a raise. I’m sure her drunk boyfriends will appreciate the extra case of beer each week.
“Fat welfare momma up the road and her dumb communist kids are getting a raise. Im sure her drunk boyfriends will appreciate the extra case of beer each week.”
That sums it up nicely.
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