Posted on 03/04/2009 10:22:22 PM PST by 2ndDivisionVet
Just how massive is President Barack Obama's proposed $3.6 trillion budget? The current federal budget consumes 20 percent of America's gross domestic product. Obama's proposed budget consumes 22 percent. That's an extra 2 percent of a more than $14 trillion economy -- in just one budget.
Obama's budget is so large that it has succeeded in uniting Republicans and Democrats -- against it. Politico.com reported on Wednesday that a group of 14 "moderate" Democrats, including New Hampshire's Sen. Jeanne Shaheen, is working behind the scenes to cut a significant amount of spending out of the President's proposals -- both the upcoming federal budget and the $400 billion omnibus spending bill to keep the government running this year.
The President's budget contains $1.3 trillion in tax increases and a 12 percent increase in discretionary spending, according to the Heritage Foundation.
Remember the $500, scratch that, $400 tax credit we were all supposed to get? Now Obama says we'll get it only if Congress passes his cap-and-trade program for carbon emissions, which functions as a more than $600 billion tax increase on energy production. We will pay more in increased energy costs than we would get back from the tax credit.
Federal spending consumed 20.6 percent of GDP in 1968. It was 1981 before federal spending crossed 22 percent of GDP. President Obama takes it up two percentage points in a single budget and does this with deficit spending, not savings, as he claims.
Obama's budget creates a federal deficit of 12.3 percent of GDP. That is the highest since 1945 when the deficit was 21.5 percent of GDP. It hasn't exceeded 6 percent since then. FDR, fighting the Great Depression, never had a deficit larger than 5.9 percent of GDP.
This is not fiscal responsibility. This is recklessness on an unprecedented scale.
%!*#%
They don’t let me post what I think...
Same thing happening in this country, before Germany started WWII. Citizens are broke..find someone else to blame(Rich,White,greedy bankers..ect.Bush).. Powerfull young leader offers answers to all problems. Large number of road building and other projects for Germans out of work. The masses are kept at bay by the State Run media(our own Drive-By’s) feeding them dissinformation. I imagine the next step is an incident that would allow Obama to declare martial law...such as a terrorist attack. After that well say hello to the Grand Leader!!
ditto
“Obama to declare martial law...”
I am convinced that should that nightmare ever happen, there will be rivers of tears and blood on our streets.
"See that...?"
"You ain't seen nothin' yet... That's just the beginning."
.
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[Remember the $500, scratch that, $400 tax credit we were all supposed to get? Now Obama says we’ll get it only if Congress passes his cap-and-trade program for carbon emissions, which functions as a more than $600 billion tax increase on energy production. We will pay more in increased energy costs than we would get back from the tax credit. ]
OBAMA IS SUCH A LIAR!!
Through all his adult years, Obama has been nothing but a speechifying, profligate spender of other people's hard-earned valuables.
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