President Obama’s budget released Monday embodies his policies for economic growth and recovery. The document, including the President’s accompanying budget message, makes those policies quite clear. If you think the key to economic growth and prosperity is increased government spending, financed by increased tax rates on job creators, investors and small business, with sustained record deficits and soaring debt, then President Obama is your man. If you think that is nuts, then what the budget says to you is your only choice is to get him out of office.
You would think that President Obama would have learned from his experience over the last three years that such economic policies don’t work. But what we have learned from our experience with President Obama is that he doesn’t learn from experience. He is all theory, inculcated in him from birth.
Obama explains in his budget message, “To succeed and thrive in the global, high tech economy, we need America to be a place with the highest-skilled, highest-educated workers; the most advanced transportation and communication networks; and the strongest commitment to research and technology in the world. This budget makes investments that can help America win this race, create good jobs, and lead in the world economy.”
In other words, in plain English, what drives economic recovery and growth is government spending. And Obama follows through on that in his new budget, with federal spending for 2012 projected to total $3.795 trillion, an increase of over 27% during his first term alone, up another $193 billion from the last year. In fact, the President’s own proposed budget projects federal spending to soar by 2022 to $5.820 trillion, the highest government spending in world history. Over the next 10 years, federal spending, with all of President Obama’s talk about spending cuts, will total $47 trillion!
When he was running for President in 2008, however, Obama did not say that increased government spending was the key to economic growth and his economic policies. He told us then his budget policy would involve a “net spending cut.” In fact, he said precisely that during a nationally televised Presidential debate with John McCain. Does President Obama understand the meaning of the words “net spending cut?” Or was he deceiving the American people in 2008 when he used those words?
President Obama also promised when he was running for office in 2008 that he would cut the budget deficit in half by the end of his first term. But the budget deficit projected for 2012 in the budget he just released is $1.327 trillion. The deficit in 2008 was $458.6 billion, less than half one trillion, the former all time record. As the Wall Street Journal explained yesterday, Obama’s new budget includes: “Another deficit of $1.327 trillion in 2012, also an increase from 2011, and making four years in a row above $1.29 trillion. The last time that happened? Never.”
Those four consecutive years of trillion dollar deficits under President Obama, the only trillion dollar deficits in world history, added a total of $5.33 trillion to the national debt held by the public in President Obama’s one term in office alone. Obama’s own budget projects the national debt held by the public to total $11.6 trillion for 2012, double the national debt of $5.8 trillion in 2008! Consequently, by Election Day 2012, Obama will have doubled the national debt, in just one term of office. In that one term, he added as much to the national debt as all prior Presidents, from George Washington to George Bush, combined!