The only thing more stunning than President Obama's new budget is this administration's claim that they're fiscally responsible. Jack Lew is Obama's Office of Management and Budget director. He served the same capacity under Bill Clinton and now loves to go around bragging that he balanced the budget back then and gave us surpluses when, in fact, it was Speaker Newt Gingrich and the Republicans who balanced the budget.
Lew unveiled the president's new budget and it increases the deficit next fiscal year to $1.65 trillion, up from the previous year's $1.5 trillion deficit. Understand, the deficit is how much we're hemorrhaging per year. The debt is the accumulation of the deficits.
Right now our debt stands at around $14 trillion. It took us over 200 years to get to this point. Obama doubles the debt in ten years!
Jack Lew begins his explanation of the new budget by saying, "we have to live within our means so we can invest in the future." In this budget we bring in $2.15 trillion but we spend $3.8 trillion. How is that living within our means?
And watch out when liberals start throwing around words like "investment." That means new taxes and Obama's budget raises taxes $1.5 trillion over the next decade.
When he talks about freezing spending he's talking about discretionary spending which has been at unprecedented highs over the last two years with all the so-called stimulus spending. Of course, the stimulus money has done nothing to solve our economic woes. In fact, this spending has only added to the problems yet he continues with this stimulus business spending over $50 billion on his Race to the Top initiative and high-speed rail.
Obama says we need high-speed rail in order to remain competitive in the world. What, is this some high-tech Wacky Races with Japan and Europe? What do we care if the Japanese get to work 10 minutes earlier? Right now our "low-speed" rail is losing money like crazy. Don't get me wrong, I dig trains but the government needs to get out of the business of running them. Instead, Obama wants to plow billions more into a money-losing proposition.
Check out this part from Jack Lew's defense of the new budget: "As we take these steps to live within our means, we also invest in the areas critical to future economic growth and jobs creation: education, innovation, clean energy, and infrastructure."
Don't you just love that Washington double-speak? This budget "invests" 8 billion new dollars in "clean energy" which is primarily a green make-work program. As we witnessed in Spain, they killed 2.5 regular jobs for every green job they created. In America a great example of that is the compact fluorescent light bulb. The dirt people just closed down the last incandescent light bulb factory in the United States. All the CFLs are made overseas, primarily in China.
Most of the wind turbines are manufactured in China. "Green" companies like Nike and Apple have shipped jobs to China and elsewhere.
The green jobs initiative is emblematic of the entire Obama budget. His policies are a dry rot within the entire infrastructure of America. He's not investing in things that will make us stronger. He's toppling this great nation from within by spending us into oblivion.
This is a runaway train and the Republicans have the kill switch. They can choose not to raise the debt ceiling. Without an increase in the debt ceiling all this Obama budget nightmare goes away and we live on the $2.15 trillion we're bringing in. Will the Republicans choose wisely? We're watching.
Phil Valentine is an author and syndicated radio talk show host. His website is PhilValentine.com