In the first three months since President Obama was sworn in as the 44th President of the United States, he and his Democrat colleagues in Congress have engaged in the largest power grab in our nation’s history, all to the tune of about a $13 trillion deficit. The $13 trillion price tag does not seem to even worry Obama and the Democrats. According to Obama, he has a plan to reduce the deficit a tad over the next few years. So as far as Obama is concerned, it’s okay to explode the deficit because he plans to reduce it a bit. What we are not being told is that the Obama/Democrat deficit explosion will certainly shrink our nation’s economy and cause massive inflation.
The Congressional Budget Office (CBO) recently ran the numbers and found that Obama’s projections of economic growth over the next ten years were highly inflated. Obama’s projections greatly overstated the growth that can occur under his tax-and-spend policies by a whopping $2.3 trillion. In fact, the CBO found that over the next ten years the federal government would need to find at least $800 billion just to begin paying for the debt created by the Obama/Democrat policies. Care to guess how he will attempt to pay for all that debt? If you guessed tax increases, you are correct. These tax increases will come from every direction and be as punitive as can be. We know this because Obama and the Democrat Congress are already finding creative ways to tax Americans. For instance, Obama has called for the removal of tax deductions for charitable giving. If this is allowed to occur, many Americans will either reduce their charitable giving or no longer donate to charity.
It will be the poor and the downtrodden that will suffer when charitable giving dries up.
During the 2008 campaign Obama talked a lot about his idea to award a $3,000 per job tax credit for businesses that hire employees. That idea went out the window almost immediately after he became President. Consider Obama’s cap-and-trade proposal, which will raise energy costs for American families by thousands of dollars per year. Obama and the Democrats proposed to offset this new tax in their budget with tax credits. Yet, the tax credits were never included in the Obama/Democrat budget. It gets even worse. Obama has actually called for the reduction of mortgage deductions for homeowners. At a time when home prices have fallen and the equity many Americans had in their homes has dried up -- thanks in large part to Democrat sponsored home lending policies -- Obama now wants to reduce the tax deduction on those homes.