Obama will not offer any plan to reduce spending, especially entitlements. He just keeps going back to his crusade against the rich, from whom he's already extracted a higher tax rate and eliminated personal exemptions and deductions. He promised he wanted a balanced approach, but he refuses to balance his punitive tax hikes with spending cuts and entitlement reform. Even former Sen. Alan Simpson said that unless Obama gets serious about entitlements, he will have a failed presidency.
But Obama and his Democratic senators will not pass a budget, and they will not participate in entitlement reform. Instead, Obama is back railing against the Republicans for their alleged unwillingness to further tax the rich, whom they have already reluctantly agreed to discriminatorily tax.
Obama tells us that Republicans are insisting on keeping his brainchild -- the sequestration -- in place to avoid further taxing the rich. This is the same sequestration he promised to support; he even threatened to veto efforts to remove it. Now he complains about its draconian cuts -- not about cuts to the military but about cuts to his sacred domestic programs. But in fact, even with the sequester cuts, we will be spending more in fiscal year 2013 than we have in any other fiscal year in American history, save 2011. He is simply misleading the public because he wants to further punish the rich -- even if it means holding hostage our military and accelerating the nation's imminent bankruptcy.
Obama is dreadfully wrong on both sides of the fiscal equation. Economic growth does not depend on government spending, which has the opposite effect because it sucks the wind out of the private sector; and you balance the budget not by taxing the rich but by drastically cutting spending and reforming entitlements.
Obama and his ilk mock Republicans for their "trickledown" economics, but Obama is the quintessential proponent of his own trickledown economics. As to the private sector and entrepreneurship, he is an atheist. He believes that only he and his central planners in the omniscient federal government can cause economic growth and that from that high mountain of government largesse will trickle down economic activity for the ignorant, impotent private sector and the economy at large.
The sequestration, as House Speaker John Boehner has said, is an ugly way to cut spending and is not good for our national defense. But if we don't start cutting fast (and the sequester is more a reduction in the rate of spending increases than it is a cut), we won't have the money to support a military at all, much less anything else. Time to stop playing games with the nation's very viability and our children's future. The Republicans must hold to their guns this time.
In Honor of His 103rd Birthday, Here Are The 20 Best Quotes From The Late, Great Milton Friedman | John Hawkins