WASHINGTON -- This is the year of the angry voter, and one of the things they're angriest about is that the government's spending our money faster than we can make it, piling up mountains of debt that threaten to drive the U.S. economy into another financial crisis.
President Obama's swollen $4 trillion budget for 2011 would spend about $1.3 trillion more than is expected in federal revenue, after running up what is now estimated to be a $1.6 trillion deficit in the current fiscal year.
Despite all of his feigned, disingenuous concern about budget deficits and a rising national debt, Obama is spending like there's no tomorrow.
His budget does not cut back or restrain any of the major proposals in his agenda. It still contains the massive $2.5 trillion health care plan that for all intents and purposes has been rejected by the voters. It still has his job-killing cap-and-trade energy proposal that died in the Senate. It continues to call for hundreds of billions of dollars in additional spending to pursue his failed economic strategy in a vain attempt to spend ourselves into a recovery.
"One would think the nation's deteriorating fiscal picture would cause the White House to scale back its spending-and-debt spree. Think again," says Brian Riedl, chief budget analyst at the Heritage Foundation.
"Over the 10 years in which both budgets overlap (fiscal years 2010-2019), this year's budget would spend an additional $1.7 trillion and run up an additional $2 trillion in budget deficits," he said this week in a bleak analysis.
How bad are Obama's deficits getting? Riedl said the president's 2011 budget plan "shows annual budget deficits as much as 49 percent larger than last year's proposal -- raising the debt by an additional 6 percent of GDP over the same period. It is a spending spree that will drive up both taxes and deficit."
This, of course, is part of Obama's and the Democrats' plan. They are running into intense political opposition to the tax plans they have floated thus far. By running the government's debts into dangerous territory that threatens the economic foundations of our country, they hope to frighten Americans into accepting higher tax rates they wouldn't otherwise support.
That not only means repealing the two top income tax rates in the Bush tax cuts at the end of this year, but raising taxes on the middle class, too.
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