No president in our nation's history has spent as much as Obama or run up more debt. His plan would result in a monstrous $744 billion budget deficit in 2014. It projects the national debt would grow to an unprecedented $25 trillion over the next decade from today's $16.8 trillion.
That will further endanger the government's already shaky solvency and undermine our economic future.
Despite a weak economy that grew by only 0.6 percent in the fourth quarter of 2012, and the snail's pace job growth that shrank sharply last month, his budget calls for nearly $700 billion in new taxes on employers, investors, and households in the highest tax brackets. Even smokers would have to pay nearly $1 more for a pack of cigarettes.
If you thought Obama's class warfare ended with his re-election campaign, forget it. In addition to raising taxes on just about anything that moves, he wants to impose a new minimum tax rate of 30 percent on people who make more than $1 million a year.
And brace yourself, because he says he's not budging this time from his demand for higher tax rates. Any budget deal later this year, he said Wednesday in his remarks in the White House rose garden, must raise new tax revenue from "the wealthiest individuals and biggest corporations."
And that's on top of the $600 billion he has previously approved in higher income taxes on Americans earning more than $400,000 a year. In the space of two years, he will squeeze $1.3 trillion more out of our sluggish, over-taxed, under-invested economy when millions of struggling businesses are hiring less and many Americans can't find full-time jobs.
This is an economy that cries out for bold, new initiatives to boost venture capital investment for business expansion and new start- ups to put people back to work.But Obama's budget doesn't offer one substantive initiative that would do this.
Instead, he wants hundreds of billions in more spending -- at least $300 billion more just for additional public works jobs on top of the nearly $800 billion he poured into similar projects in his first term. All that spending had little if any lasting impact on the economy or the real unemployment rate, now estimated at nearly 14 percent if you add part-timers who need full-time jobs and discouraged adults who stopped looking for work.
His latest budget plan is bulging with new spending for the laundry list of initiatives he spelled out in his expensive State of the Union address, including an ambitious $77 billion expansion of pre- school education. And that's just for starters.