But the President’s designation of April as a month of fiscal responsibility was made with a straight face, as he explained, "Together, we can prepare young people to tackle financial challenges–from learning how to budget responsibly to saving for college, starting a business, or opening a retirement account.” In light of Obama’s budget finally being released this week, much can be learned about what Obama actually intends for our nation’s young adults.
Obama’s budget troubles start with the long-delayed release. This is the fourth time in five years that President Obama has failed to produce a budget on time. This year he earned the dubious distinction of being the first president in the modern era to fail to produce a budget before Congress produces one—the last time being in 1921. Such a late release essentially guarantees his budget will not be voted on by the Senate, which perhaps is a good thing for the President– given that his 2012 and 2013 budget proposals failed to garner a single vote in the Democrat-led Senate.
Predictably, the Obama budget contains $580 billion in higher taxes. After his $620 billion tax increase on those pesky "rich" Americans and his $115 billion payroll tax on that ever shrinking portion of the American population actually holding down a job all as part of the fiscal cliff debacle back in early January, the President was not about to slow down the tax train. All this while the Labor Department reported last week reported that the percentage of Americans actually participating in the labor force is down to a modern low of 63.3 percent.
While Obama’s fondness for raising taxes may not be likely to light an entrepreneurial fire in the hearts of American citizens, at least it will solve the problem of runaway deficit spending and bring the budget into balance, right? Wrong. In contrast to Paul Ryan's budget that balances in ten years through entitlement reform, lower tax rates and reining in government overspending, Obama’s budget simply ignores the idea of actually ever balancing.
No wonder President Obama is on track to preside over the top five worst deficits in American history. Not to worry though, since economic growth, he reminds us frequently, is all that matters and the only way to get there is through government spending.