When President Obama declared April to be “National Financial Capability Month” and described plans for his administration to teach young people “how to budget responsibly,” it was easy to mistake the announcement for a Stephen-Colbert-style April Fools’ prank.
The money in an IRA is not “tax-preferred,” as the White House asserts. Money in an IRA is rather “tax-deferred,” meaning the government is going to get their money one way or another. No surprise there that they got that wrong. The White House is short on CPAs. They don’t even know how to do their own taxes right.
Already rejected by even his own elected Democrats, last week the non-partisan Congressional Budget Office piled on with their own criticism. The CBO says that economic plan outlined by the Obama Budget would "hurt the economy in the long term."
We in America today live in a country circumscribed by entitlement policies devised by an America that steadily has been disappearing. Those policies established more than a generation ago cannot possibly, in mathematical or demographic terms, support the America of the present, much less the America of the future. That is the stark reality.
It should be coming soon to a campaign stop near you. Watch for it: Still another high-budget, low-content production by the same masterful hand that gave you shows like "Stimuless" and "Solyndra."
President Obama, it would seem, has crossed into new territory and his Administration, unhappy with the constitutional constraints on Executive authority to direct spending, is now openly violating the Constitution.
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