Updated Budget Report Card: Obama’s Budget So Bad, It’s Illegal
The White House finally released President Obama’s budget plan, two months later than required by law (he has ignored the legal deadline for submitting a budget four out of his five years in office). Predictably, it wasn’t exactly worth the wait.
The Obama budget doubled down on all of his previous unserious proposals, actually increasing spending in the short term, while continuing to act upon his rhetoric of soaking the rich. And once again, it never reaches balance. Ever.
Under Obama’s plan:
- the total U.S. federal debt would increase to $25 trillion by 2023,
- next year’s spending actually increases by $154 billion,
- collects over $1 trillion in new taxes from “the rich”,
- does nothing to curb the costs of Medicare and Social Security,
- and includes a package of stimulus spending on favored programs such as high-speed rail and green energy.
Of course, Senator Rand Paul’s budget plan remains the gold standard for those who wish to truly address the size and spending of the federal Leviathan. Take a look at our newly-updated Budget Report Card to see our final report how this year’s major proposals stack up:
