President Barack Obama’s proposed budget for the upcoming fiscal year is, to put it mildly, a flop. It spends too much, borrows too much, and passes along too much debt to our children and grandchildren.
With a straight face, at a time when the U.S. government faces its most serious fiscal crisis in decades, Obama proposed almost $9 billion in new spending over and above what the federal treasury is expected to take in. On top of that, he’s adding nearly $1.6 trillion in new taxes and will see the public debt double or even triple. [Take the U.S. News poll: Is Obama right on entitlements?]
This is not reform. It is most certainly not cost cutting, and it does little to put the nation’s fiscal house in order.
Among the highlights, Obama’s proposed budget:
In short, there’s almost nothing to like about it. For all the talk of Obama’s moving to the center, his FY 2012 proposal is a budget buster that arrives DOA—dead on arrival—on Capitol Hill.