The Obama Budget: More Budget Gimmicks, More Spending

ATR ^ | 2012-02-13 | [Staff]

[92nina]

Today, President Obama released his budget for the 2013 Fiscal Year. The spending blueprint mirrors other plans he has put forward during his administration. It keeps spending at unprecedented levels, fails to address the looming entitlement crises and uses budget gimmickry to claim fake savings and unrealistic projections.

• The budget continues to call for spending at historic levels: the request sets spending for the fiscal year at $3.8 trillion and projects $47 trillion in spending over the next ten years

• Holds spending at 23 percent of the next ten years, two percent higher than its historical average

• Uses totally dishonest accounting: the President claims to include $4 trillion in deficit reduction. These supposed cuts include $1.6 trillion in tax hikes and $900 billion in war spending the President plans to plow back into infrastructure spending

• Repeats failed “stimulus” spending: For the third year in a row, the plan looks to create a permanent Infrastructure Bank with $350 billion in new spending. The budget also requests $500 billion for a transportation package while shifting Highway Trust Fund spending to mandatory accounts, ensuring its insolvency for posterity

• Continues practice of extending Medicare providers payments without offsetting the $438 billion in spending with cuts elsewhere

• The budget only addresses 40 percent of the government spending problem: the President bankrupts the entitlement programs by once again refusing to confront the nation’s largest debt-drivers

• Fails to take into account the coming costs of the government takeover of healthcare and financial regulatory overhaul. Instead, the President’s budget claims zero effect for supposed cost-saving mechanisms, such as the implementation of the Obamacare Independent Payment Advisory Board

• Cements broken promises: breaks his campaign pledge to cut the deficit in half by the end of his first term. He already broke his "firm pledge" not to raise any taxes on earners making less than $250,000 many times over

[92nina]

President Obama's FY 2013 Budget fails to rein in spending

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