NEWS ALERT
from The Wall Street Journal
Feb. 26, 2009
President Obama delivered Congress a $3.6 trillion budget blueprint with a sharp shift toward expanded government activism, tax increases on affluent families and businesses and spending cuts targeted at those he says profited from “an era of profound irresponsibility.”
The plan projects a federal deficit of $1.75 trillion for 2009, or 12.3% of GDP, a level not seen since 1942 as the U.S. plunged into World War II. By 2013, the deficit would drop to $533 billion but begin to climb from there again as the heart of the Baby Boom begins drawing Social Security and Medicare benefits. The budget sets aside an additional $250 billion to complete the president's effort to rescue the financial markets by purchasing toxic assets on the banking sector's books.
The blueprint reorders the federal government to provide national health care, shift the energy economy away from oil and gas, and boost the federal commitment to education. To fund it all, families earning more than $250,000 and a variety of businesses will pay a steep price. The budget's introduction is likely to herald one of the fiercest political fights Washington has seen in years, waged on multiple fronts. Within minutes, Republicans were lambasting a document they called class warfare.
Liberals know what to do with power when they get it.
Act quickly before anyone notices. Especially the “Mindless Middle” who is responsible for Obama’s coronation.
I can’t believe the Blue Dog Democrats in the House can keep signing on for Socialism.