Thursday, February 26, 2009

Obama's deficit, spend and tax budget

So President Obama has released his budget. If you believe the hype it would be different, well I guess it is:

- US$1.75 trillion deficit. You just can't begin to imagine how big that is. 12.3% of GDP. He's going to reduce it to US$533 billion by 2013. Wont hear him talking about mortgaging children though;
- He wants to spend US$3.6 trillion, around US$25,000 per taxpayer. However he says he doesn't believe in big government;
- He wants to spend US$634 billion on a health care reserve fund, to introduce socialised health care, though you might wonder whether if every taxpayer spent that around US$2000 a head on health insurance they would be more than covered;
- He wants to increase taxes on the rich (spit on them all of course) those earning over US$250,000 to around 40%;
- He wants to cut military spending, largely as a result of withdrawal from Iraq and Afghanistan;
- He wants to create a cap and trade programme for CO2 emissions that the Federal government will profit from.

Change you can believe in? Or is it just change people are left with when they and their children face this monumental debt to repay? He says he doesn't believe in big government. Who is he kidding?

2 comments:

The Intellectual Redneck said...

Taxing the rich at 100% won't pay for Obama's budget. The Wall Street Journal has reported that taxing the rich at 100% won't pay for Obama's budget. Barack Obama promised not to raise taxes on anyone making under $250,000 per year. Where is he going to get the money? The numbers indicate Obama will need to take 100% of the income of everyone making over $75,000.

Troy Camplin said...

He also says he doesn't want to run the auto industry -- but that didn't prevent him from nationalizing Chrysler and General Motors.