By David Henderson
Consider the chronology.
. In January 2009, the Congressional Budget Office projects that the fiscal year 2009 budget deficit will be over one trillion dollars, or, specifically, $1,186 billion. It also predicts a deficit in FY2013 of $257 billion.
. In early February, President Obama pushes Congress to pass its “stimulus” bill, a bill that cuts taxes in lump-sum fashion rather than cutting marginal tax rates and increases government spending in ways that are likely to remain in place well after the recession ends. This bill would drive the projected deficit higher. President Obama pushes Congress to pass a bill before mid-February because it is so urgent, he claims.
. After the bill has passed, Obama waits a few days to sign it.
. The next week, Obama holds a summit to push the idea of “fiscal responsibility.”
. The day after the summit, Obama gives his State of the Union address in which he calls for more spending.
. Two days after his State of the Union address, he presents his budget proposals. In them, the deficit for 2009 is projected to be $1.75 trillion, which is more than 8 percent of projected U.S. GDP. He seems proud that the projected deficit for FY2013 will be, if things go well, only $533 billion. Compare that to the $257 billion projected by the CBO for the same year assuming none of Obama’s proposals passed.
Does this guy think that words are just words? In this era in which he wants us all to be accountable, is he accountable for his language, let alone his actions? How can he talk about fiscal responsibility when he has just signed a bill proposing a huge increase in the deficit and now is pushing another bill to increase the deficit even more? And how long will it be before the main stream media start talking about the fact that he is proposing the biggest expansion of the federal government since FDR?