Taxes & Spending

The ‘stay in your parents’ basement’ Obama budget

“But all of you are here because you believe in yourselves, you believe in your ability, you believe in the future of this country. [And that’s why I’m going to propose a budget that will increase our nation’s debt by such an unseemly amount, it will suffocate you and your children and your children’s children. Pretty much your entire legacy will be wiped out in red ink.]”

The first sentence was President Obama speaking to students at Northern Virginia Community College yesterday as he released his 2013 budget. The follow-up sentence is what he should have added because that is exactly the consequence his policies would have, if enacted, on every college student in the audience.

Let’s break out the calculator.

Obama’s budget projects a $1.33 trillion deficit in 2012. If that number sounds familiar, it should. The deficit in 2011 was a similar $1.30 trillion, which comes in slightly higher than the $1.29 trillion deficit in 2010. But I guess we should all be thankful because each of those three numbers are well below the record-breaking $1.4 trillion deficit in 2009.

In other words, Obama has given this country not only the first-ever trillion dollar deficit; he’s given us four straight years of them.

Not surprising, however.

While this administration blames “tax cuts for the rich” on our uneven balance sheet, the truth is that, under Obama, federal spending has spiked 27 percent.

“Obama’s new budget is nothing more than a campaign gimmick aimed at trying to keep support among young people, a demographic his policies have failed,” Alyssa Farah, the Communications Director for the College Republican National Committee told HUMAN EVENTS. “Due to the policies of the Obama administration, the graduating class of 2011 became the most indebted group of graduates ever with average debt at $22,900 per student. Unemployment among young people is more than twice the national average, yet the Campaigner-in-Chief, President Obama, seems more concerned with his re-election than actually addressing the problems crippling our generation.”

True.

What the president forgot to mention to the college audience was that, not only has the deficit increased a whopping $5 trillion since he’s been in office, but that if Obama were to have his way, he’d increase that same debt by another $10 trillion over the next 10 years, with the total accumulated debt topping $25 trillion.

$25 trillion—with a T.

To put that number in perspective, the Los Angeles Lakers superstar Kobe Bryant, who makes $25 million a year, would have to play nearly 100,000 seasons just to pay the debt that Obama will gladly saddle us with.

$25 trillion.

That’s twice our economic output as a nation.

And yet he tells the Obama Zombies at the college that the “defining issue of our time is how to keep this promise alive today — for everybody.”

But none of this should worry us, apparently, because according to Obama, “if Congress adopts this budget, then along with the cuts that we’ve already made, we’ll be able to reduce our deficit by $4 trillion by the year 2022 — $4 trillion.”

Yes, Obama wants to trade $4 trillion in tax hikes and cuts for $10 trillion in new debt.

“The Obama administration’s budget is the most anti-youth piece of proposed legislation in generations,” said Patrick Coyle, vice president of Young America’s Foundation. “The government is enslaving young people to pay off national debt and student loans, but they’re also chaining young people to their parents’ basements. By raising taxes on job creators, this budget leaves young people with a mountain of debt—and destroys their means to pay it back.”


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