Today in a Facebook Note, Governor Palin noted the utter lack of responsibility demonstrated in Obama’s latest spending spree budget. Andrew Stiles at National Review has delved into the numbers and compiled a list of some of the more egregious elements contained in the document Obama unveiled today:
$3.73 trillion — total spending this year (25 percent of GDP).
$46 trillion — total spending over the next decade.
$8.7 trillion — total new spending over the same period.
$26.3 trillion — Total new debt, including entitlement obligations, predicted by 2021.
$7.2 trillion — Total deficit predicted by the end of the decade.
$1.1 trillion — How much the White House estimates the proposal will reduce the deficit over the next ten years.
$4 trillion — How much the president’s deficit commission recommended reducing the deficit over the next ten years to avoid financial catastrophe.
$1.6 trillion — The projected annual deficit for 2011 (11 percent of GDP), up from $1.3 trillion in 2010.
$2 trillion — Amount the budget will raise taxes on business and upper-income families over the next ten years, which includes letting the Bush-era tax rates expire in 2012 (for incomes $250,000 and up).
$50 billion — Amount the administration plans to spend this year on infrastructure and transportation “investments.”
$30 billion — Amount dedicated to a “National Infrastructure Bank to invest in projects of regional or national significance to the economy,” including the much-touted high-speed rail initiative.
Much more here. As Governor Palin has said, Obama has the country on a bullet train to bankruptcy, and his latest budget is equivalent to stepping on the gas pedal. The country is at a tipping point. Most economists consider a debt to GDP ratio of 90% or higher to be the point at which the risk of the higher debt level outweighs the benefit of leverage, and Obama’s budget will rocket the debt level past 100% of the economy this year. This lunacy is what one would expect from a third world dictator, not the leader of the free world.
Today’s debacle represents nothing less than a complete abdication of a president’s responsibilities. As Stiles noted, Obama is adding over $26 trillion of new debt in the next ten years alone. The country is heading toward financial ruin, and Obama’s leading the way. Maybe this is what we should expect from a president as woefully unqualified for the position as Obama, but you’d think he’d have a few adults in the room to provide sound advice. The incompetence exhibited by this administration is as breathtaking as it is terrifying. Unbelievable.