Deadly, With No Known Antidote: Obama’s Blowfish Budget

In “President Obama’s Ambitious Agenda on Crash Course With Fiscal Realities,” Stu Varney, on Fox News’s America’s Newsroom, exposed a ruinous weakness in Obama’s reckless, contraindicated spending spree: Tax revenues are down 25% (!), and April 15th is NOT going to be a lucrative day for the U.S. government. With escalating unemployment, and more and more people forced to take low-paying part-time jobs, the nation’s income tax revenues are dropping like rocks. Without incoming $$$ — even with the bailout bonds that swampland-in-Florida salesman Obama will be hawking — there won’t be enough $$$ for Obama’s foolhardy, grossly imprudent budget. (By the way, despite the supposed reduction in the military budget — which makes his leftie admirers happy — Obama has pulled another fast one today, asking for an additional $83 billion for the wars.)

Obama’s rash disinterest in creating a positive cash flow, despite a few sneaky tax increases (see below), makes me want to assume the identity of the character Blake in Glengarry Glen Ross, shake my fist at Obama, and say to his smug visage, “You can’t close the leads you’re given, you can’t close shit, *you are* shit, hit the bricks pal, and beat it, ’cause you are going *out*. “

What will happen? Inflation. Or, as Larry Johnson and Larry Doyle have warned, hyperinflation.

Inflation will also affect entitlement programs like Social Security. The annual “cost of living” increases will bump up accordingly. This all comes out of the U.S. treasury or, er, those loans from the Chinese.

You’ll also be paying more taxes.

What about the taxes and the unbelievable $3.6 TRILLION budget? As Lynn Westmoreland wrote in “Fiscal sanity dies in Obama budget,” published in the Atlanta Journal-Constitution:

[...]

The Democrats’ budget spends too much, taxes too much and borrows too much.

President Obama promised his legions of young supporters on the campaign trail that he would restore fiscal sanity to Washington and kick all those money-grubbing special interests to the curb. Blue Dog Democrats swore they’d stand up to ultraliberal Speaker Nancy Pelosi and impose “paygo” —- which means that every dollar of new spending is balanced out with cuts elsewhere or new revenue.

Ha! Joke’s on us, I guess. They pulled a fast one.

Instead of balancing budgets and reforming entitlement spending and “making tough choices” (Remember that Obama phrase?), the Democrats’ plan is quite simple: Just spend, spend, spend. The Congressional Budget Office estimates that Obama’s plan will expand the debt by $9.3 trillion over the next 10 years. That’s more than all the debt accumulated by the nation from George Washington to George W. Bush.

There’s a whack to fiscal sanity.

The CBO further predicts that federal spending will average 23 percent of gross domestic product while federal revenue will equal about 19 percent of GDP. That’s government expansion of 3 percent of GDP.

Double whack!

The Democrats’ $3.6 trillion budget raises taxes on all Americans by $1.3 trillion. Hey, reader, that’s you. Whether you’re a parent struggling to pay the bills, a small-business person trying to avoid layoffs or worse, or an employee at a plant worried about keeping your job, the Democrats’ taxes are going to hit you. They promised a “middle-class tax cut” but now they’ve dropped that idea. It was merely a sleight of hand to distract attention away from the global warming taxes that will hike costs for every American who turns on a light switch.

Thing is, I rather doubt that these stealth taxes will sufficiently replace the staggering loss in income from federal income taxes. Which means the debt will continue to grow monumentally, all thanks to Obama’s devil-may-care, I-want-what-I-want-and-I-want-it-now mentality. The key to his whole personality is understanding that he wants to win. It’s all just a poker game and, if taxpayers lose, so what. He doesn’t care.