I thought the purpose of a budget was to help keep your spending under control. The document that President Obama has submitted to Congress does nothing of the sort. It might be called an unbudget or a spendget.
Articles and information on the proposed budget are all over the internet. My sources are the Washington Examiner, an article at Power Line concerning about the energy policy built into the budget, an article at Power Line about the increasing debt, and an article at The Hill.
The spin on this budget is that it will end the 'tax cuts for the rich' put in place by the Bush Administration. We need to consider that the majority of those 'rich' are small business owners who because of the way they file their taxes appear rich although they are not. These are the people who hire workers. To raise their taxes at this time is to increase unemployment until that burden is lifted. The budget also includes a tax increase on those making less than $ 95,000 a year.
According to The Hill:
"The $3.8 trillion budget request rolled out by the White House on Monday would renew the Making Work Pay tax credit for fiscal 2011, but then would have it sunset. That's a switch from last year, when Obama's budget called for making the tax credit permanent.".
This is directly opposite of the promise of no tax increase for the middle class. You can't spend the kind of money this administration is planning to spend and not raise taxes.
Power Line points out:
"[Obama's budget] contained $36.5 billion in new taxes over ten years on the oil and gas industries, while heaping new billions in taxpayer support for politically-favored energies."
Power Line asks the question:
"If they claim tax hikes on the oil and gas industries won't have any incentive effects on production or jobs, then how can they claim that "green investments" will create jobs in the solar and wind industries?"
This is all smoke and mirrors. Power Line points out how much spending increases with this proposed budget:
"Today the Obama administration unveiled its budget for FY 2011. The budget ostensibly covers the next ten years, but its projections for future years are meaningless. The only year for which it has any significance is 2011, in which it anticipates $3.8 trillion in spending and an astonishing $1.6 trillion deficit. In 2006, the last year in which the Republicans controlled Congress, the deficit was $248 billion--one-seventh what Obama proposes for next year.""
I am in no way a budget expert, buy I know that when times are tough, you need to be careful what you spend. I don't know if there is a way to stop this budget and cut it down, but for the good of the country that needs to happen!
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