The man with the revere-Midas touch has submitted his $3.7 trillion budget, which he, age-appropriately, justified before a suburban Baltimore middle school, this morning. Barack Obama’s definition of fiscal conservatism is guarding the status quo. Obama’s budget is the same budget as last year’s. The tax proposals are the same. Entitlements (Medicare, Medicaid, Social Security, and Defense) remain untouched, an exemption that included the new healthcare monstrosity. Discretionary spending Obama has vowed to freeze for five years at a very high rate, but, as Doug Holtz-Eakin, former Director of the Congressional Budget Office, reminded the Obama adoring Norah O’Donell, the president has a (short and savage) history of ferociously fighting the enforcement of the very freezes he proposes.
Holtz-Eakin: This budget is “a political documented oriented to getting him reelected. The American worker needs jobs. There is no greater threat to the economy than the accumulation of deb this budget promises. This budget is good political positioning,” which guarantees the continued issuance of debt at a rate of $50,000 a minute (the median income of the average American), or $12,000 per family.
With a flick of his forked tongue, Obama once beguiled media groupies such as MSNBC’s Norah O’Donnell. No longer. She seems persuaded by the warnings of former CBOaf to big spender President George W. Bush.