President Obama’s Unbalanced Budget
President Obama doesn’t want a balanced budget amendment (BBA). Why would he? Then he wouldn’t be able to spend taxpayer money like it’s going out of style. Today, Senate Democrats offered their own version of a BBA, which would have prohibited upper-income tax cuts unless there is a budget surplus and exempts Social Security from being used to balance the budget. Yet the Obama Administration opposed even that class warfare version:
“We do not need to amend the Constitution for only the 28th time in our Nation’s history to do the job of restoring fiscal discipline. Instead, we must — as members of both parties have done in the past — move beyond politics as usual and find bipartisan common ground to restore us to a sustainable fiscal path.”
Hah! First off, “as members of both parties have done in the past?” The last time a Congress balanced the budget was when it was run by Republicans (the 90’s), and they had to fight tooth and nail with President Clinton to make that happen. Before that, it was 1969.
More importantly, if President Obama truly believed that we don’t need a Constitutional amendment to force our government to stop overspending, then why didn’t he use his FY2012 budget proposal to balance the budget? He had a chance to “move beyond politics” and “restore us to a sustainable fiscal path” and, as the chart below shows, he took a pass.
If the President were truly committed to a “sustainable fiscal path,” then why has he created three record deficits in a row? Why did he propose high deficits for the next decade? The lowest annual deficit in the Obama budget comes in 2015. At $607 billion, it would still be $149 billion higher than the largest Bush-era deficit.
Our country needs a well-proposed balanced budget, because trillion dollar deficits can’t be balanced by taxing the job creators. Taking every penny from the people who earn over $1 million only nets $938 billion; not enough to cover one of President Obama’s deficits. By now, most Americans understand President Obama is not serious about tackling our growing budget crisis; and his comments today only reaffirm his dangerously wrong position.