Obama’s new budget is a bad joke

Posted by: Phineas on February 13, 2012 at 3:01 pm

**Posted by Phineas

Just as we expected it would be.

Phillip A Klein takes a look at it and compares it to Obama’s promises on entering office. Here’s his takeway:

Obama spent most of last year lecturing the country on how he supported a so-called “balanced approach” on deficit reduction. Time and again, he said he was ready to make real changes to Medicare, Medicaid and Social Security if only Republicans were willing to budge on the revenue side. He repeated this in a lot of speeches and insisted that behind the scenes he was really, really, ready to cut a deal with the GOP during the debt limit talks. But he never presented a tangible plan that could be scored by the CBO and evaluated next to Rep. Paul Ryan’s plan to reform entitlements and put the nation on a sustainable fiscal course. He had his chance with this budget. Instead, Obama decided to forgo tough choices so he could attack Republicans during an election year.

Bear that in mind: we have a president far more interested in his own electoral fate than the fate of the nation.

Meanwhile, James Pethokoukis accuses Obama of doubling-down on class warfare in this budget:

Here’s pretty much all you need to know about Obamanomics: In 2011, the Obama White House suggested raising the top dividend tax rate to 20 percent from 15 percent. Keeping the dividend rate at a relatively low level, the White House said, “reduces the tax bias against equity investment and promotes a more efficient allocation of capital.” Makes sense, right? Basic economics.

Yet in his brand-new, 2013 budget, Obama calls for taxing dividends as ordinary income, essentially raising the top rate all the way to 39.6 percent. And then when you tack on the 3.8 percentage point Obamacare surtax — and an additional 1.2 percentage point itemized deduction phase-out for high-end taxpayers — the rate rises to 44.6 percent.

So apparently Obama is now in favor of a greater bias against equity investment (and in favor of debt) and promoting less efficient allocation of capital. And this helps create an economy “built to last” in some way?

Of course, it doesn’t. Not at all. More like “built to fail.” Then again, Obama’s new budget isn’t about economic growth or cutting debt or creating a “built to last” economy. The Obama campaign is built around the idea of reducing inequality. So in his budget, Obama takes the populist whip to the wealthy and to business…

And to people who depend on dividends for their retirement, whether directly or through pension funds. Including the middle class.

Why does Barack Obama hate retired people?

(Crossposted at Public Secrets)

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4 Responses to “Obama’s new budget is a bad joke”

Comments

  1. Neo says:

    This ought to make things interesting …

    “The Treasury Department is now contemplating the prospect of invoking “extraordinary measures” to keep the government funded through November. Barring a major economic shock — a financial meltdown in Europe, for instance — the emergency measures should be enough to get the federal government past the election. But even under a rosy scenario, the next Congress will be forced to raise the debt ceiling as one of its first orders of business in 2013, if the lame duck outgoing body doesn’t do it.”

  2. Carlos says:

    “Inequality” being defined, of course, as “inequality of outcome,” not “inequality of opportunity.”

    And with the way mushminds have been taught in guvmint day-care indoctrination centers for decades now, they don’t have a clue as to what the difference is.

    And if the election is going to be close this fall, look for Duh-1 to either cancel them due to a national “emergency” or for them to not be certified due to “cheating” by his opponents. Never mind the cemetery vote or the illegals, they’ll prove REAL cheating because they’ll have the entire DoJ to investigate and back it up. (Translation: They’ll have the entire DoJ to create the necessary “evidence” to prove to the slobbering love-fest media what bad people his opponents have been.)

  3. Drew the Infidel says:

    Thses “budgets” are not designed to pass on first reading; there will be committees to go through. But keep in mind Obhammud’s last budget was so laughable it was defeated in the Seante 97-0.

  4. Carlos says:

    He’s just trying to up his record, Drew. This time he’s shooting for 98-0, with the ultimate goal of 100-0 so he can go to the American public and say, “See? I told you so. If I didn’t have to fight a contrarian Congress we could have the Utopia I envision. Vote NOW to give me that power so we can get things moving here in D.C.