They call this restraint?
President Obama yesterday pro posed cutting $17 billion from the federal budget — barely one half of 1 percent. All while spending $3.4 trillion.
It’s more like party time, we’d say.
Indeed, such cuts are like your average Joe or Jane, on a $50,000-a-year salary, trimming all of $5 a week.
Or, as Sen. Judd Gregg (R-NH) put it, “taking a little teaspoon of water out of the ocean while you’re dumping a whole river in.”
Obama’s paltry slices, by the way, come after his fiscal watchdogs supposedly scoured the budget “line by line” to find inefficiency and waste.
And spending-addicted Democrats may well consider even these negligible trims too much: Many were lifted from those President George Bush sought — and didn’t get — last year.
And don’t think there’d be any serious drop in federal spending, anyway: The budget blueprint adopted by Congress last week actually hikes domestic discretionary spending by 9 percent.
Most troubling, though, is the spike in the federal deficit — which will soar to a whopping $1.38 trillion in the next fiscal year alone.
Obama pretends to understand the inherent dangers in such a large hole: “We can no longer afford to spend as if deficits don’t matter,” he said. “We can no longer afford to leave the hard choices for the next budget, the next administration or the next generation.”
And yet his budget does just that.
US debt has shot up an astonishing $600 billion in just this administration’s first 100-plus days. It’s mounting so fast, lenders may soon balk at further outlays — driving up interest rates, crowding out would-be borrowers in the private sector and throttling growth.
The deficits are likely to spur inflation down the road, too.
As for the burden imposed on future taxpayers, fuggedaboutit.
“There is a lot of money that’s being spent inefficiently, ineffectively and, in some cases, in ways that are actually pretty stunning,” Obama said yesterday.
Yes, there sure is.
Too bad he and his budgeteers were able to find so little of it.
Editorial from the New York Post