Obama 2013 Budget Even More Ridiculous than 2012

The budget for 2013 from President Obama is yet another ridiculous attempt to spend the country out of debt, something that simply can’t occur without massive inflationary problems.

Say what you will about President Obama, but one thing is painfully obvious. No matter how much it becomes evident that runaway government spending, rather than "fixing" anything that is wrong with the economy, is actually hurting it, he won’t back down. The president seems quite intent on continuing to spend, spend, spend, all at the expense of each and every American (or at the least the 50% that aren’t receiving some form of monthly funding from such largesse). What’s in store for 2013? More debt, as it turns out, putting the country on a path that, sooner rather than later, is going to start to increasingly look just a little bit like Greece.

Republicans have repeatedly criticized Obama for what they call a program of "debt, doubt and decline." The teleprompter-in-chief worries not, however, since he knows that the aforementioned 50% of Americans, as well as his super-wealthy buddies in the banking industry, are going to support him in spite of the mess that he did not create, but that he seems intent on continuing to perpetrate. In a statement, the White House noted of the new budget, "The budget targets scarce federal resources to the areas critical to growing the economy and restoring middle class security." Sure…that’s what they say, but more debt equals inflation (not the supposed 2% target of the Fed, but the real 10%+ rate if we were to calculate this thing like we did back in 1980). More inflation equals more pain for Americans. Which Americans?

Glad you asked. The answer: the Middle Class, that group supposedly getting a shot in the arm from the Obama spending. Of the new budget, House Speaker John Boehner noted, "It would make our economy worse by imposing massive tax increases on small business and still pile up enormous debt that stirs greater economic uncertainty." Indeed. The new budget calls for generating an additional $1.5 trillion over the next 10 years via higher taxes – specifically taxes on those most likely to create jobs, i.e. – small businesses. The new budget includes over $800 billion for "job creation" and represents a deficit of 5.5% of expected GDP in 2013 – that’s nominal GDP mind you, since if that were adjusted for inflation, GDP growth would be negative over the past year. 

By Buzzle Staff and Agencies