Obama’s Budget by the Numbers
Forget everything you hear from either party about deficit reduction. They are all lies. Everything is based off a bogus baseline. It’s like saying you ‘saved’ money by buying something you didn’t need but used a coupon. Whatever. Also, deficit reduction is annual spend. Our problem is our National Debt and the interest owed on it. So, here are the facts.
according to Obama’s Budget – http://www.whitehouse.gov/sites/default/files/omb/budget/fy2014/assets/tables.pdf
Projected 2013 Federal Spending – $3.685T
Projected 2013Total Taxes – $2.712T ; Subset Personal Income Taxes – $1.234T
For a deficit of $973T. Our National Debt is over $16T now. It will cost us $225B to service the debt this year.
Obama’s 2023 Budget
2023 Federal Spending – $5.660T
2023 Total Taxes – $5.220T ; Personal Income Taxes – $2.684T
For an annual Deficit of $439B. Wow, “deficit” reduction.
Spending will increase by $2T per year over the planning horizon. $2T!!! So how do you take annual deficits from $1T to $500B – RAISE TAXES. Taxes will go up by $2.5T over that timeline.
$2,500,000,000,000 in new taxes. Per Year. Growing from 15.8% of GDP to 20%.
Oh, the National DEBT will grow to $25TRILLION costing us $750B per year in interest.
The AUDACITY of the President. He who took our annual deficits from $400B to over $1T will claim deficit reduction by bringing them back down to $500B. Despite taking our National Debt from $10T to $25T. Spending is OUT OF CONTROL. They only way to sustain it is to tax you like hell. That’s his plan. It is on paper. Look it up.