Feb 11, 2016
Obama’s Final Budget: Record Spending, Skyrocketing Debt and Higher Taxes
Post by Mary Kate Hopkins
President Obama has released his final budget proposal—and it comes with a devastatingly high price tag.
According to the Office of Management and Budget (OMB), the Obama administration has “set our Nation on a more sustainable fiscal path.” This could not be farther from the truth.
In reality, the president’s budget plan would cost $4.1 trillion dollars in 2017, and annual spending would increase each year until it reaches $6.5 trillion by 2026—a 58 percent increase over 10 years. This means that the federal government would spend $52.6 trillion over the next ten years.
Dangerous Tax Increases
How does the president intend to pay for this federal spending spree? With more tax dollars, of course. Obama’s budget plan calls for $46.52 trillion in tax revenue over the next ten years—that’s $4.51 trillion more than CBO projected.
The Obama administration also seems entirely unconcerned with the looming debt crisis facing the country—under the budget proposal, total federal debt will soar from $19 trillion this year to $27.4 trillion by 2026. This would be our country’s highest level of debt ever recorded.
Real Consequences for Everyday Americans
The president’s budget proposal would hasten the looming debt crisis and push our country further down the path to insolvency. The harmful effects of this out-of-control spending approach to government would be felt by every American—higher taxes will burden the economy and destroy jobs, more and more of the federal budget will be spent to pay interest on the debt rather than provide essential services, and future generations will—for the first time in our nation’s history—be worse off than their parents.