I wrote a blog earlier this week that made the point that Barack Obama's assertion that he will reduce the federal debt doesn't add up. Since then I have ran across a couple of more articles that are noteworthy.
First is this article from Fox, White House Budget Plan Leaves Little Room for Error, Economists Warn. This is a good read that does justice to the argument that it will be hard for Obama accomplish what he says.
Economists and conservatives say President Obama's massive $3.55 trillion budget leaves little room for error, and it will be very hard for him to meet his tandem goals of cutting the deficit and sheltering middle-class families from tax increases.
Obama, who released details of his budget for fiscal 2010 on Thursday, said he foresees halving the deficit by 2013. But his budget calls for a $634 billion "reserve fund" to cover the costs of universal health care coverage over 10 years, as well as $200 billion for the wars in Iraq and Afghanistan through next fall and another contingency fund for the sickly financial sector on top of the $787 billion stimulus bill that he signed last week.
With all these expenditures, many are saying they doubt Obama can reach his deficit goal while keeping his pledge to raise taxes only on couples making more than $250,000 a year.
"He's going to have to start moving down the scale and raising taxes on people making $150,000, people making $100,000 and even people making $75,000," said economist Adam Lerrick, a scholar at the conservative American Enterprise Institute. "You have to increase taxes. It's very simple. You have to pay for this somehow."
For an even better read go to Mustang's site, Social Sense, a blog that I read frequently. This is one of the best accountings of fiscal hypocrisy of Democrats that I have read in a long while and everyone is strongly encouraged to check it out.
Have a good Saturday, I am out in the real world working to pay my mortgage.