This morning, President Obama released his budget for 2010 with occasional groans from the already burdened taxpayers across America. For every man, woman and child, $11,333 will be spent on them by the Federal government. Shocking, I know, but wait until you really comprehend the facts.
According to The White House, there is some good news (if you can call it that…good news to some, bad news to others) from the budget. “We have already identified $2 trillion in deficit reductions that will help us cut our deficit in half by the end of my first term.” The downside is that we have accumulated a trillion dollar deficit that will take a long time to close. Well, this is unlikely to occur unless a solid fiscal conservative becomes President or never, if Obama tries to repeal the two term limit.
So, what does Obama’s budget mean to you, the taxpayer? Tax hikes…lots and lots of tax hikes! On people making more than $250,000 a year, they should expect to pay $636 billion over a ten year time frame. It’s even worst for businesses, who will be shelling out close to $353 billion over the same ten year span. [Source] Wow, talk about killing prosperity, as there will be none to rely on.
Here’s a glimpse into what the budget includes:
- Increased TARP funding
- Funding for Universal Health Care
Sense and Sensibility, what the Obama administration lacks and what they so desperately need in the years ahead if they want to succeed.
Here is the link to the actual budget released by The White House.