Now that Obama’s proposed 2015 budget has been out for a day people have had a chance to really look at what’s in it and calculate the long term fiscal implications. It’s not pretty. The Washington Examiner says it “completes the Europanization of America.” I’ll say. Check out these numbers:
This is one kind of sustainability Obama is not worried about. Here are just some of the bottom-lines, as calculated by Sen. Jeff Sessions, R-Ala., the ranking member of the Senate Budget Committee:
• The 2015 Obama budget plan increases federal spending by 63 percent over the next decade, going from $3.6 trillion to $5.9 trillion annually.
• The new Obama budget hikes federal outlays in 2015 $56 billion above the Ryan-Murray caps the president signed into law less than two months ago, in January.
• The Ryan-Murray caps would be exceeded by a cumulative $791 billion during the coming decade.
• The proposed Obama budget adds $8.3 trillion to the national debt over the next decade.
• The national debt will reach $25 trillion at the end of those 10 years. That comes to $72,689 for every man, woman and child in America in 2024.
• Interest payments on the national debt will go from $223 billion this year to $812 billion in 2024.
• Federal taxes would go up $1.7 trillion over the same period.
Numbers like these make clear that Sessions wasn’t kidding when he said “the president’s plan rejects the very idea of limits. It is the manifesto for a big government, tax-and-spend ideology. It will further grow the government, shrink the middle class, and shield the political elite from accountability as they raid the nation’s wealth.”