Freedom, Misery & Tyranny – The Federal Deficit- Professor Milton Friedman

Obama’s New Era Of Recklessness By Nolan Finley, Editor Detroit News

Sunday, March 15, 2009

Nolan Finley

Obama opens new era of recklessness

The miraculous marketing machine that carried a junior senator into the White House is now at work trying to convince Americans that writing fat checks from an empty Treasury represents a giant step toward fiscal responsibility.

President Barack Obama has sent Congress a $3.6 trillion federal spending plan that outlines his administration’s priorities.

It starts out $1.75 trillion in the red, the largest deficit by any measure in the nation’s history. But because he’s Barack Obama and everything he does must be chiseled in stone and handed down from the mountaintop, he’s proclaimed this first budget as ringing in a “New Era of Responsibility.”

Call it the Audacity of Hype. The president, casting himself as the somber task master of a frivolous people, is demanding sacrifice of every American. But there’s little sacrifice in his budget.

His entire claim to responsibility rests on raising taxes on the wealthy, an action that is as ideologically driven as anything George W. Bush put on the table and will likely do severe harm to the economy.

Lower and middle-income earners will see tax cuts, even while spending soars, the same sort of financial recklessness that was condemned when Bush was the one going into hock to buy political points.

The Obama budget perpetuates the have-it-now, pay-for-it-later mentality that has brought us to the brink of financial ruin. He isn’t going to let the economic crisis deter him from enacting his hugely expensive social agenda. Nor will he heed warnings that his energy and health initiatives may place additional financial hardships on struggling taxpayers.

In his weekly radio address, the president explained, “like every family going through hard times, our country must make tough choices.” But few families in tight financial straits can choose to borrow to accelerate household spending.

Instead of tightening the national belt, Obama is taking out another mortgage on America’s future. The loans will come largely from China, a nation that hardly shares our world vision.

Rather than exalting personal responsibility, Obama is encouraging dependency. His plan will turn more Americans from contributors to the system to recipients of government handouts.

Cutting the tax deduction for charitable deductions made by the wealthy will take an estimated $9 billion away from nonprofits and send it to Washington, where it will be redistributed as Obama sees fit. The idea of taking care of your own — your own families, your own communities — will become a quaint notion.

Obama will spend less of the budget on defense than any president since Jimmy Carter, a dangerous choice in a world that is increasingly unsettled and where those hostile to America’s interests remain unsubdued.

Overall, the Obama budget will make Americans more dependent on government, explode the federal deficit, risk further crippling of the economy and leave the nation more exposed to its enemies.

If this is what responsibility now looks like, then we have for sure entered a new era.

%d bloggers like this: