Obama’s budget is available for viewing on this website.
http://www.gpoaccess.gov/usbudget/index.html
It totals 3.6 trillion dollars. I can’t even fathom that amount of money; even after multi-billion dollar stimulus packages and bailouts. Does anybody else disagree with this prolific spending? How can this happen in our country? The government is basically telling us we are irresponsible with our own money, so they need to take it from us and put it to good use.
In Obama’s message introducing the budget, he states
“This crisis is neither the result of a normal turn of the business cycle nor an accident of history. We arrived at this point as a result of an era of profound irresponsibility that engulfed both private and public institutions from some of our largest companies’ executive suites to the seats of power in Washington, D.C. For decades, too many on Wall Street threw caution to the wind, chased profits with blind optimism and little regard for serious risks—and with even less regard for the public good. Lenders made loans without concern for whether borrowers could repay them. Inadequately informed of the risks and overwhelmed by fine print, many borrowers took on debt they could not really afford. And those in authority turned a blind eye to this risk-taking; they forgot that markets work best when there is transparency and accountability and when the rules of the road are both fair and vigorously enforced. For years, a lack of transparency created a situation in which serious economic dangers were visible to all too few.”
I agree that there was irresponsibility in housing loans, but deregulation was not the cause of it. Think about this; if a lender is free to make his own choices about who he gives loans to, won’t he choose those that he knows are most likely to pay them back? Why would he indiscriminately give out loans? Because there was government pressure to do so.
Obama also states that
“The past eight years have discredited once and for all the philosophy of trickle-down economics— that tax breaks, income gains, and wealth creation among the wealthy eventually will work their way down to the middle class. In its place, we need economic opportunity to trickle up. We need policies that will strengthen the middle class and create the conditions to spur innovation and sustainable economic growth.”
There are no facts to back this up. Obama is implying that the Bush administration fully accepted the trickle-down theory of economics, which they clearly did not. Taxes actually went up during Bush’s terms as president, http://online.wsj.com/article/SB119786208643933077.html and there is no way anyone could consider his policies Laissez Faire.
“It is true that we cannot depend on government alone to create jobs or to generate long-term growth. Ours is a market economy, and the Nation depends on the energy and initiative of private institutions and individuals. But at this particular moment, government must lead the way in providing the short-term boost necessary to lift us from a recession this severe and lay the foundation for future prosperity.”
We shouldn’t be depending on the government to create jobs that do not fall within the bare necessities of what an effective government should be. Prosperity doesn’t start with the government handing out tax-payer money to companies that couldn’t even handle their own, and it certainly doesn’t start by spending 3.6 trillion on programs that may or may not show returns. Now it is clear that Obama is trying to correct irresponsibility with irresponsibility.