Second, Uncle Sam would have to spend $332 billion a month for the next eight months for full-year outlays to reach the White Houses projected amount. That would require a 10% year-over-year increase for the rest of the year. Though you never would want to completely rule that possibility out with this bunch, the failure of Harry Reids Senate to pass a real budget for over 1,000 days accompanied by his clear intention not to attempt one this year means that federal agencies are largely running on autopilot.
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Pegging this years estimated outlays at $3.796 trillion makes the administration look as if it will actually be doing something to control spending in fiscal 2013, as that years projected total is a nearly identical $3.803 trillion. Horse manure. That amount would really be a ramp-up of 4%-8% over where this years outlays will most likely end up ($3.50-$3.65 trillion).
Last year, Investors Business Daily characterized the White Houses budget proposal as gutless. This years is a pathetic farce, partially explained in a cheerleading CNN email alert I received this week: Obama unveils $3.8 trillion budget that calls for tax hikes on the rich and increased spending on infrastructure and teachers. Call the people who run the Guinness Book of Records; I think weve just discovered the worlds oldest political playbook: Failed Stimulus and Rich-Bashing. The Obama lovers at CNN somehow forgot to tell its emails recipients that the White Houses proposal projects yet another $1.3 trillion deficit (that would mark four years in a row of $1.29 trillion or more), and that it increases spending by over 60% during the next ten years (from the credible midpoint estimate of this years spending) to $5.82 trillion (remember those smelling salts I suggested?) while deeply cutting outlays for defense.
It would be one thing if Barack Obamas charade was occurring in a relatively tranquil economic and financial environment; but that is of course not the case. The federal government is already carrying an almost unfathomable level of debt. Obamas budget not only betrays the fact that he couldnt care less about endangering the nations long-term fiscal health; it also reveals the frightening likelihood that he and his party plan to ruinously run up the debt even further so it can be used as a political weapon in the fall election campaign.
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David Axelrod would probably consider it a perfect storm if a debt crunch inflicts fall mayhem. In combination with other worldwide events, hitting the ceiling before November could even create a pretext for another ginned-up financial crisis. These developments have the potential to motivate currently apathetic left-leaning voters and on-the-fence moderates to turn out in droves to ensure that Dear Leader saves them from the scary people who want the government to at least try to live within its means.
