Any idea what comes after “trillion?”
I’m afraid we may all learn the answer in the not-so-distant future.
President Obama recently unveiled his budget proposal, which outlines his tax and spending plans over the coming years. While we all had our ideas about how he would govern, this budget removes all doubt about the administration’s priorities and the direction the president wants to steer the country.
Simply put, the president’s budget spends too much, taxes too much, and borrows too much.
Our nation is dealing with one of its most difficult economic times. American families are hurting, and small businesses are struggling to create the jobs needed to help revive our struggling economy. But, while families and small businesses are making the appropriate sacrifices with their budgets, Washington continues to spend trillions of taxpayer dollars for bailouts and measures disguised as “economic stimulus.” The budget spends $3.5 trillion in 2010. This marks a nearly 20 percent growth in the federal government since the end of 2008.
The president’s budget increases taxes by $1.4 trillion over the next 10 years. Most of the tax increase targets small businesses, even though small businesses create almost 80 percent of the jobs in the United States. And while the president claims that taxes won’t be raised on any American household making less than $250,000, his budget proposes an energy tax on everybody. Under the president’s budget, a new $646 billion energy tax will hit every American household — regardless of income — and is estimated to increase energy costs for every family by approximately $3,128 annually.
The president’s budget doubles the national debt in five years and triples it in 10. His budget will create more gross debt in 10 years than the country accumulated in the 220 years spanning George Washington’s first day in office to George W. Bush’s last day. To finance this debt, it borrows more money from China and other foreign nations, which threatens our financial security.
President Obama describes his budget as a “blueprint for change” — and it certainly is. The Wall Street Journal recently editorialized: “With [his] fiscal 2010 budget proposal, President Obama is attempting not merely to expand the role of the federal government, but to put it in such a dominant position that its power can never be rolled back.”
Indeed, all this proposed spending and taxing amounts to a massive expansion of the federal government, which will increasingly control all aspects of our daily lives. By extending the government’s reach into energy policy, control over our health care, the education of our children, as well as control of our financial institutions, this budget proposes not only to spend trillions of dollars and tax hard-working families and businesses, but also to increase the growth of government in a way, as the Journal describes, that can never be rolled back.
The Senate will begin consideration of the budget in the coming weeks. And as the debate unfolds, I believe Republicans will offer better ideas.
I hope that when our children learn that “quadrillion” comes after “trillion,” it won’t be because that will describe the amount of debt they owe because of what our generation did.
U.S. Senator Jon Kyl is the Assistant Republican Leader and serves on the Senate Finance and Judiciary committees. Visit his Web site at www.kyl.senate.gov.