THE SEAN HANNITY SHOW

Obama's Budget Bust For the first time in five years, Barack Obama will actually submit his budget to Congress on time.  Unfortunately his budget represents an unrealistic, ideologically progressive wish list  for our nation's finances. Obama's $4 trillion budget proposal includes $3.5 trillion in expected revenue, which leaves about a $500 billion budget deficit.  It doesn't even attempt to balance.  And keep in mind that these deficits are not going to last.  The CBO predicts that within ten years, the deficit alone will reach $1 trillion! The bottom line is that Barack Obama wants to raise taxes and spend more money we don't have.  We already can't afford our current levels of spending.  Raising taxes will do nothing to grow our economy; it will simply redistribute the wealth but fail to cover our outrageous spending levels.  In other words, it's exactly the sort of irresponsible budget you would expect from a liberal such as Obama. Yet again, Obama wants to spend billions – $478 billion, to be exact – on repairing America's roads and bridges. He plans to do this by imposing $320 billion in tax increases, including raising the capital gains tax, taxing inheritances, and imposing new taxes and limits on corporations and banks. Although he didn't bother to mention it in his State of the Union address, one of the places where Obama wants to increase spending beyond sequestration caps is on our military.  He wants to increase Pentagon spending by $38 billion to $561 billion.  But because Obama hasn't focused on the issue, some question his commitment to the need for more military spending. Considering all that is happening in the world, now doesn't seem like the time to be cutting our military capabilities.  But the issue comes down to this: Obama wants to increase taxes in order to cover more spending on the military and domestic programs while Republicans would prefer to cut spending on domestic issues in order to boost defense spending. Obama insists, like many liberals, that the only way we can reduce the deficit and yet spend more money is to increase taxes.  Yet all that you will get out of this is more taxes and more spending we can't afford in the long-run, without the deficit reduction.  It merely saps the private sector of more wealth while feeding the government-spending beast, which is already bloated beyond belief.  Not to mention, studies like those conduced by the Tax Policy Center conclude that Obama's progressive tax policies do not result in significant gains for the middle class.  In fact, the rich are already shouldering a historic level of of the burden in terms of income taxes.  At some point, there won't be enough money at the top and it will be the middle class who will be forced to shoulder much of the burden of increased government spending.  Considering the Republicans now are the majority in Congress, you can consider Obama's budget dead on arrival.  But it is significant in that it sets the framework for a debate over our nation's finances.  Obama Budget Good for the Middle Class? Barack Obama says that his new budget is based on “middle class economics.”  But are his policies actually good for the middle class? Investor's Business Daily compares the effectiveness of Obama's policies to that of Ronald Reagan's. Obama has increased taxes, spending and regulations, while Reagan cut taxes and spending and reined in regulations. The result? “In the first five years of the Reagan recovery, the economy grew 4.6% a year on average. Under Obama, it's been a paltry 2.2%. Employment had climbed more than 18% by this point in Reagan's recovery. Under Obama, it's a mere 7.2%. … The growth gap between Obama's economic policies and Reagan's is now $2.4 trillion in lost GDP and a stunning 14.4 million in lost jobs.” Bottom line: Conservative policies are what work for the middle class. Source: Investor's Business Daily