Top 10 Obama budget travesties

Human Eventsby Human Events 02/25/2012
President Obama’s recently released fiscal year 2013 budget is full of gimmicks, half-truths, over-optimistic assumptions and questionable policies. Here is the grim list of the budget travesties:

1. Tax hike mania

President Obama is seeking nearly $2 trillion in new taxes, including doubling the top capital gains and dividend rates, and sharply increasing the estate tax. The White House wants to hit the airline industry with a “takeoff fee,” the banking industry with a “financial crisis responsibility fee,” and the oil industry with billions of dollars in new hikes. The budget foresees the end of both the temporary payroll- tax cut and the Bush tax cuts—giving a double blow to the economy at the start of 2013.

2. Spendathon

The president continues his out-of-control spending agenda — $47 trillion over 10 years — funding frivolous projects, Utopian dreams, and wealth redistribution policies. He wants billions of dollars in new funding for renewable energy programs, unemployment assistance, jobless training, and infrastructure rebuilding. Obama continues his love affair with high-speed rail, asking for billions in new funding. He even wants U.S. taxpayers to pony up $800 million to aid the “Arab Spring.”  Read More…