The Obama administration is throwing hundreds of billions of dollars at a multitude of programs, hoping for economic success. It appears the policies encompass Rahm Emanuel’s philosophy of “not letting a crisis go to waste”.
Instead of concentrating on creating jobs to spark the economy, Obama’s proposed budget is diluting our limited resources on spending that will not create a large number of jobs. A $3.5 trillion budget will provide a deficit on the order of $1.5 trillion in fiscal year 2010 and annual deficits of $1 trillion for many years to come, and our national debt will go from $11 trillion to $23 trillion by 2019.
There are 8,000 pork-barrel earmarks in the proposed budget worth an estimated $8 billion. These earmarks should be axed. It smells like the same pork-barrel politics of prior administrations, except the weight of the thundering elephants has been replaced with the misguided socialistic wanderings of the donkeys.
President Obama plans on paying for half the health-care costs from increased taxes on families earning more than $250,000 per year, and these families will see a significant decrease in allowable itemized tax deductions for charitable contributions and mortgage interest. These actions will depress charitable contributions during a time of great need and will hurt the housing market. They should not be implemented.
Obama has to cease exploiting our economic fears, including the media campaign to the American people, which is designed to enable it to implement expensive domestic social programs. These social programs should be debated sometime in the future.
Donald A. Moskowitz