DiscussMormonism.com

http://www.worldnewstribune.com/2012/02/21/obamas-overspending-ensures-euro-debt-will-devastate-u-s/

Mr. Obama’s 2013 federal budget is a political document. It is a blueprint for Democratic governance, as well as a liberal template for Mr. Obama’s re-election. The budget embodies the entitlement state on steroids. It lavishes spending on every special-interest group — environmentalists, public school teachers, unions, government workers, the unemployed, minorities, college students and the elderly. It is full of accounting gimmicks to obscure the true extent of Washington’s deficit crisis. For example, its future projections of high economic growth rates, soaring tax revenues and supposed government “savings” are fictional and provide the illusion of fiscal competence. Yet, what matters is the budget’s real numbers regarding the administration’s record on spending during its first term.

Mr. Obama has buried America under a mountain of debt. For fiscal 2012, the budget estimates that spending will rise by $193 billion to $3.8 trillion. Think about this: The U.S. budget now stands at nearly $4 trillion — the highest level in our history. The deficit for 2012 will be $1.3 trillion, an increase from 2011. This means that for four consecutive years, Mr. Obama has racked up deficits of more than $1.2 trillion. In one term, Mr. Obama has accumulated $5 trillion in debt. Mr. Obama has achieved a historic record. He has created the most indebted nation in history. If one includes the nearly $100 trillion in unfunded liabilities to entitlements, such as Social Security, Medicare and Medicaid, the United States is on the verge of insolvency. Never mind the massive costs of Obamacare, which is another multitrillion-dollar entitlement.

Still, the president refuses to tackle entitlement reform or curb government spending – outside of savage defense cuts. Even Treasury Secretary Timothy F. Geithner recently admitted that Mr. Obama’s budget is fiscally “unsustainable.” The president’s men know he is pushing the country off a financial cliff.

European-style socialism leads to European-style taxation. Mr. Obama’s big deficits inevitably will result in huge tax increases – and not just for “the rich.” Everyone will get soaked. His plan raises taxes for anyone making more than $200,000 a year for individuals and $250,000 for families. These rates also apply to business owners. He wants to increase investment taxes on the wealthy. His plan also calls for massive tax hikes on capital gains and dividends on all Americans. Moreover, the administration is calling for a “global minimum tax,” hoping to punish companies that relocate overseas. Yet, businesses and investment capital are fleeing to escape America’s burdensome tax and regulatory policies. A minimum tax will only compound the problem, not fix it.

Mr. Obama’s redistributionist, class-warfare liberalism is shackling the private sector, punishing job creators and investors. President Calvin Coolidge said “the business of America is business.” Under Mr. Obama, the business of America is to destroy business.

The result is anemic growth, economic stagnation and permanently high deficits. By Mr. Obama’s own estimates, the budget deficit for fiscal 2013 will be $901 billion and never will fall below $575 billion in any year for the next decade. Trillions more will be added to the debt. This is a guaranteed prescription for national default.