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February 1 2010

Budget Bloopers

Nicole Kurokawa Neily

President Obama FY2011 budget was released today. To kick off this week's punditry, it's worth shining a spotlight on some of the highlights (lowlights?) of this year's spend-a-palooza. For a look at the full proposed budget, click here. It packs a lot of punch into a relatively small package, spending $3.8 trillion in a mere 192 pages - which breaks down to approximately $19,791,666,667 per page. (It's pretty sad that Washington now considers a 200-page budget document "short" now.)

Ugh, the one time the government is efficient, this is what we get?!?

The House Republicans have a good 2-page summary that shares some discouraging tidbits. The 2011 budget:

  • Boosts the deficit to a record $1.6 trillion in FY 2010, which is 10.6 percent of GDP;
  • Pushes the debt to $9.3 trillion this year, which is 63.6 percent of GDP (the largest in history), doubling the debt in 5 years and tripling it by FY 2019 from FY 2008 levels; and
  • Raises taxes by over $2 trillion through 2020.

Some things included in that $3.8 trillion include $237 million for Thomson Correctional Center - site of the future U.S. based Guantanamo Bay, to be located in Illinois; a $100 billion jobs plan, which includes "investments in small-business tax cuts, infrastructure and clean energy," according to the Chicago Tribune; and total net interest payments of $250 billion.

And if you're looking for some other (depressing) fun facts, Mark Knoller at CBS News shares the following gems via twitter:

  • Total spending for FY'11 of over $3.8-trillion would amount to 25.1% of total US economy - slightly less that 25.4% this year
  • Despite his proposed freeze in non-security discretionary spending, Obama calling for $3billion (12%) increase in funding for education
  • Obama budget projects National Debt will soar to record high of $15.1-trillion by end of FY'11
  • At $15.1-trillion, Debt will have increased $4.5-trillion in 2 yrs 8 mnths on Obama's watch, It rose $4.9-trillion during 8 yrs of Bush/43.
  • Further, National Debt of $15.1-trillion at the end of FY'11 will nearly equal the total economy. GDP to hit $15.3-trillion in FY'11
  • WH budget projects National Debt will exceed GDP in FY2012 when Debt tops $16.3-trillion

Bear in mind this binge spending is taking place despite the much-ballyhooed "freeze" announced in last week's State of the Union - you know, that one that only addresses discretionary spending. Unfortunately, since non-defense discretionary spending increased 19.5 percent in FY2010, that's sort of like going to Alcoholics Anonymous after a weekend bender in Vegas.

Well, look at the good side... oh, who am I kidding. There is no good side to this budget.

Independent Women’s Forum’s mission is to improve the lives of Americans by increasing the number of women who value free markets and personal liberty. Sister organization of Independent Women’s Voice.
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