One of the non-stories we most look forward to every year is the ceremonial unveiling of President Barack Obama’s annual budget proposal. None of Obama’s budget proposals have ever won even a single vote in Congress, and this one also isn’t likely to do any damage, but it’s always instructive to see what’s on the president’s wish list.
This year’s yearnings were trotted out Tuesday at a Washington elementary school, presumably because the tykes there would be more likely to take them seriously than any adult, and they are predictably expensive. The plan calls for spending $3.9 trillion next year, adds an extra $791 billion of spending over the next ten years, and winds up ballooning the national debt from the current $17 trillion-something to a nice round $25 trillion by 2024. Just the interest payments on all that debt would amount to $812 billion a year, making the hopelessly optimistic assumption that rates don’t rise, as well as assuming Obama’s less-than-rosy prediction of 2.6 percent annual growth in the economy, and the sum far exceeds planned defense spending but will pay for the lion’s share of China’s military.
Such profligacy “enables us to meet our obligations to future generations without a mountain of debt,” the president said with a straight face. Even the most innumerate urchin at an elementary school in the District of Columbia will immediately wonder how high debt has to be pile before it is considered mountainous, but the wizened reporters at the event were mostly unfazed by the statement. The Washington Post gave the proposal a more respectful hearing, noting approvingly that it “also aims to tame the national debt by raising taxes on the rich, squeezing payments to health-care providers and overhauling immigration laws.” Politely setting aside the sorry history of soaking the rich, the unsettling likelihood that squeezing payments to health-care providers will result in less health care being provided, and the inevitable economic and social costs of overhauling immigration laws along the lines Obama would prefer, the Post preferred to spend several paragraphs on the proposal’s supposed benefits to pre-school programs and the National Institutes of Health and climate research, “much of it aimed at providing support to a struggling middle class.”
There is reason to hope that the Congress won’t be so gullible. The most weak-kneed of the Republicans won’t dare go along with such nonsense, and even the safely-seated Democrats have yet to cast for such fiscal insanity. The recent budget agreements have been disagreeable to conservative tastes, to the point that they’ve provoked a much-needed insurgency within the Republican party, but at least they’re a darned sight better than what the president is wishing for.
— Bud Norman