Research

Here’s what President Obama had to say about his budget in New Hampshire yesterday:

Responsible families don’t do their budgets the way the federal government does. Right?  When times are tough, you tighten your belts.  You don’t go buying a boat when you can barely pay your mortgage. You don’t blow a bunch of cash on Vegas when you’re trying to save for college.  You prioritize. You make tough choices. It’s time your government did the same. 

Really? Obama should be the last person to lecture Americans about “blowing a bunch of cash”:

• Obama’s budget will create a record-breaking $1.6 trillion deficit this year.
• Obama will own the three largest deficits in American history: $1.4 trillion in FY2009, $1.6 trillion in FY2010 and $1.3 trillion in FY2011
• And Obama will more than double the national debt held by the public, from $9.3 trillion in FY2010 to $18.6 trillion in FY2020.

Not to mention he blew away $862 billion on a stimulus package that didn’t prevent double-digit unemployment, and wants to blow $100 billion more on Stimulus II. And as we point out in this morning’s research briefing, Obama’s next economic gamble looks strangely familiar to Jimmy Carter’s failed “tax credit” experiment back in the late ‘70s.