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A Grim Fiscal Forecast

In his State of the Union address last week, President Obama vowed
that his administration would enforce a three-year spending freeze to
help dig the country out of a "massive fiscal hole." But the
President's spending freeze would only apply to one-eighth of all
spending and save a mere $15 billion. That's just a drop in the
bucket, especially considering the $3.8 trillion 2011 budget
proposal the White House released on Monday. According to these
figures, freeze or no freeze, that "massive fiscal hole" is about
to get much deeper.

The President's new budget commits the nation to "trillions more
in spending than taxpayers can afford, $2 trillion more, to be exact. With
all this new spending, the "freeze" will do little to address the
record budget deficit projected for fiscal 2010. In fact, the deficit
will continue to hover at levels not seen since World War II for the
next ten years.

Instead of real solutions, the budget proposal offers more of the same
(operative word "more"). It is full of billions of dollars in new spending, for failed government programs, higher taxes on American families and businesses, and
deficit spending for as far as the eye can see.


These aggressive spending measures would be unaffordable even during
good budget times. Rather than attempting to spend its way out of
debt, which is an inherently flawed concept, it should be suggested that the
federal government adopt some genuine spending reforms. These would
include:

1.  Taking back leftover funds from TARP and the failed stimulus
bill;
2.  Enacting tough spending caps -- not temporary spending freezes
-- to help lawmakers prioritize where money is allocated;
3.  Disclosing the massive unfunded obligations of Social Security,
Medicare, and Medicaid and outline long-term budgets for these
programs;
4.  Reforming entitlement programs, which currently present the
greatest domestic challenge our nation faces.

Currently, the President's budget does nothing to address the
nation's serious short-term and long-term fiscal problems -- and
indeed makes them worse. Though not easy, these
proposed reforms would permanently reduce the deficit and present a
better alternative to record government and enormous tax increases.


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