Obama’s Empty Words on Spending

During last week’s State of the Union address, President Obama waxed eloquent abut the need to reign-in spending. He likened our massive deficits to a moral problem. In fact, at the time, the President was so concerned about government spending that, by god, he was even willing to freeze spending for three years – after the November elections, of course:

Starting in 2011, we are prepared to freeze government spending for three years. Spending related to our national security, Medicare, Medicaid, and Social Security will not be affected. But all other discretionary government programs will. Like any cash-strapped family, we will work within a budget to invest in what we need and sacrifice what we don't. And if I have to enforce this discipline by veto, I will.

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To do that, we have to recognize that we face more than a deficit of dollars right now. We face a deficit of trust -– deep and corrosive doubts about how Washington works that have been growing for years. To close that credibility gap we have to take action on both ends of Pennsylvania Avenue -- to end the outsized influence of lobbyists; to do our work openly; to give our people the government they deserve.

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Today, consistent with his newly-turned, fiscally-conservative leaf, President Obama announced that he would ratchet up a $1.56 trillion budget deficit this year, and a $1.27 trillion budget deficit next year.

Based on President Obama’s proposed spending, the Congressional Budge Office projects an aggregate $8.53 trillion deficit over the next ten years. 

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Apparently, nothing closes the Administration’s aforementioned credibility gap quite like spending even more money that our government does not have.