Thursday, April 2, 2015

A Tale of Two Budgets: Democratic Socialism vs. Capitalist Prosperity

Long gone are the days when former Alabama Governor George Wallace could say there is not a dime’s worth of difference between the two parties. As their recently budget proposals confirm, the two parties are hurtling in opposite directions at an accelerating pace.

President Obama’s proposed budget for the next fiscal year wants to increase federal spending over the next ten years by more than 75 percent, or $2.7 trillion, from $3.5 trillion in 2014 to a record smashing $6.165 trillion by 2025. He proposes to spend an all-time record $50 trillion over those ten years.

The Republican budget proposal developed by new House Budget Committee Chairman Tom Price and adopted by the entire Republican House reduces spending growth over the ten years by $5.5 trillion. For the single year of 2025, President Obama actually proposes to spend over a trillion dollars more than Tom Price’s House budget does, and more than $7 trillion more over the next decade.

President Obama proposes in his budget to increase taxes by more than 80 percent from 2014 to 2025, or a whopping $1.8 trillion over the next ten years. Chairman Price proposes no tax increase at all over that period.


Read more at http://spectator.org/articles/62267/tale-two-budgets-democratic-socialism-vs-capitalist-prosperity

No comments: