Obama's budget proposal is shocking and insulting.
The highly anticipated proposal has finally been released and can be found in it's full glory here . There is quite a bit to go through, but we can focus on the general overview in to retain some modicum of sanity. There has been quite a bit of buzz about Obama's budget insofar that we will finally get a plan to tackle our debt crisis. Instead we get a fantasy, pure and simple fantasy. Obama's disjointed reality has produced a plan that offers a combination of spending reduction - can't call them cuts because they are just reductions of previous plans - tax hikes and the primary ingredient: fantasy. Let us start with what the administration *thinks* will happen. FY 2011 projected revenue: $2.174 Trillion (Arkady: 1.1 Trillion in income) FY 2011 projected spending: $3.819 Trillion (Arkady: 1.682 Trillion on SS/Medicare/Medicaid) FY 2011 projected deficit: $1.645 Trillion Spending as a % of GDP: 25.3% Deficit as a % of GDP: 10.9% FY 2015 projected r...