In a Thursday evening editorial (bolds are mine):
President Obama has said repeatedly that any deal struck to avoid the fiscal cliff must be “fair and balanced.” But his proposals so far have been neither, and in fact do nothing to alter our suicidal fiscal course.
With help from the media, this White House and Democrats in Congress have focused relentlessly on raising taxes on the so-called rich — though doing so will yield only $40 billion a year. Compared to annual deficits topping $1 trillion, that’s chump change.
Republicans have encouraged them by first agreeing to look for “additional” revenue and then agreeing to raise taxes on higher-income Americans to get Democrats to go along with a deal.
But the more they offer, the more Democrats want. They smell weakness. That’s why Obama has offered virtually no cuts over the next 10 years — despite a campaign in which he vowed to cut $2.50 in spending for every $1 raised with higher taxes.
Instead, in one of the great switcheroos of all time, Obama now proposes $4 in spending increases for every dollar of extra tax revenue. Call us simplistic, but shouldn’t “balance” include spending cuts?
In fact, the main reason we have a “fiscal cliff” at all is that the government has spent wildly for four years, premised on the long-discredited idea that more government spending creates economic growth.
New data from GOP members of the Senate Budget Committee show just how bad it will get in the future — and how unserious Obama’s proposals have been.
Over the next 10 years, Obama’s plan would tack $8.6 trillion onto our nation’s debt — despite a $1.6 trillion tax hike coupled with a handful of “cuts.” And those cuts are little better than doing nothing.
Indeed, the Congressional Budget Office says that if we did nothing at all, U.S. debt would reach an unsustainable $25.8 trillion by 2022. Sound bad? Under the president’s sketchy plan, that falls to — drum roll, please — $25.4 trillion.
President Obama is turning the fiscal cliff into the system-collapsing Cloward-Piven cliff. It’s becoming virtually impossible to believe that it’s not deliberate.