According to this FinancialTimes.com article, President Obama’s jumbo-sized budget includes the biggest budget deficit in our nation’s history. No longer should people willingly accept President Obama’s scolds of the Bush administration.

Here’s the ugly truth about FY2010’s budget:

Thursday’s 10-year budget will project a fiscal deficit this year of $1,750bn – a number that shatters all records and which is significantly higher than the near $1,200bn forecast by the Congressional Budget Office in January. The sharp jump largely reflects the cost of this year’s portion of the two-year $787bn emergency fiscal stimulus that was signed into law by Mr Obama last week.

The FT’s language is pretty provocative. Saying that this year’s deficit “shatters all records” highlights the fiscal irresponsibility that the Obama administration has shown thus far. Never has an administration been this fiscally irresponsible as this administration.

That’s why hearing President Obama say that he’ll reduce the deficit by 50 percent is laughable. Forget about him not liking a spending bill he didn’t like. This budget is President Obama’s way of saying that he’s never met a RECORD spending bill he didn’t love.

The AP’s Martin Crutsinger wrote this article that briefly outlines where the money’s going:

President Barack Obama is sending Congress a budget that would boost taxes on the wealthy and curtail Medicare payments to insurance companies and hospitals to make way for a $634 billion down payment on universal health care.

Obama’s first budget predicts the deficit for this year will soar to a whopping $1.75 trillion, according to administration officials who spoke on condition of anonymity before the public unveiling of the budget Thursday.

As part of the effort to end the nation’s financial crisis, the administration will propose boosting the budget deficit by an additional $250 billion this year – to the record $1.75 trillion – enough to support as much as $750 billion more in spending under the government’s rescue program for financial institutions. That would more than double the $700 billion bailout effort passed by Congress last October.

TRANSLATION: President Obama is cutting payments to insurance companies and hospitals, creating even more money that will be cost-shifted onto people who’ve worked hard and played by the rules.

Politicians that grandstand by saying they’re cutting government payments to hospitals should be called on the carpet because what they’re really saying is that they’re forcing hospitals to shift those costs onto others.

The reality is that the government’s intrusion into these payments is a silent tax increase on working people. Each time the government says it’ll cut payments to the private sector, that entrepreneur is forced to eat that cut or to shift that cost to someone else. Most often, it’s shifted onto someone else.

Yes, strutting politicians have told their constituents that they’ve saved them a fistful of money. Unfortunately, these strutting politicians have intentionally lied to their constituents because they know that these costs have simply been shifted onto someone else.

John McCain was the first politician who called the stimulus bill the Generational Theft Act. I’ll be the first to admit that he’s right. I’m also the first person who’ll call President Obama’s first budget the Generational Theft Act, Part II.

President Obama says that he’ll cut the deficit in half, the deficit he “inherited from the last administration.” That deficit is expected to finish at $1,200,000,000,000. By his own admission, the deficit from his first budget is 50 percent higher than the FY2009 budget’s deficit. Is President Obama expecting a miracle to help reduce the deficit? If so, he’s wishing on the wrong thing.

The thing to remember about President Obama’s economic plan is that it’s a lose-lose situation. If his plan succeeds, we’ll get hit with high inflation. If it doesn’t succeed, we’ll be hit with low GDP growth for a decade.

Forgive me if I don’t think that passing this budget is a win for the long-term well-being of our economy. In fact, it’s my opinion that this budget establishes few worthwhile priorities. It’s also my opinion that it doesn’t get out of the private sector’s way so they can create sustainable prosperity.

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Cross-posted at California Conservative

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