ShamObamaWOW – not quite $19.95…. More like your entire wealth.

Those who do not read history are doomed to repeat it. And those who repeat failed policies of the past are doomed to failure themselves, and the definition of insanity is trying the same thing over and over again and expecting a different result. We can apply all of these proverbs to what the Washington Post reports as the next phase of Deadbeatonomics, in which Obama will try the old populist “soak the rich” policies in order to close a deficit that he himself exploded in the past two weeks:

President Obama is putting the finishing touches on an ambitious first budget that seeks to cut the federal deficit in half over the next four years, primarily by raising taxes on businesses and the wealthy and by slashing spending on the wars in Iraq and Afghanistan, administration officials said.

In addition to tackling a deficit swollen by the $787 billion stimulus package and other efforts to ease the nation’s economic crisis, the budget blueprint will press aggressively for progress on the domestic agenda Obama outlined during the presidential campaign. This would include key changes to environmental policies and a major expansion of health coverage that he hopes to enact later this year.

A summary of Obama’s budget request for the fiscal year that begins in October will be delivered to Congress on Thursday, with the complete, multi-hundred-page document to follow in April. But Obama plans to unveil his goals for scaling back record deficits and rebuilding the nation’s costly and inefficient health care system tomorrow, when he addresses lawmakers and budget experts at a White House summit on restoring “fiscal responsibility” to Washington.

Yesterday in his weekly radio and Internet address, Obama said he is determined to “get exploding deficits under control” and said his budget request is “sober in its assessments, honest in its accounting, and lays out in detail my strategy for investing in what we need, cutting what we don’t, and restoring fiscal discipline.”

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February 23, 2009 · Filed Under Barack HUSSEIN Obama

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