Smith Faculty Opinion Article
The 30 Seconds Outlook
May 15, 2010
“I predict future happiness for Americans if they can prevent the
government from wasting the labors of the people under the pretense of
taking care of them.”
- Thomas Jefferson, author of the Declaration of Independence
In the spirit of Mr. Jefferson, how would you judge the fiscal and economic
policies of the Obama Administration to date? Here are ten examples:
- Thousands of additional Federal government employees have been hired as
part of huge increases in bureaucracy budgets.
- Government employees are now (first time) paid higher wages with better
benefits than workers in the private sector.
- The stimulus package that paid for state government employees rather
than stimulating additional private sector jobs.
- The plan for increased personal and corporate taxes rather than
reductions to stimulate the economy.
- The largest and most expensive White House staff in presidential
history, and the one with the least managerial experience and know how.
- In 2010, the government will borrow 42 cents for each dollar spent, and
by 2020 the 2011 budget will add $2.5 trillion to the Federal deficit.
- The passage of ObamaCare with mandates for states and citizens will not
produce health care savings, but rather it will cost $1.25 trillion over the
first ten years of partial implementation and $2.5 trillion over the first
ten years of full implementation.
- The $862 billion stimulus package viewed over five years will increase
government spending by $600 billion at the cost of a $900 billion reduction
in private expenditures.
- The proposed “cap and trade” energy bill does not consider total
economic costs and would cost taxpayers $161 billion or $1,870 for a family
of four by 2020, and $6,800 by 2035.
- The failure to reset Social Security eligibility requirements and
pension payments to ensure it can pay its future liabilities.
John A. Haslem
