Monday, 2 February 2015

What "Mindless Austerity" Looks Like

The USA Today reports (my bold),
President Obama unveiled a nearly $4 trillion budget that is "designed to bring middle class economics into the 21st Century" through new programs to be financed by higher taxes on the wealthy.
While unlikely to pass the Republican Congress, the budget calls for new tax credits and other initiatives devoted to education, child care, paid leave, and infrastructure, with tax hikes resulting from the closure of certain loopholes.
The plan includes a $478 billion public works infrastructure program for roads, bridges, and transit systems, to be financed by taxes on overseas earnings. The president also wants to put an end to the automatic across-the-board spending cuts known as sequestration.
"I want to work with Congress to replace mindless austerity with smart investments that strengthen America," Obama said in a speech at the Department of Homeland Security.
Here's Obama's "mindless austerity" in a chart. 

Since assuming office in January 2009, the U.S. federal debt has increased $7.4 trillion, or just short of 69.5%, or about $1.24 trillion every year Obama has been in office. If that is "austerity", then I look forward to seeing what the opposite looks like (one antonym for "austerity" is "extravagance").