Everything You Need to Know About the Obama Budget
...in just a couple of paragraphs.
In the Wall Street Journal, Arthur Brooks:
The president's proposed new budget has three noteworthy characteristics: continuing unfunded entitlements to the middle class, runaway deficits to be repaid in the undefined future, and immense tax increases on the entrepreneurial class. Many commentators have complained about the damage this budget would do to our national prosperity. Less has been said about the effect it will have on something far more important: our national character....
Look at Greece. It is easy to get lost in the weeds of sovereign-debt ratings and monetary inflexibility, but the fundamental source of that country's problems is straightforward. Politicians were unwilling for more than a decade to ask citizens for any meaningful sacrifice in public spending, which outstripped revenues. Citizens came to feel entitled to public resources their country had not earned and could not afford. As the country faced collapse, the result has been hopelessness, helplessness and Molotov cocktails.
Is this where we want to go?