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The IMF Is Following the Obama Administration's Playbook on the Federal Budget heritage.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from heritage.org Daily Mail and Mail on Sunday newspapers.
Spending Season Is Back: How Congress Is Planning to Dish Out Your Tax Dollars in 2015 heritage.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from heritage.org Daily Mail and Mail on Sunday newspapers.
Congress can pass legislation this year that would make a significant difference in the lives of Americans. Despite the perception of partisan gridlock, broad support exists for many important domestic economic policy reforms. These policies are ambitious but achievable, and, if adopted, would promote economic growth, empower individuals, and reduce government waste.
This latest IMF report is decidedly hostile to free enterprise. It promotes a heavy-handed, top-down approach to financial regulations, explicit taxpayer backing of financial sectors, and other expansions of the welfare state and big government—from recommending an increase in the U.S. minimum wage and adoption of “more proactive labor market policies” to a broad endorsement of Obamacare, a call for carbon taxes, and a recommended increase in the maximum taxable earnings for Social Security purposes. Heritage Foundation policy experts explain the dangers of the IMF approach, and make recommendations for the U.S. to take a different course.
The President’s 2014 budget arrived on April 10, more than two months past its legal deadline of the first Monday in February. In the budget, the President laid out his vision for his second term in office.
The collapse of congressional budgeting in recent years has occurred just as the government’s fiscal outlook is approaching critical. If left unchecked, current trends will lead to unprecedented levels of federal spending as a share of U.S. economic output, far beyond taxpayers’ historical tolerance and perhaps greater than the economy can sustain. The resulting debt would seriously hamper the nation’s potential for long-term growth. These trends can be corrected only with a regular, stable, and sustained practice of budgeting.
As the new health care entitlements approach full implementation over the next several years, the true costs of the law will become progressively clearer—and they will further threaten the federal government’s deteriorating fiscal health.
President Obama’s FY 2013 budget is an election-year campaign document, embodying the President’s vision that big government is the solution to any perceived national ailment. The Administration’s apparent vision is one of bigger government, more spending, higher taxes, and deeper deficits.