Griffin: "There is a Better Path Forward' than President Obama's Budget Proposal

Press Release

Congressman Tim Griffin (AR-02), a member of the Ways and Means Committee, issued the following statement after President Obama released his 2015 budget proposal:

"President Obama's budget proposal represents Washington's old way of doing things: it raises taxes so that the federal government can spend more money experimenting on ways to stimulate the economy from the top down. Five years after his failed stimulus package, we know that doesn't work. If President Obama had his way, the federal budget would never balance, the government would always spend more money than it takes in and Medicare and Social Security would be allowed to go bankrupt without reform. That's simply bad news for hardworking taxpayers, our seniors and their grandchildren. It won't help lift people out of poverty, increase opportunity or grow jobs organically and naturally, from the bottom up.

"There is a better path forward. I believe that if you work hard and play by the rules, you should be able to make a living and support your family without the federal government taking more of your paycheck and wasting your hard-earned income on political pet projects. I will continue to fight for American workers and their families. House Republicans have offered bold ideas to reform and simplify our tax code, lower taxes, raise wages and grow jobs. By empowering Americans instead of government, we can build a stronger economy and a better future for our children."

This year, President Obama released his budget proposal 29 days after the legal deadline (the first Monday in February). "Obama has met the official budget deadline only once during his time in office," according to The Hill, which also reported that "One year after writing and passing the first Senate Democratic budget resolution in four years, Senate Budget Committee Chairwoman Patty Murray (D-Wash.) said her conference will not make an effort in the 2014 midterm election year."

In The Washington Post's editorial headlined "Mr. Obama backpedals on entitlement reform," the paper wrote that "Mr. Obama has apparently concluded that the expedient course is to bash Republicans rather than to resist bad policy ideas emanating from his own camp. In so doing, he has abdicated what little leadership on entitlement reform he had shown, making it much more likely that the problem will be left for his successor -- contrary to Mr. Obama's repeated assurances, both as a candidate in 2008 and as president."

President Obama's economic advisors claimed that if the 2009 stimulus package became law, the unemployment rate would fall to about 5 percent by the end of 2013. The unemployment rate was still 6.7 percent in December 2013, and the Congressional Budget Office predicts that it will remain above 6 percent until 2017 and stay above 5 percent through 2024.

Under President Obama, the labor force participation rate has fallen to 62.8 percent, the lowest level since 1978.

A record 20% of American households received food stamps in 2013 according to the U.S. Department of Agriculture.

According to the House Budget Committee, under President Obama's budget proposal:

Spending Surges

We're not in an "era of austerity." Since 2009, we've added $6.8 trillion to the debt and spent $17.6 trillion.

The President's budget increases spending by $791 billion over the budget window and by $56 billion in 2015 above the Murray--Ryan spending agreement that he signed into law just two months ago.

His budget will increase total spending by 63 percent from today's levels over the next 10 years.

Debt Explodes

President Obama's budget never balances--ever.

It would add $8.3 trillion to the debt over the next 10 years.

Cumulative deficits would amount to $5 trillion, and gross debt would climb to $25 trillion in 2024.

Interest Skyrockets

President Obama's plan nearly quadruples interest costs, which remain the fastest growing item in the budget.

Interest this year on the debt would be $223 billion, but would rise to $812 billion in 2024 under his plan.

Taxes Hiked (Again) to Pay for New Spending

President Obama has already increased taxes by $1.7 trillion. Now, he wants another $1.8 trillion on top of that.

Roughly half of the new tax hikes would be dedicated to new spending rather than deficit reduction.

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