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House Budget Puts Huge Burden on America's Children

Posted By Rob Bluey On March 13, 2008 @ 3:26 pm In Scribe | Comments Disabled

As the House prepares to vote on the Democrat budget resolution, let’s take another look [1] at what the plan would mean for hard-working Americans:

  • It raises taxes by $1.265 trillion over five years and $3.911 trillion over 10 years, or more than $3,135per household annually;
  • It includes 17 reserve funds that could be used to raise taxes by hundreds of billions more;
  • It increases discretionary spending by 8 percent and does not terminate a single wasteful program;
  • It completely ignores the impending explosion of Social Security, Medicare, and Medicaid costs; and
  • It does nothing to reverse the “hollowing out” of our defense forces.

Republican Study Committee Chairman Jeb Hensarling, during an appearance this morning on C-SPAN’s Washington Journal [2], emphasized the difference between the majority’s budget and the alternative that he supports.

[youtube]http://www.youtube.com/watch?v=WQcjXLqOhms[/youtube]

Analysis of the Democrats’ budget by Heritage’s Center for Data Analysis reveals the U.S. economy will suffer huge losses in GDP, job creation and personal income [3] if implemented. In Hensarling’s 5th congressional district in Texas, that means a tax increase of $1,848 per person and an additional loss of $1,770 in income. The budget would cost his district 2,197 jobs for a whopping $251 million.

So much for stimulating the economy.


Article printed from The Foundry: Conservative Policy News from The Heritage Foundation: http://blog.heritage.org

URL to article: http://blog.heritage.org/2008/03/13/house-budget-puts-huge-burden-on-americas-children/

URLs in this post:

[1] take another look: http://www.heritage.org/Research/Budget/wm1842.cfm

[2] C-SPAN’s Washington Journal: http://www.youtube.com/watch?v=WQcjXLqOhms

[3] suffer huge losses in GDP, job creation and personal income: http://www.heritage.org/research/budget/budgetres09.htm

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