Obama’s Spending Wish List
This just in: Politicians promise lots of things they won’t be able to deliver if they get elected.
Yesterday, we had the hilarity of John McCain’s promise to balance the budget in four years without raising taxes or cutting anything but “wasteful” spending. Today, we’ve got an analysis from the Los Angeles Times showing that Barack Obama is promising things we can’t afford and almost certainly won’t make it through Congress.
The total price tag of Obama’s plans, according to his campaign, is $130 billion a year. On top of that, Obama is proposing a middle-class tax cut of about $80 billion a year.
Leon Panetta, former chief of staff for Bill Clinton, says this is all par for the course.
“I accept that all candidates throw out a lot of proposals when they’re campaigning,” Panetta said in an interview. “You have to assume that’s all part of a campaign strategy to appeal to a lot of different constituencies that are out there. But once he enters the Oval Office, he’s going to have to make some hard decisions.”
Or not. The preferred solution in recent decades has been to simply spend the money and borrow the difference. I’m skeptical, given the incentives, that this will change come January.