President Obama’s budget was due in February. It is now promised for next week.
Of course, key facts — all favorable to Obama — have been conveniently leaked. The media play along.
There will be changes in Medicare that will save $400 billion. Then comes the inevitable qualification: over the next 10 years. This is Washington’s beloved “over the next 10 years” deception. The media play along.
How far in the hole are Medicare and Social Security? Over $222 trillion. That is the present value of the unfunded liabilities. To solve this, President Obama will propose cuts of $40 billion a year.
There will also be savings in Social Security, which is the smaller part of the Medicare-Social Security deficit. How will this be achieved? By re-defining price inflation. This will lead to lower cost-of-living increases paid to recipients.
What else does he propose? Spending on boondoggles. The key word is “invest.” This is the Democrats’ word for boondoggles.
“The President’s budget to be presented on Wednesday will show how we can invest in the things we need to grow our economy, create jobs and strengthen the middle class while further reducing the deficit in a balanced way,” a senior administration official said.
Who was this “senior” administration official? Somebody so far down on the totem pole of seniority that he did not have the guts to let himself be identified.
The total savings will be $1.8 trillion (over 10 years).
What is the quid pro quo for all these concessions? Boehner is supposed to persuade Republicans to give up the sequester. Note: Obama first proposed the sequester. In November 2011 he threatened a veto of any Republican plan to eliminate the sequester.
There will also be universal day care, funded by the federal government.
But there will still be savings of $1.8 trillion (over 10 years). Trust him.
Will Boehner buckle? Not if he wants to remain Speaker.
Gridlock is here. Glorious gridlock. Long live gridlock.