The President’s Budget for Fiscal Year 2010

In his address to Congress, the President said that the answers to America’s troubles “exist in our laboratories and our universities; in our fields and our factories; in the imaginations of our entrepreneurs and the pride of the hardest-working people on Earth.” But his specific policies, and the hard reality of the numbers that constitute his budget, clash with the rhetoric.

His fiscal plan resorts to the tired and predictable notion that the central government is the first and best answer to the Nation’s problems. It relies on the outdated and disproven belief that more spending, and larger and more intrusive government, can lead to greater prosperity. Worse, the elements of this plan will likely weaken the U.S. economy, and sap its prospects for sustained growth. The higher borrowing and taxes needed to finance the President’s expansion of government will dampen incentives and crowd out opportunities for investment and growth.

Read the full report here.