This chart comes straight from the Obama White House. It shows the nation’s debt trajectory under President Obama’s latest budget plan. This is why many folks, such as myself, say the president has no long-term budget plan. Unless you consider letting the nation’s debt explode — and the economy along with it — to be a realistic budget plan. If so, then I guess the president does have a plan. If so, then I concede the point to people like liberal writer Jonathan Chait. Look at the above chart to see the Obama debt plan.
But guess what? Treasury Secretary Tim Geithner concedes his boss does not really have a plan. Testifying before the House Budget Committee today, Treasury Secretary Tim Geithner told Chairman Paul Ryan the following: “We’re not coming before you to say we have a definitive solution to that long-term problem. What we do know is we don’t like yours.”
And here’s what the bipartisan Committee for a Responsible Federal Budget says about the president’s plan:
Over the long-term, the President’s budget would not constrain rising debt, as retirement and health care costs continue growing faster than the economy. According to the Administration’s own estimates, debt would grow as a share of the economy past 2022 exceeding 93 percent by 2035 and nearly 125 percent by 2050. These levels would be both economically constraining and ultimately unsustainable.
I wish the president did have a public plan, one that showed just how high taxes would have to go to pay for his desired level of government spending. After all, Rep. Paul Ryan has offered a long-term budget plan that shows how much spending would need to be cut to keep taxes low. Once again, to quote Geithner, “Plan beats no plan.” And right now, Obama has no plan.