So the Obama budget has arrived. And the reception has not been too good.
This week, the stock market reached its lowest point since the 1990s.
Think about that: ten years of stock market gains are gone.

This week, one of Obama’s biggest supporters on the internet criticized
his budget.  Andrew Sullivan, a right-of-center blogger who passionately
supported Obama for president, wrote this:

“If you believe, as I do, that withdrawing from Iraq won’t happen as
promised, then there is close to no actual spending restraint anywhere in
sight. We are being presented with what can only be described as a
massive increase in government spending and power with the only fiscal
balance being wringing much more money from the successful. The president
predicted a tight budget and spending control in his non-SOTU, and he
appealed to fiscal conservatives by promising a long-term attack on
entitlement spending. I see nothing here yet that fulfills that promise.”
http://andrewsullivan.theatlantic.com/the_daily_dish/2009/02/obamas-long-ter.html

The reality is, no president can balance the budget without reforming
entitlements.  And Democratic president is going to do that.  There are
too many powerful constituencies in the Democratic Party who won’t allow
it.

And so, as Obama promises more government, he doesn’t promise much in the
way of controlling spending.  In my line of work, that’s a bad business
plan.

-Randy Hill