President Obama's plan would drive up the annual cost of government in 10 years to $32,000 for every household in America -- a jump of $8,000. The government expansion would more than double our national debt to $12.5 trillion, despite higher taxes.
President Obama's energy tax plan -- a version of the failed European "cap and trade" global warming fiasco -- may cost families $1,800 yearly in higher utility bills, far exceeding his promised $800 a year tax cut for 95% of Americans.
While campaigning, Obama admitted that his energy plan would cause electric bills to "skyrocket." Few took note, perhaps because Sen. John McCain also backed some form of a "cap-and-trade" energy tax.
Despite the budget cuts and tax increases in the Administration's new budget plan, federal spending and indebtedness will continue to rise as far as the eye can see.
The Obama administration's proposal was loosely outlined in the new budget plan for 2009 and 2010 submitted Thursday. In that plan, the administration proposes adding a new fee to be paid by wireless carriers that license wireless spectrum from the government.
These annual fees would start at $50 million in 2009 and jump to $200 million in 2010, Reuters reported. The fees will gradually increase over the next 10 years to $550 million per user per year, generating an estimated total of $4.8 billion over the next decade.
