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Obama Rips Budget Proposed by House Republicans, Says ‘Trickle Down Economics Does Not Work’

BRENDAN SMIALOWSKI/AFP/Getty Images(WASHINGTON) -- President Obama criticized the budget proposed by House Republicans and delved into his March Madness bracket during a Wednesday event in Cleveland.

"Under the Republican budget, millionaires and billionaires would get an average tax cut of more than $50,000 per year," Obama said Wednesday. "Translation, the average millionaire would take home about as much in tax cuts as the average middle-class American makes in an entire year."

But it wasn't just the tax cuts that had Obama questioning the value of the Republican budget. "At a time of new and evolving threats overseas, the Republican budget, despite all the talk they have about national security, would actually cut our core national security funding to its lowest level in a decade."

Instead, the president spoke of the importance of investing in manufacturing and in the middle class. "America does better, our economy does better, everybody does better, when the middle class does better and we've got more ladders for people to get into the middle class if they're willing to work hard."

Obama announced nearly $500 million in public and private investment for American manufacturing on Wednesday, telling Ohioans in attendance that America needs to go in a different direction from the proposed Republican budget. "Helping hard-working families make ends meet, giving them the tools they need for a new economy, revving the engines of growth and competitiveness, that's what middle-class economics offers," he said. "Reality has rendered its judgement, trickle-down economics does not work and middle-class economics does."

On a potentially less divisive note, Obama also spoke with ESPN about his picks for the NCAA men's basketball championship. The commander-in-chief selected overwhelming favorite University of Kentucky Wildcats to take the title in a championship game matchup with Notre Dame, though he noted the pressure Kentucky is under.

"It's nice being just a little bit of an underdog because you have less pressure on you," he admitted. Still, "there's a reason they're the favorite," he said of the Wildcats, "they're a really good team."

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Author: Louis Milman

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