03/29/2009 05:12 am ET Updated May 25, 2011

Obama's Budget: Undoing Reagan Ideas

The budget that President Obama proposed on Thursday is nothing less than an attempt to end a three-decade era of economic policy dominated by the ideas of Ronald Reagan and his supporters.

The Obama budget -- a bold, even radical departure from recent history, wrapped in bureaucratic formality and statistical tables -- would sharply raise taxes on the rich, beyond where Bill Clinton had raised them. It would reduce taxes for everyone else, to a lower point than they were under either Mr. Clinton or George W. Bush. And it would lay the groundwork for sweeping changes in health care and education, among other areas.

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