Barack Obama, who has stayed in continuous campaign mode since birth, persists in insisting House Republicans submit to his demands to hike tax rates on “the rich.” If Republicans do note cede to his decrees, Obama will let everyone’s tax rates go up and cut one trillion dollars from the budget, half of which will come from defense spending.
If he were truly interested in solving America’s fiscal troubles, this would not be his position.
Most definitely not…
Obama carries on with his nonstop campaign-style appearances, claiming that higher tax rates will reduce the U.S. deficit and cut the national debt.
That is categorically complete, total, absolute, utter fantasy.
The amount collected by the IRS from Obama’s long lusted for tax hikes would fund U.S. federal spending for fewer than nine days.
For members of the self-imagined, self-appointed “progressive” intellectual elite: That is less than two weeks.
At current spending levels the U.S. federal government borrows forty six cents of every dollar it spends. Despite the fact that 2013 has not yet begun, through the first two months of fiscal year 2013 the U.S. is already approximately $300 billion in debt.
The biggest drivers of U.S. deficit spending are Medicare, Social Security, “safety net” programs and interest on the debt. The looming short and long term costs of Obamacare have yet to fully reveal themselves, but given the U.S. federal government’s track record one can safely predict that it will be far more than what taxpayers were told and will rape their wallets for billions every year.
In other words, under the White House’s current “progressive” policies, it is only going to get worse, not better.
The Oval Office occupier and his “progressive” Party Pravda press secretaries willfully ignore and refuse to mention that under the current tax rates, revenues are up by thirty billion dollars over last year.
Obama keeps claiming that raising tax rates on America’s highest earners, those who already pay forty percent of the revenue to the IRS, will be the silver bullet that solves America’s financial woes. He continues blaming today’s deficits on his predecessor.
During his time in office, George W. Bush’s highest deficit was $438 billion. Obama’s government has posted a $1 trillion plus deficit for four straight years. 2013 will make five. America’s fiscal gloom and the looming “fiscal cliff” “crisis” are the result of “progressive” spending on wasteful big government socialist programs.
That is the reason. Any other claim is pure unadulterated political snake oil.
America’s debt and deficit problems can only be resolved by cuts in spending. When the United States receives another credit downgrade, it will be because of “progressives”, not Conservatives. America needs to cut spending, not increase taxes.