Money & The EconomyOpinionTrending Commentary

It’s Still Government Spending, Stupid

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 obama_liesone 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.

obama_pelosi_reidThe 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.

Anyone who says differently should be in organic fertilizer distribution…or is that redistribution?
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  1. Social Security does not contribute to the deficit. We pay for it in every single paycheck. It has nothing to do with the deficit or the fiscal cliff. I couldn’t read any further after that aggregious error–shame, because you might have said something true.

  2. I would love to disagree with Michael, but it’s true. For years our governmentused it as a slush fund to keep other areas afloat & thre is no way to recoup. I paid into it every paycheck also & making somewhat above averge pay, I paid more BUT I have drawn a social security check for just 7 years & am ‘overdrawn’ With so many babyboomers reaching ‘that’ age we must find a way to put a plug somewhere. Granted we could look to may other ways to reduce spending. Seems we have the ‘not in my backyard’ attitude so guess we’ll all drown together

    1. The only way to resolve the unfunded liabilities of Social Security, Medicare and Medicaid is to adjust payouts to match actuarial tables that reflect today’s reality.

      1. I personally have only an inkling how these tables work, but do understand the principal & logic….IF only we had legislators with the courage to ‘really’ put it out there…sigh….like that will happen..

        1. Of course it will happen…right after Porky the Pig pilots the first Mars landing craft…

          1. Great!! Makes me feel so much better…Seriously, I would really like to find a way to motivate the voters across the Country to start NOW to find & vet potential replacements for 2014 & get that Porky off the ground. “daylights a wastin” & here we sit…

  3. Obama has no intent on cutting spending and neither has congress. Please tell me why, while planning on cutting our military he with the help of our congress is sending 1.2 Billion to the Egyptian military. Granted, the Egyptian military is not our enemy today don’t bet on it tomorrow.

    1. Today’s financial realities dictate a rethinking of “foreign aid”, including but not limited to giving military aid to quesionable “allies” hoping they will show gratitude by siding with U.S. foreign policy.

      Right now third world dictators and third world dictators are playing the U.S. for chumps.

      With the exception of proven long term allies, all foreign and military aid should be cut. Additionally, the U.S. should stop funding the UN, withdraw from the organization and expel them from our shores permanently.

  4. That 2 % everyone is complaining about , the “tax” that was not withheld, for the past 2 years,& now will be rightly withheld, is part of your SOCIAL SECURITY withholding contribution. It was not part of your income tax withholding. I was appalled when I heard last year (had not paid attention to where it was from, before that!) it was actually a 2% or so less contribution on SS. Now if SS is so in trouble, in danger of being depleted in future, WHY oh WHY would our government EVER have done this??? IT is right and good that it is no longer going to be done. All who have been able to keep this 2% of their income the past 2 years, have that much less in their own contributions for future Social Security needs, but actually it is used now to fund SS being paid out now. If you had put the extra 2% in your 401K, you’d be much better off, but no one did, I am sure! The reason SS is going broke is stupid political moves like this, and also giving SSI and benefits to those who didn’t pay in! Those benefits should be separated somehow—I am not saying the SSI and Medicare and all that should not be, just separate the SS itself and don’t borrow from it for other causes.

    I sent this to FOX and CNN. No one seems to point this out! Any stimulus should never have been taken out of your own SS! We pay into SS and then draw out more than we ever paid in. The amounts drawn out monthly are paid by the contributions mostly, being done right now! My husband’s SS contributions used to ‘pay for’ our mothers’ checks I thought, plus a few others maybe. They had such small checks, but the old folks could live on so little!
    I appreciate all your comments above, and the thought given to them, even differing ones. Just wish someone had ‘thought’ before enacting this ridiculous provision, and now wish that people could realize they are not being robbed of 2%, it is going toward their own contributions history in SS. Every once in a while you get that statement, showing how much you contributed or had contributed on your behalf, throughout the years. It is very telling that the
    2% didn’t apply to the employer’s part, isn’t it???

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