[This week] for the first time in history U.S debt was downgraded. The Left still denies that President Obama has a lot of responsibility for this situation, instead laying blame on Republican refusal to raise taxes on the rich.
As I have written previously, it is dishonest to give voters the impression that tax increases on the rich is a solution to the deficit. In the latest projection by the Congressional Budget Office, the ten year deficit is estimated at 13 trillion dollars. By contrast, Obama’s various tax increases on the rich will only bring in 1 trillion in the same period.
The 13 trillion dollar deficit which the President helped create and long terms entitlement deficits are the main reason why S&P downgraded U.S debt, not the 1 trillion in tax increases which Republicans prevented...
...As a response to the economic crises and based on ideological conviction, President Obama decided to expand federal non-defense spending more than any President in recent history. This unprecedented expansion of government can perhaps be justified by orthodox Keynesianism. But we should not allow the left to deny the magnitude of expansion itself, which they are trying to do.
...What emerges is what I refer to as the Obama Hockey Stick, parallel to the IPCC global warming Hockey Stick. While federal Non-defense spending was quite constant previous to Obama, it has risen rapidly under his administration...
Spending is the problem. Spending is the only problem.
Hat tip: Greg Mankiw.
6 comments:
Don't forget that the trillion raised from massive taxes is a projected amount, that assumes that those same taxpayers continue to pay even though they are being gang raped by those 50% that pay nothing. I, for one, will leave this country with my business if those taxes go into place, just like I left my last country some 28 years ago to find a better life here.
Revenue is the problem. It is a secondary problem. It is coming from the wrong places. The rich pay for almost everything, the rich who pay for 50% of government are a total minority of around 10% of the population. I say make make the taxes much flatter and much more visible to the 0% to 50% income range. Making them pay for their own cookies might make them think twice about going through a third party to get them.
But the real problem is not spending and is not revenue. It is morals. Society has lost every form of ability to enforce moral standards. The society is lost, no one will ever turn back the laws that more stand in the way of morally good people enforcing good morals than preventing mortally bad people from benefiting from morally bad behavior. In fact, the only people allowed in our society today to impose their moral standards onto another are those with bad morals, such as the Unions, the welfare crowd, the gays and every other politically protected class of citizen.
Could the fact that Barack Obama took office with the stock market already crashing, the housing market collapsed, banks in danger of failure, unemployment rising like a sky rocket, state governments broke, and the U.S. and world economies in danger of total collapse possibly have anything to do with it?
There was also the small matter of two unfunded foreign wars in progress to deal with. Add to all of that a hostile minority party determined to resist any and every effort the administration made.
Republicans have conducted a relentless propaganda war from day one, doing everything in their power to destroy public confidence in the President. They've also worked tirelessly to discredit every success, and to dismiss every sign of economic recovery, propagating a miasma of inevitable doom and gloom when the nation was desperate for an infusion of confidence.
Meanwhile, they fail to make any mention of the fact that since mid-2009 corporate America has been raking in quarter after quarter of historical record-breaking profits, while effective high-end tax rates have remained at some of the historically lowest levels in U.S. history.
Republicans have provided SO MUCH ammunition. They need to roll out a 2012 candidate so we can triangulate the position of the target. There WILL BE pointed questions, simply stated.
I color-coded this graph based on which party was in control of Congress or the Presidency. It revealed some interesting conclusions. See my post at:
http://aconservativeteacher.blogspot.com/2011/08/graph-non-defense-spending-relative-to.html
@David: Sianora. You won’t be missed. By the way, the 50% that “pays nothing” pays a huge percentage of their income in state, local and sales taxes as well as other government fees. And do you have any idea of who those people are? Certainly some of them are lazy freeloaders but many of them are elderly people, students, schizophrenics and people with mental and physical disabilities. Do we send them all to debtors prison when they can’t come up with the money to pay their new tax bill? Wait, that will cost us MORE money. I guess we need to kill them all? What exactly is your plan? Do you have one?
@A Conservative Teacher: brilliant!
Post a Comment