It would appear that the President’s main goal in fiscal matters was to raise taxes on those he convinced Americans were not paying their fair share; millionaires and billionaires who earn $250,000 a year now revised to $450,000. Success!
Now what? His ideological goal was reached to the delight of many Americans who saw some victory in this token move that did little of value except to allow Mr Obama a gotcha. Just as he did with health care blaming insurance companies for high costs, abuse and discrimination among other things, he has diverted our focus from the real issues that have gone unaddressed for the last four years, issues that impact average, middle class Americans far more than the income tax rate for upper income Americans. True millionaires and billionaires don’t depend on Social Security, Medicare and Medicaid, on tax deferred savings or tax-free subsidized health care, but you might. Paying for all the obligations and liabilities created by government at the state and federal level will not fall on the upper two percent, but on the 98% and their children and grandchildren through income, sales, payroll and property taxes.
Recently he used an analogy to support his contention that the debt limit must be raised because all they were doing was to allow payment of previously approved spending. His example was that of a couple who were out dining, ate a good meal and then had an obligation to pay the bill when it was presented. Okay, that’s fair, but let’s take that example one step further. To pay the bill, that couple had to use their credit card because they had no cash, to pay the credit card at the end of the month, they had to borrow more.
So what is the real lesson here, borrow more to pay your bills or … the couple should not be going out to dinner until they have paid off their credit card and are able to pay cash for the meal? OMG, it really is spending that is the problem imagine that! On the other hand, there is another alternative, put an additional tax on the restaurant owner so that the price of a meal can be subsidized so more people can “afford” to eat out. Yeah, yeah I know the federal government is not a couple dining out, it’s more complicated than that . . . I got it, so some body tell the President.
Related articles
- Obama refuses to negotiate debt ceiling raise – Reuters (reuters.com)
- Morning Bell: Obama Wants Power to Raise Debt Limit By Himself, Anytime (heritage.org)
- An Ugly Deal: 4 Reasons the ‘Fiscal Cliff’ Deal Is Worse Than It Looks (beavercountyblue.org)
- Obama demands quick action to raise debt limit (newsinfo.inquirer.net)
- Bernanke: Raise debt ceiling, no strings (upi.com)
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