Speaking in Michigan recently the President outlined his plan to deal with the deficit. Needless to say in opening his remarks he asked the audience if they wanted a $2,000 tax increase come January 1.
Here is what the President said his plan included (paraphrased a bit):
Some cuts on things we don’t need, leave middle class tax cuts where they are and raise taxes a little on the wealthy.
Does that sound like a plan? Don’t you wonder what the things we don’t need may be or if we don’t need them why do we have them in the first place?
That is no plan at all, rather it is an attempt to win support from I’ll informed Americans who want to believe other peoples money will solve our problems. What the President didn’t say of course is that raising taxes on higher income Americans barely puts a small dent in the deficit. What he didn’t say is half of that $2,000 is the Social Security tax that we need to help fund Social Security and in its absence adds to the deficit each day; a tax that was supposed to be waived for one year…then two years… then…
It’s hard to conclude which is more pathetic, the President’s campaigning or the people who believe it.
On another note it was reported today that the Treasury sold the last of its AIG shares resulting in a net profit of $22.5 billion, about a third of what will be raised with higher taxes on the wealthy.
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