Thursday, April 14, 2011

Obama's Trillion Dollar Tax Increase - So What's New

Socialist President Obama has proposed his own plan for bringing down the federal budget deficit and the National Debt.   It is the same old Socialist song we have been hearing for years.   Obama wants to raise taxes on the "rich" those earning $250,000 or more by $1 Trillion in the next 12 years, while cutting spending by just $2 Trillion over twelve years.   Obama claims that this change will save $1 Trillion in interest charges because otherwise these monies would have to be borrowed to fund Obama's Socialist Schemes.  Most likely depending on the economy, the federal government will generate between $50 and $60 Trillion over the next twelve years, with the current tax code in place and probably continue borrowing if Obama gets his way to spend $72 Trillion dollars adding another $12 Trillion to the National Debt.  That means that Obama wants to cut spending by $2 Trillion out of potentially $72 Trillion in spending.  That is just about 2.5% of overall spending and will not bring down the National Debt one bit. 

So, President Obama wants to confiscate another $1 Trillion in taxes from hard working Americans, those that are the job creators in the United States, to redistribute their income to his PEEP's and public employee union members.   It really is that simple; but in the end all will be poorer for it.  Though the new tax heist will result in bigger, more intrusive government going from about 35% to 44% of the economy and more public employee union member jobs,  taking another Trillion dollars out of the private sector will result in the loss of many more jobs, a lower standard of living for all Americans and less revenues going to the government.   Higher taxes never produce more revenue going to the government because the "rich" will figure out how to beat the system.  They will vote with their feet.  Ironically, even Obama's PEEP's will lose in this deal as their jobs usually at lower income levels will be eliminated first because they often do not have the education, or skill set for higher level jobs.  That is what always happens and if Obama had taken Economics 101, he would know that. 

And, Obama refuses to deal with Medicare, Medicaid and Social Security that are all headed toward bankrupcy without radical changes.   My Hero, Congressman Paul Ryan, the Repubican Chairman of the House Budget Committee has proposed a real plan that will cut spending by $6 Trillion over the next ten years without raising taxes.  Ryan's plan is probably the most important initiative proposed, related to federal spending, since Ronald Reagan was President.  We have to deal with entitlements, while protecting the poor, or disabled who can't work, as much as possible, to end the deficit spending and eliminate our National Debt owed to foreign countries.

The Socialists in power, including President Obama, will never do what is necessary to put our fiscal house in order.  Socialists are owned lock, stock and barrel by the public employee unions feeding at the trough.  And, they only get elected by making their PEEP's, those on the dole one way or another, completely dependent on the federal government.   As such, to prevent the bankrupcy of our country, we must sweep these Socialists, including the President, out of office in 2012 and 2014 at both the state and federal level.   There is no other way.   We have to take back our country and finish the job we began in 2010.   We can do it.  We must to it to preserve our freedom, our nation and way of life for the sake of our children and grandchildren. 

No comments:

Post a Comment