Thursday, November 29, 2012

Going Over The Fiscal Cliff

This Blogger is starting to believe that we may have to go over the Fiscal Cliff on December 31 to get President Obama and his Socialist pals in Congress to get serious about dealing with Obama's Trillion Dollar Plus annual deficits and our $16 Trillion National Debt.   Obama is focused on raising taxes on the "rich", rather than cutting spending.  Even if Obama gets what he wants, assuming new taxes don't change economic behaviors, which is not the case, on paper, it will only bring in about $70 Billion a year in additional federal revenues.   Since new taxes are a job killer, it will not happen anyway.

Even if it did happen, that is a drop in the bucket when Obama is borrowing $4 billion a day to fund his Socialist Schemes and entitlements.   And, this is before ObamaCare kicks in, which many now estimate will cost $2 Trillion in the next ten years.  If Obama's trajectory is allowed to go forward, assuming the markets will allow it, which is doubtful, we will have a $20 Trillion National Debt by the time Obama leaves office in four years, with no end in sight.   Social Security, Medicare and Medicaid will be bankrupt. 

This Blogger believes that Obama is intentionally out to bankrupt our country to "transform" our nation into a Socialist or Communist country.   Since Obama is clearly not stupid, in fact, far from it, what other explanation can there be for Obama's irresponsible, fiscal mismanagement.   Obama is in business to take care of his PEEP's, people on the dole, the 50% of Americans that pay no income taxes at all, public employee union members, illegal aliens, radical feminists and environmentalists, trial lawyers and crony capitalists, no matter what damage it does to our country. 

However, when the United States experiences financial collapse, no one will be immune from the suffering and chaos that it will cause.  The Republicans in Congress should be for tax reform designed to stimulate economic growth and job creation again in America.  Republicans should support lower tax rates and elimination of many deductions, except the charity deduction, and loop holes that distort the market.   We also must reform Social Security, Medicare and Medicaid to save these programs for future generations.  Otherwise, Republicans should just say NO to Obama's Socialist Schemes, even if it means going over the Fiscal Cliff.  It may be the only way to achieve fiscal sanity. 

No comments:

Post a Comment