. . . to avoid the
fiscal cliff and to address, in part, the $1.2 trillion deficit,
circumstances directly attributable to the fact that George W. Bush
lowered tax rates for billionaires, millionaires, and other
corporate-jet owners, leading to the financial collapse that he could’ve
avoided had he just listened to experts such as Barney Frank and Chris
Dodd, both of whom helped President Obama engineer the current robust
recovery, perpetuation of which requires the top tax rates on the
wealthy go to 39.6 percent, a move that will generate at least $70–80
billion in revenue annually but, admittedly (and through no fault of
President Obama) still leaves us $1 trillion in the hole each year and
will cause the national debt to surpass $17 trillion next year, the
interest on which will exceed $280 billion, which is more than three
times greater than the federal government will receive by raising the
aforementioned tax rates on the rich while doing nothing to address the
consequent increase in federal spending because said tax increase will
leach money from job creation; thereby reducing federal revenues,
further increasing the deficit (and therefore the debt) and resulting in
annual Medicaid and Medicare expenditures in excess of $745 billion as
more people will drop out of the labor market and placing even more than
the current 48 million people on food stamps while helping to maintain
or increase the present foreclosure rate, causing a softening in the
housing market and weakening related sectors of the economy even more,
further stifling hiring, especially among the low-skilled and recent
grads who won’t be earning income to pay off their student loans that
total $930 billion (bound to skyrocket); so that eventually there will
be demands for a bailout, leading to an even greater deficit;
primarily because the top 1 percent pay only 40 percent of all income
taxes, an amount that we all know isn’t close to being their fair share
and won’t remotely cover the gap between federal spending and tax
revenues, which means the federal government will have to borrow over $1
trillion a year for the foreseeable future; which is why President
Obama needs unlimited authority to raise the debt ceiling unilaterally,
because there’s no telling how high the national debt will go presuming,
of course, that the Chinese and others continue to lend us trillions of
dollars, which they almost certainly will do because they, like the
rest of us, can see that the untold trillions we’ll save when Obamacare
finally kicks in will rescue the country’s economy and put us on a path
to health and prosperity forever and ever, amen.
1 comment:
As ALWAYS, the basic flaw in lib/prog thinking is that they can somehow force human beings to not act like human beings. As long as there is even 1 person out there who will not fall in line, their crapola will not work. Never has, never will. Not even on the majic unicorn ranch!
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