Filed under: Capitalism, Economy, Freedom, Taxes | Tags: No Balanced Budget, No Cuts in Spending, Tax the Rich
President Obama is opposed to a balanced budget. He is against the Cut, Cap, and Balance Act , and he is against the Balanced Budget Amendment to the Constitution. He said it’s not needed for Congress and the President to balance the budget. He made that clear in his press conference today.
It is interesting that the President has finally become interested in the budget and the debt-ceiling. His $3.7 trillion budget for FY 2012 was dead on arrival in Congress. The Senate (Democrat controlled) voted 97-0 to reject the President’s budget. It contained 43 tax hikes. The President will probably continue to call a press conference after every meeting with Republicans so that he can emphasize the need to raise taxes, particularly on “the rich” and corporations.
Let’s just say that the President is in full-time attack mode, and he is a fierce competitor. I suspect that he equates leadership and governing with spending on his favored proposals. He is trying to blame Congress for any excess spending, and surely Nancy Pelosi and her backroom tactics have a lot to answer for — including the second Bush term.
But it was the President’s stimulus, the President’s ObamaCare, the President’s takeover of the auto industry and the President’s attempt to shut down the fossil fuel industry. President Barack Obama was responsible for more spending than any other president in history, and in fact, responsible for more spending than all the presidents put together.
Eighty percent of the American people, he says, want their taxes raised. He phrased it a little differently, but that’s what he meant. They want him to have more revenue. And as far as spending cuts are concerned, health care is off the table, and regulation is off the table, and his policies are off the table, but he’d be willing to slash defense some more.
The Left abuses the language so much that people often do not understand the real facts. They said Bush’s “tax-cuts for the rich” so often that many believe that most of the Bush tax cuts went to the very rich. Not true. 77 percent of the tax cuts went to the middle class, and the bottom 50 percent were relieved of the necessity of paying any income tax at all.
The OECD (the Organization for Economic Co-Operation and Development) points out that the United States has the most progressive tax system in the world. Of the richest 10% in every industrialized country in the world, the US has the highest percentage tax rate on personal income and payroll taxes. And the U.S. corporate tax rate is the second highest in the industrialized world. Obama claims that we have the lowest rate of taxes since the 1920s. I suppose he’s trying to suggest that it was too low taxes that brought on the Great Depression to which he always wants to compare the Obama Recession. He’s more than a little weak on history.
When the President talked about raising taxes as part of “shared sacrifice” he said:
And I do not want, and I will not accept, a deal in which I am asked to do nothing, in fact, I’m able to keep hundreds of thousands of dollars in additional income that I don’t need, while a parent out there who is struggling to figure out how to send their kid to college suddenly finds that they’ve got a couple thousand dollars less in grants or student loans.
In other words, the money that you don’t “need” belongs to the government. What does he think that the rich do with the income they don’t “need?” They invest it. That’s where “capital” comes from. He’s willing to pay a little more in taxes so that seniors still have Medicare and kids still have Head Start.
Nobody is proposing to deprive any seniors of Medicare — except the President. Even the plans for reforming Medicare are careful to protect the benefits of current Medicare recipients, and all over 55 years of age. This is why the President has remained uninterested in budget talks until just the last couple of weeks. He appointed a budget commission, and refused to consider their careful study. He did not submit a balanced budget to Congress. It is becoming apparent that he must be forced to balance the budget and cap spending.
He’d rather demagogue.