Skip to comments.Fiscal Cliff's Dirty Secret: It's Not About Taxes At All, But Too Much Spending
Posted on 12/19/2012 7:19:26 AM PST by SeekAndFind
There's a lot of talk right now about an impending fiscal cliff. But we already went over a cliff economically in this country a long time ago.
The current debate over tax hikes is an empty one built upon a false premise. The debate is whether raising tax rates will address our current crisis. The premise is that it is a lack of taxation that has led to the crisis. Both are hopelessly wrong.
President Obama's proposed tax increases on the top 2% of earners would fund the federal government for about eight days. Even if we taxed Americans earning over $1 million on 100% of their income, we would raise only about $600 billion in revenue.
Taxing citizens at this level is a tyranny even Europe hasn't reached, and still it would only address about one-third of our deficit. If one actually does the math, "taxing the rich" turns out to be no real solution at all, only fantasyland rhetoric.
Every dollar the government takes is another dollar used unproductively. Every dollar removed from the private sector and wasted in the hands of bureaucrats is a dollar that will not be used to purchase goods, to pay for services or to meet a payroll.
Every dollar the government ever takes today, tomorrow and forever is an attack on jobs and the economy. Instead of sitting around trying to think of new ways to vote away someone else's money, Washington leaders should finally begin to address the real crisis that has threatened us long before the current handwringing: spending.
With a $16 trillion national debt and well over $1 trillion annually in deficits, we barreled over the edge of fiscal insolvency long before this month.
Why do we lurch from deadline to deadline with no apparent action
(Excerpt) Read more at news.investors.com ...
RAND PAUL’s SOLUTION:
If we spent only at 2008 levels combined with the revenues of 2012, next year we would have a deficit as small as $89 billion. An $89 billion deficit would represent less than 1% of GDP.
Did anyone think the size of government we had in 2008 was somehow not enough government? This is how drastically spending has increased in just the last four years.
Obama views higher taxes as reparations.
Speaking of too much spending, have Republicans given up on repealing the automatic spending cuts from the 2011 budget control act yet?
Thats was the source of endless whining by them all year, you would have thought it was Pelosi’s house that passed those cuts.
Oh yeah, its not *that* spending now that’s bad, they want entitlement cuts 10 years from now, that should *fix* our spending problem.
Exactly right. This whole spread it around crap is nothing but reparations. pigford, stimulus, stash cash, 0bamaphones, I am sick to here with it and why doesn’t anyone call it for what it is in those ‘hallowed’ halls in D.C. And don’t dare call this racism, uness its directed to the real perpetraitors (NOT misspelled)
Hear, hear! S&F and Rand Paul have this right.
Taxing citizens at this level is a tyranny even Europe hasn’t reached.
That should be on his head stone.
Too bad a few commericals during the election could not have pointed out this fact...OH WAIT how could our fast and furious republicans complain about spending.