Barack Hussein Obama is holding firm on raising taxes. He claims it will only be targeted on those making 250,000 or more. The problem is there are not enough people making that amount to equal 1 Trillion in new taxes. The GOP should turn the tables and point out that GE paid no taxes last year. Their CEO Jeffery Immelt is one of Obama’s biggest supporters and this hypocritical stance should be pointed out. The problem with our deficit and debt is spending, not revenue!
There are a lot of pieces to the debt-ceiling deal. There are the taxes upon taxes, as the Wall Street Journal editors describe it. That’s the roughly $1 trillion in new Obama taxes on top of what he’s already signed into law. It’s an economy and jobs killer.
Then there’s the entitlement piece, which may be more interesting since Obama is apparently open to extending the Social Security and Medicare retirement age and using the so-called chained-CPI, which would lower cost-of-living adjustments (and increase income-tax thresholds). Whether the president is serious about these entitlement measures, no one knows. It’s noteworthy that he’s at least talking about them, although he’s linking them to higher taxes.
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And the public is onto this. The highly accurate IBD/TIPP pollsters have just released an incredible result. Get this: The public rejects a debt-ceiling increase by a huge 58 to 36 percent. That includes 59 percent of independents and even 38 percent of Democrats. That is the tea party revolt.
Read the rest: The Spending Is the Problem
Spending is the problem. Why should we spend more than we take in? Most families and businesses can’t do this. Yet the Progressives feel the government must spend money. If Obama wants to increase revenue, then we should enact pro-growth policies that increases the amount of tax payers, that is the answer to the revenue part.
Tags: Debt Ceiling, Debt Crisis, Larry Kudlow
