The situation in Greece and other European countries should be a warning to America. Greece got itself into the fiscal mess it’s in now due to heavy taxes and taxation which in turn lead to a flight of capital. The result was a collapse in revenue and the nation was unable to meet it’s obligations. America, unfortunately, is heading down the same path as Greece and the once great Argentina. Our debt and deficit levels are becoming unsustainable. This is making America very uncompetitive in the Global Economy. The situation was created by Bi-Partisan reckless Progressive policies such as Bush’s Compassionate Conservatism and Obama’s Neo-Socialism.
Barack Hussein Obama has created a supposedly Bi-Partisan commission to address our deficit and debt crisis. The problem is that this panel is composed of Progressive Republicans and Progressive Democrats. Instead of recommending a new tax structure to reflect the realities of the Global Economy they will call for massive tax hikes. They are not interested in real reform and just want to give cover to new taxes such as a VAT.
WASHINGTON – The co-chairman of President Barack Obama’s deficit reduction commission said Tuesday that Obama would endorse its findings, including politically toxic tax increases and painful cuts to retirement benefits that the president was unwilling to propose on his own.
But even as Obama urged the 18-member bipartisan panel to keep open all of its options to fight “exploding deficits,” forces on the right and left were urging just the opposite.
In opening-day testimony before the commission, panel members were amply warned that failure to reduce the deficit could lead to higher interest rates, harm the economy and ultimately erode Americans’ standard of living.
“The path forward contains many difficult trade-offs and choices, but postponing those choices and failing to put the nation’s finances on a sustainable long-run trajectory would ultimately do great damage to our economy,” Federal Reserve Chairman Bernanke said.
Read the rest: Deficit panel leader says Obama will OK findings
