President Obama has laid out the most ambitious and expensive domestic agenda since LBJ, and now all he has to do is figure out how to pay for it.
Everyone should be familiar with this 2% group, as they comprise roughly 3.8 million of the population and they paid roughly 522 billion in taxes during 2006. Roughly 62% of all federal taxes for that year. Which by comparison to the last twelve months? Was a damn good year. But something tells me and more than a few others, that these same people who paid that 522 billion two years ago? Won't be paying that much this year and the reason that they won't? Is because they have taken a bath in the markets this year and their wealth profile and earnings have significantly been marginalized and reduced. Simple economics 101......less earnings less tax obligation and tax bracket exposure. As a matter of fact? That 2% may dwindle significantly based upon the last 18 months.
A few points to ponder:
A tax policy that confiscated 100% of the taxable income of everyone in America earning over $500,000 in 2006 would only have given Congress an extra $1.3 trillion in revenue. That's less than half the 2006 federal budget of $2.7 trillion and looks tiny compared to the more than $4 trillion Congress will spend in fiscal 2010. (based on Obama's budget scheme) Even taking every taxable "dime" of everyone earning more than $75,000 in 2006 would have barely yielded enough to cover that $4 trillion.
"taking every taxable dime of everyone earning more than $75,000 in 2006 would have barely covered that $4 trillion? That ought to scare the hell out of people and demonstrate clearly that Obama's budget propsals and evil rich punishing scheme to fund it is more than hocus pocus! It's pure unadulterated bull manure!
I remember a time when the rabid left who had recently wrecked the American economy, looked on bleary eyed and blathering and assailed President Reagan's attempts to right the ship wreck of state left by Jimmy Carter as "Voodoo Reaganomics."
Well I can tell you friends, if Reagan's tax policy answer to Carter's runaway inflation and a stagnant economy and inflated interest rates was voodoo or trickle down economics? Then this crap that the Obama administration is hustling looks like something straight from the pages of a Mary Shelly novel. This is the Frankenstein monster of all economic policy statements IMO. The father of this beast is completely indiscernible and the cobbled together parts and pieces that form the body will soon prove as unwieldy and uncontrollable as Shelly's monster creation.
So how long before the modern day villagers of America rebel and come looking for the mad doctor and his creation? I for one sense the light of torches in the not so distant future of this country. As more and more Americans get a first hand look at the reality that this failed socialist policy will represent to them? Within the next six months of continuing decline under their belts as a reference point to base their opinions on? I say that it won't be long before the homeland security budget for Washington as a whole will go up dramatically. As the native will be restless and looking for more than effigies to burn.
The people who have sense enough to see what has happened and why and who is responsible and who and what are being perpetrated against them then and now under the cover of a socialist smoke screen? Well that number will swell exponentially over the next six months and the rest of this year. As it does and as more and more Americans are thrown out of work and as more and more Americans see their homes and their families and everything that they have worked for all their life going up in smoke? IMO, there will be a good many Americans who are going to want to repay the favor and the misery to those responsible in Washington.
And it isn't the richest one or two percent that Obama and the myrmidons of the democrat party are attempting to play pin the tail on the donkey with that the people will come after. The people of this country are getting ready to learn the hard way what Obama's hope and change has really meant for them. And sooner or later they will realize that their misery isn't all because of anything that George Bush did or didn't do. There were a lot of fingers in this pie of economic pain and looming depression. Going back at least to the Carter administration and before. And the fingerprints on the crime scene tell the tale for all capable of reading them.
Read it and weep. http://online.wsj.com/article/SB123561551065378405.html?mod=djemEditorialPage
No comments:
Post a Comment