The Obama campaign successfully fooled a large number of voters into thinking that we could tax our way back to prosperity. Clearly, very few of his constituents looked at the facts.
The central theme of Obama’s plan, as we all know, is to soak the rich. Under his plan, raising taxes on households that earn over $250,000 annually raises less than $100 billion by all estimates. Considering the current fiscal year (and the previous, and the one before that, etc) runs a budget deficit of over $1 TRILLION dollars, we still need 10 times the amount of spending cuts as these new tax increases would generate.
I am so sick of the Democrats and most media outlets of screaming and crying about slashing cuts that the Republicans propose. Can anyone name the year in which Federal spending did not grow as compared to the previous year? To hear the Democrats tell it, the Republicans have slashed programs to zero when in fact all that has ever been proposed is limiting the rate of growth. Perhaps even (gasp) freezing spending for a year at current levels.
Somehow that is spun as a “massive Republican cut” by the press and the ignorant American electorate is happy to eat their spoon-fed news bites at dinner and march along like sheep.