Staggering!
Via Gateway Pundit, in just one month the Democrats and Barack Obama have TRIPLED the nation’s deficit.
For all the complaining about Bush era spending, the new administration has already spent more than the entire Iraq War.
And they are..not…done!!
Obama also wants $634B for a health care reserve fund (read: socializing healthcare). And Bank Bailout II which could be as much as $750B! Then there’s the cap and trade debacle that will just cripple this economy by causing energy costs to skyrocket.
This is no longer Bush’s mess. The deficit and debt being racked up by Obama and the Democrats is now THEIR MESS.
Of course, we all know where this is leading to. Taxes that will inevitably go through the roof. Obama wants us to believe that he can do this by letting the Bush tax cuts expire and just taxing the ‘rich’ who make over $250k. But even the ‘rich’ won’t be able to subsidize all of this. An article today in the Wall Street Journal, which I highly recommend reading, explains:
Consider the IRS data for 2006, the most recent year that such tax data are available and a good year for the economy and “the wealthiest 2%.” Roughly 3.8 million filers had adjusted gross incomes above $200,000 in 2006. (That’s about 7% of all returns; the data aren’t broken down at the $250,000 point.) These people paid about $522 billion in income taxes, or roughly 62% of all federal individual income receipts. The richest 1% — about 1.65 million filers making above $388,806 — paid some $408 billion, or 39.9% of all income tax revenues, while earning about 22% of all reported U.S. income.
Note that federal income taxes are already “progressive” with a 35% top marginal rate, and that Mr. Obama is (so far) proposing to raise it only to 39.6%, plus another two percentage points in hidden deduction phase-outs. He’d also raise capital gains and dividend rates, but those both yield far less revenue than the income tax. These combined increases won’t come close to raising the hundreds of billions of dollars in revenue that Mr. Obama is going to need.
Bottom line: the money isn’t there and the middle class will have to eventually bear the burden. There’s no way around it.
It’s only taken a month and this Congress and Administration are already the most reckless and irresponsible we’ve ever seen.
Cross-posted at Conservatives with Attitude!
