You See, They Lie
The DNC buzz terms on the Romney/Ryan plan – Tax cuts for millionaires and billionaires and tax increases for the middle classes. One percenters. Growing the economy from the middle out, and the bottom up. bla bla bla.
You know why the country will be ruined by Democrats? Because they can’t stop spending our money :
The actual substance of the Democratic the platform calls for billions in new taxes, pushes for the further expansion of government and encourages federal spending to increase substantially.
In fact, the Democratic platform recommends launching a number of new federal schemes and increasing the funding for many existing programs. Among the 21 new spending proposals included in the Democratic Party platform are:
• $453 billion over ten years to fund an expansive stimulus-like job creation scheme;
• $18.4 billion over ten years to get the transportation sector to buy into alternative fuels:
• $6.5 billion over five years for global food security and agriculture research;
• $5 billion in one-time funding for clean energy handouts;
• $5 billion in one-time funding to force the government into the broadband Internet business;
• $980 million over ten years for government-funded abortions (if taxpayers’ pay for 10 percent of abortions); and
• $45 million over five years to support American Indian and Alaska Native languages.
In total, the Democratic Party platform recommends $674.8 billion in additional federal spending over the next decade.
Democrats never saw a social spending program they didn’t love and want. They have a plan, of course, to pay for all this stuff. And, I assume, all the stuff we already fund. Since only some of us pay income tax, this NEW spending adds up to a new burden of $7,939 in NEW taxes per taxpayer. They’re going to tax the rich. Duh. PROBLEM SOLVED.
The truth of the Obama plan:
Mr. Ryan had an instructive colloquy with Tim Geithner on this point in February. The Budget Chairman noted that the Administration doesn’t “have a plan to make good” on the promises the political class has made to voters. The Treasury Secretary replied that “As I said, we’re not disagreeing in that sense. I made it absolutely clear that what our budget does is get our deficit down to a sustainable path over the budget window.”
Mr. Ryan: “And then it takes off.” Mr. Geithner: “Let’s ask ourselves why they take off again. Why do they do that?” Mr. Ryan: “Because we have 10,000 people retiring every day and health-care costs going up.”
Mr. Geithner: “That’s right. . . . We’re not coming before you to say we have a definitive solution to our long-term problem. What we do know is that we don’t like yours.”
The only omission in Mr. Geithner’s remarkable candor is that Democrats do have a plan, kind of. As debt continues to build, at some point U.S. creditors will lose confidence in the Treasury’s ability to repay. Then Democrats and even some Republicans will impose a European-style value-added tax or another money machine to appease the bond markets.
The rich are not rich enough to fund Obama’s spending. They money will have to come from the middle class, in the form of a VAT or similar. We could tax the 1% at 100% of their income, and we still wouldn’t achieve the debt-reduction targets.
But continue to be distracted by Obama-and-team’s class warfare rhetoric, America. And pretend that by taxing the rich, all our problems will be solved, and we can spend, spend spend to our heart’s content. That fiscal cliff is looming.