WTF is happening while I’m off serving food? Apparently there was a doozie of a press conference- from the WSJ – http://online.wsj.com/article/SB10001424127887324581504578231721868759336.html?mod=opinion_newsreel –
In case you missed it, President Obama held a press conference Monday to make essentially two points: He won’t negotiate with Republicans over raising the federal debt limit, and if Republicans want any spending cuts at any time in the next four years they’ll have to raise taxes along with it. He won, so get used to it, chumps.
And apparently he’s also really friendly at picnics. Or something. But, more to the point, Big Government needs more money or poor kids are going to starve and elderly folks won’t get their social security check. Of course, when Obama talks, he characterizes it as though he’s only going to go after the rich (which is unsound economic policy anyway), but as we’ve reviewed before there simply isn’t enough
tax money revenue to be found among “the rich.”
He’s right about soaking the rich. Even if they taxed 100% of every dollar earned by every American who earned more than $500,000 in 2010, the feds would take in $1.29 trillion, or not much more than the entire 2012 deficit.
More and more liberals are picking up this theme and admitting that the middle class has to be taxed because that’s where the money is. One Democratic newspaper recently suggested that Mr. Obama consider taxing “capital gains at the same rates as ordinary income” (which would be a 40% capital-gains rate, up from 23.8% now and 15% in December), “surcharges on multimillion-dollar incomes, and higher corporate taxes,” plus “exploring carbon taxes . . . a value-added tax . . . and a financial transactions tax.” Is that all?
hysterics, lies, exaggerations, bold assertions at the presser yesterday, there is nothing DIRE in failing to rise the debt ceiling. National Review – http://www.nationalreview.com/articles/337663/overrated-debt-ceiling-michael-tanner–
[T]he federal government will also collect an estimated $277 billion in taxes and other revenue over that same period, meaning there will be more than enough money available to make those interest payments.
True, the federal government would not have enough revenue to continue spending the $452 billion that it otherwise would over that period. It would have to prioritize its expenditures until the debate was resolved. But there would be, for example, enough money to afford the interest on the debt, military salaries, Social Security, and Medicare, with at least $90 billion left over for other things.
Perhaps we could ground AF1 for the time period.
I think this is an appropriate song for today: