Thursday, February 17, 2011

Budget Fiasco: A Trillion here... A Trillion there... Before you know it we're talking Real Money

by Clifford F. Thies

If President Obama doesn’t kill us by denying us access to health care, he’ll kill us with tax increases. His new budget proposal includes nearly two trillion dollars of new taxes. According to Obama, while it would not exactly be against the law to work or to save, these are bad things and need to be heavily taxed. And, besides, we’re not doing enough for the moochers in society. People have a right by being born in this country, or not, to their fair share of what the evil people create through their work and their creativity. Equal pay for equal work, and for no work at all!

The combination of tax increases and increasing the retirement age yet again means that for the productive people in society, Obama wants them to work until they drop dead, for nothing more than what the moochers get as their right, and, then, when they drop dead, to take any wealth they had accumulated. And, talk about domestic terrorism, what do you think expanded IRS audits is all about? If it was not already clear that we need to completely abolish the IRS tax code, and replace with something like the flat tax or the FAIR tax, it should certainly be clear now.

Even with these tax increases, and the still scheduled elimination of the Bush tax cuts after next year, the federal budget is projected to be in deficit by more than a trillion dollars a year for as far into the future as they project the budget. Plus, entitlement spending remains out of control. So, maybe we shouldn’t take much of this seriously, since we’re on a path to complete financial ruin. Obama, it seems to me, is better associated with Andropov, Milosovic and Mobutu, those who presided over the collapse of their countries, than with Marx, Engels and Lenin those who were in the vanguard of socialism.

Let’s total up the proposed taxes:
1.Raising tax rates and limiting itemized deductions $1,030 billion
2.Raising taxes on gasoline and on “the oil companies” 374 billion
3.Raising taxes on the dead 121 billion
4.Raising taxes on international income and investments 129 billion
5.Taxing phony inflation-induced profits by repealing LIFO accounting
and the like 84 billion
6.Raising taxes on those who work to subsidize those who are
unemployed up to 2 years 61 billion
7.Expanded IRS audits 55 billion
8.Raising taxes prudent financial institutions to subsidize the
TARP-assisted ones 30 billion
9.Raising taxes on all manufacturers to subsidize the clean-up costs
of those that pollute 21 billion
10.Raising taxes on private insurance 14 billion
TOTAL, including many items not specified above $1,931 billion

Dr. Thies is a professor of econo-metrics and statistics at Shenandoah Univ. in Virginia


Lofo said...

This is a much bigger danger to our country than "Islamofascism".

Gary said...

********** NEWS ALERT **********

Brazil is the number four holder of our national debt.


Capitalists in Brazil have to earn the money so Americans can borrow it to finance our Socialist Big Brother Welfare State.

The news is not Obama's budget. The real news is the Right-Wing Socialist Party fighting among themselves to find a tiny $100 billion in cuts.

While the Socialist GOP considers what to do we keep borrowing money from Brazil to put uniforms on our troops and pay people not to work.

We are doomed.

Eric Dondero said...

It's a bigger danger to our wallets for sure. But Islamo-Fascism is a bigger danger to our very lives.

As bad as Timothy Gheitner is, I really don't see him trying to slit the throats of American "infidels" or stoning women in the Green in front of the White House.

Eric Dondero said...

Actually, that's %500 billion in cuts Gary. You haven't been keeping up with the news.

Gary said...

When I see $500 billion signed into law I will believe it. Until then it is all public relations hot air.

Eric, just how do you propose to defend the U.S. from any enemy if you have to borrow money from Brazil to pay for weapons, ammo and uniforms?

We are totally bankrupt. Foreign creditors will decide for us if we even are allowed to have a military.

The budget and a healthy economy is our true defense against any foe.


Lofo said...

The chance of being killed by "Islamofascism" is negligible, on the order of 0.00008%, and that is Dondero's biggest worry.

The chance of suffering severely from a debt crisis is quite high.

Anonymous said...

Tariq has requested that Lofo please wash his socks before attending tomorrow's prayers.

Ran said...

How many "hot" wars and conflicts exist around the globe? Roughly 20, depending on the criteria used. 17 of those involve the negligible "islamo-fascists."

lofo and the gary are to islamo-fascism what obama is to fiscal reality... living in dreams.

BTW, the 100-bill is for the 2010 budget, not the next. More, the House does not control the Senate or the Veto Pen.

gary, you're a fraud. Your "arguments" are not those of a middle-aged gent active in the libertarian movement. You sound rather like a post-adolescent hack from Media Matters. You are so often dead fucking wrong on your "facts" that it's somewhat embarrassing to see you still posting here. How 'bout them five "Republicans" on SCOTUS, huh? Anyone over the age of thirty would know Justice Kennedy as anything BUT a Republican, let alone a Conservative. You're a fraud and a very unconvincing liar.

If on the other hand, you have indeed reached middle age, then please take extra care crossing the street. You're losing your ever-lovin' mind. Have a nice day.

Chuck said...

Huh? To hear "gary" tell it, he was Ronald Reagan's chief of staff or some shit. hehe

The Right Guy said...

We'll have to ask Ronnie next time on the show.