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Message Subject Obamas plan 20-day, $4 million vacation...during Time of Fiscal Cliff hitting US Economy
Poster Handle Anonymous Coward
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Anyone else remember that last year's "fiscal cliff" was the enormous debt? I do. This year the "fiscal cliff" has gone from being the enormous debt to the spending cuts/tax increases that might take effect.

Last year the politicians were saying "we're going to default unless we raise the debt ceiling." Stated otherwise "we can't pay our bills and need a credit extension." Too bad you can't get out of debt by going deeper in to debt.

This year, with the new "fiscal cliff," politicians are talking about how these spending cuts/tax increases will ravage the economy. To prevent going over the "fiscal cliff" it's being proposed to raise taxes on those making $250k+ a year, eliminating tax deductions, increasing capital gains taxes and reducing government spending. In total, $4 trillion is said to be slashed/generated over the next ten years. Well, we're currently running deficits of at least $1 trillion. Said differently, instead of adding $10 trillion to the national debt over the next decade, only $6 trillion will be added to the national debt over the next decade. And that assumes that interest rates don't rise, because currently, every percent the interest rate increases adds $160 billion to the deficit on the principal $16 trillion debt. Never mind the $120 trillion in unfunded liabilities.

For the fiscal year 2012, the federal government spent roughly $3.8 trillion. The federal government collected roughly $2.5 trillion in taxes. That means that in order to not have a deficit, taxes would have to be raised on every American taxpayer by 50% from the poor to the rich. In case anyone is comprehend what I'm getting at, it means we're fucked.

As you can see, any tax increase on the rich won't make a damn bit of difference toward winding down our debt and deficits. If anything, the rich will opt to shut down their businesses if taxes are raised too high and the government will collect even less revenue than they already are. The only way out is to default and start all over again. Warfare and welfare are the death of every great nation turned empire.

As far as Obama is concerned, this is par for the course. I'm sure Obama really sympathizes with the "99%" who are living pay check to pay check or in debt and can't afford to buy their children anything for the holidays. I'm sure Obama will really make those rich fat cats pay as he gladly accepted their campaign contributions, charged $30k for people to eat dinner with him and relaxes on the beach in Hawaii for three weeks.
 
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