Were you relieved when you heard on January 2nd that the House passed the Senate "compromise" bill to reinstate the Bush tax cuts for everyone making less than $400.000? People sighed, "At least my income taxes aren't going up!" The market reacted with immediate gains--the money keeps flowing. Like the drug addict in search of his next "fix"--Americans seem deluded into thinking that more spending is the solution.
How many times have you heard the media comment on the next "solution" to deal with the crisis in Greece only to realize that the "solution" quickly failed leading to a new crisis? While watching the European Union struggle with unsustainable government promises, we continue to duplicate their mistakes. Do we care?
Somehow, President Obama and irresponsible politicians on both sides of the aisle have bought the illusion that government can spend its way into an economic recovery. If you tried spending more money you don't have to right your family's budget, do you really think that would help?
President Obama continues to say that we don't have a spending problem and that the economy needs more government spending to right our economic ship. President Obama wants more money to fund Obamacare and expanded entitlement programs. He wants the authority to exceed the debt ceiling without Congressional oversight. If your teenager had used your credit card to create a huge debt, would you let him keep it to spend more?
It's clear that our politicians believe that you don't care about the exploding deficit. Instead of fixing the problem, you want another "fix" of government goodies. Corporations want them. Individuals want them. Farmers want them. The unemployed want support extended.
You will hear politicians talk about "cuts" in spending. But what they are really talking about is just decreasing the rate of scheduled increases. Look at the fine print. Most of the "cuts" President Obama has proposed happen after he is out of office. Do you really think the next president and their administration will have the political will to honor "cuts" that will anger dependent voters?
Ron Paul has said that we've reached the point of no return. We won't be Greece any time soon, but we are on the road to a major fiscal calamity. What happens when interest rates go up to attract investors to fund our debt? The cost of servicing that debt will take a larger share of our federal budget. In response, they'll print more money which decreases the value of the dollar and your savings.
How long before the "rich" who have been targeted to pay for these excesses will leave for greener pastures? The administration has made it clear that they're still not paying enough. Soon their deductions will be limited.
These Americans did things right. They worked hard, saved, invested, made the American Dream work for them, but now they have become the donkey expected to pull the whole wagon up an increasingly steep hill. Because of increases in taxes, many are leaving CA and going to states where taxes are lower and incentives greater. They're taking their businesses, investments and jobs with them.
But what happens when they can't escape the taxes imposed by the federal government? Why not head to a country where flat taxes are waiting? The French actor, Gerard Depardieu, is avoiding France's excessive income taxes by moving to Russia where their 13% flat tax has created economic growth.
As Congress faces off with President Obama over the debt limit and spending, many are saying the public will blame Congress if they take a stand to end this madness. If so, the blank check will be signed for another round of excessive spending. Wake up. Responsible parents know the importance of saying "no" to irresponsible teens. Responsible citizens are ready to support politicians who will finally do the same thing in Washington and Sacramento. Demand a fiscal fix that will last!
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