In response to:

Obama: We Must Tax & Spend Our Way To Prosperity

Frank1802 Wrote: Nov 10, 2012 8:40 AM
This President is driven by blind ideology, there is no possibility that he will move to the centre, there is no possibility that he will cut discretionary spending, nor that he will make any attempt to reduce the debt or deficit by cutting ANY expenditure. Like most on the Left he is wedded to the notion that the "rich" are in some way responsible for the poverty of others, and that the only way to to reduce the debt and deficit is to take the wealth of those who work hard and redistribute it to those not prepared to work and support themselves and their family. Where the President falls down is that he fails to look at current events and history.
Frank1802 Wrote: Nov 10, 2012 10:00 AM
Historically no socialist redistributive society of the last century exists now, they have all collapsed and embraced capitalism in one form or another. In UK in the the 1970s there was a Labour Government faced with a very similar problem, they had spent too much and needed additional revenue, so they decided that the rich must pay more. Well they raised Tax Rates and the Tax Revenue went down but they refused to cut spending, eventually the IMF came in, they lost the next election Margaret Thatcher was elected, lowered rates revenue increased and the economy recovered.
Frank1802 Wrote: Nov 10, 2012 10:06 AM
As to current events the President should look at the PIIGS (Portugal, Ireland, Italy, Greece and Spain). They are in the position they are due to uncontrolled spending on unaffordable Pensions and Welfare. The UK is paying off a huge debt accumulated once more by Labour pursuing the self same policies being followed by Obama.
Bottom line folks you cannot spend what you do not have, you cannot recover by taking money out of the economy by excessive borrowing and you cannot reduce debt by borrowing more. It is simple basic economics, Obama clearly missed that lesson at college!