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The federal deficit is higher than it has been since the years immediately following World War II. Every second, the government spends $41,210 that it doesn't have. We just put it on the charge card for our children and grandchildren to pay off.
Yet in a new ad, the Obama campaign insists that we should be worried about Mitt Romney . . . driving up the deficit. Obama argues that the answer is having "millionaires pay a little more" in taxes. That's despite the job-killing effect of raising taxes during a steep economic slowdown.
What's more, recent history shows that millionaires accounted for only about .17% of tax returns; if the government confiscated every cent earned by millionaires in a given year, it would amount to less than half of the new debt we are assuming each year.
The President isn't really looking for a solution to the problems he has created. He's looking for a group to demonize, in an effort to redirect Americans' irritation and frustration over the mess he's created.
If you're looking for a different approach, check out the economic proposals coming from the Romney campaign . . . the combination of reducing government spending, cutting taxes and repealing some of the Obama regulatory overkill is estimated to produce 12 million new jobs in his first term as president.
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