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August 04, 2009

Reverse Reagan: Obama Will Blow Up the Deficit So Enormously Even Conservatives Will Beg Him to Raise Taxes, to Stave off Fiscal Ruin

I've goosed the headline a bit. But that's his plan.

He will continue spending, spending, spending until we're at the edge of ruin and then he'll say, "Well, I didn't want to raise your taxes, but since you seem to be demanding I do so, okay, I give. Uncle. You win."

The liberal establishment is even further along in finally admitting that Mr. Obama wasn’t, er, telling the truth. A piece in the New York Times over the weekend declared in a headline that “the Rich Can’t Pay for Everything, Analysts Say.” And it quoted Leonard Burman, a veteran of the Clinton Treasury who now runs the Brookings Tax Policy Center, as saying that “This idea that everything new that government provides ought to be paid for by the top 5%, that’s a basically unstable way of governing.” They’re right, but where were they during the campaign?

In an editorial on February 26, “The 2% Illusion,” we wrote that the feds could take 100% of the taxable income of everyone in America earning more than $500,000 and still have raised only $1.3 trillion even in the boom year of 2006. The rich are fewer and less rich now, while the Obama budget is nearly $4 trillion.

Democrats already plan to repeal the Bush tax cuts, but that won’t raise enough money. So they’re proposing an income tax surcharge on “the wealthy,” but that won’t raise enough either. Democrats have no choice but to soak the middle class because only they have enough money to finance the liberal dream of yoking the middle class to cradle-to-grave government entitlements.

...

The undeniable reality is that you can’t run a European-style welfare-entitlement state without European-style levels of taxation on the middle class (and eventually without low European-style growth and high jobless rates). It’s looking more and more like Mr. Obama’s no-middle-class-tax pledge was one of the greatest confidence tricks in American political history.

Read the whole thing.

He promised he wouldn't try to screw me if I came up to his room, but I walk in there and am surrounded by lotions and balms and suggestive covers from Boys Life.

Oh: And taxing the wealthy doesn't really work when you're ridding the country of the wealthy hand over fist.


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posted by Ace at 03:07 PM

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