I realize that Obama is playing politics and so I don't fault him for coming out with an unrealistic budget proposal (at least in theory). What I don't understand is why anyone would honestly support it.
The harsh reality is that raising taxes on the rich is not going to be enough to balance the budget. There aren't enough rich people to tax to generate that kind of revenue. The middle class contributes the majority of the taxes collected by the Treasury not because they are overtaxed, but because there are so many of them. Any attempt at fiscal responsibility is going to likely see a return to the Clinton-era tax levels.
Furthermore, Obama's refusal to touch Medicare and Medicaid is absolutely absurd. The program has been doubling in cost every five years or so, and it is these two entitlement programs that are set to bankrupt our economy. Fraud is rampant, payouts are obscene (example: motorized scooters cost private insurers $1200, but Medicare pays $3000 for them, hence non-stop commercials for the same on cable news networks). Even if those two problems were fixed the programs are still going to bankrupt the US. Social Security can be fixed if it is just adjusted a bit. But something - and I'm not saying that the Ryan plan is the answer - has to be done about Medicare and Medicaid.
It's just disgusting that Obama can try to pretend like his proposal is reasonable. It disgusts me in a way that few things Obama has done have disgusted me.
The harsh reality is that raising taxes on the rich is not going to be enough to balance the budget. There aren't enough rich people to tax to generate that kind of revenue. The middle class contributes the majority of the taxes collected by the Treasury not because they are overtaxed, but because there are so many of them. Any attempt at fiscal responsibility is going to likely see a return to the Clinton-era tax levels.
Furthermore, Obama's refusal to touch Medicare and Medicaid is absolutely absurd. The program has been doubling in cost every five years or so, and it is these two entitlement programs that are set to bankrupt our economy. Fraud is rampant, payouts are obscene (example: motorized scooters cost private insurers $1200, but Medicare pays $3000 for them, hence non-stop commercials for the same on cable news networks). Even if those two problems were fixed the programs are still going to bankrupt the US. Social Security can be fixed if it is just adjusted a bit. But something - and I'm not saying that the Ryan plan is the answer - has to be done about Medicare and Medicaid.
It's just disgusting that Obama can try to pretend like his proposal is reasonable. It disgusts me in a way that few things Obama has done have disgusted me.
I agree that taxes aren't the answer to balancing the budget. But your definition of middle class is wrong. The wealthy do provide the majority of the government's revenue.
Furthermore, Clinton level taxes wouldn't do much either. The rising cost of medicare and medicaid isn't just because healthcare in general is rising in cost (though that is a large part) but also that there are so many more senior citizens collecting medicare. Incidentally, this is also why social security is becoming so much more expensive.
It seems pretty clear that a modest raise in taxes might be required and certainly should be entertained by republicans. However, spending cuts are absolutely essential to balancing the budget without stagnating the economy. Liberals tried for a whole decade to balance expensive social initiatives with higher taxes and it put the economy in ruins. A recession that was as bad, possibly worse, as this one.
We're the richest nation in the world and currently running over a 1 trillion dollar deficit that is growing exponentially. There's no excuse for that. Hard decisions are going to have to be made. Less entitlements, higher social security and medicare age.
That would go a long way to stabilizing the deficit.
You must unlearn what you have learned.
How can anyone seriously support Obama's budget proposals?
- 14/04/2011 02:49:30 PM
1040 Views
I agree with your overall point but I do question one of your facts
- 14/04/2011 03:25:25 PM
529 Views
Using IRS data for 2008: (most recent year for which data is available)
- 14/04/2011 03:45:20 PM
552 Views
You didn't interpret the spreadsheet correctly. I'm positive of that.
- 14/04/2011 06:08:39 PM
421 Views
I'm gonna have to jump on board the wagon with that being a bad figure, got some others
- 14/04/2011 07:33:14 PM
572 Views
Data: http://www.irs.gov/pub/irs-soi/08in31mt.xls *NM*
- 14/04/2011 08:32:42 PM
220 Views
That's a breakdown of who modifies their returns and how it affects revenue.
- 14/04/2011 09:15:21 PM
410 Views
*NM*
I believe you are questioning one of my definitions, not one of my facts.
- 14/04/2011 04:36:35 PM
463 Views
No matter how you define it I think it would be hard to call the top 5% middle class
- 14/04/2011 05:03:33 PM
473 Views
What a load of crap!
- 14/04/2011 03:49:29 PM
626 Views
Yes, your response is a load of crap.
- 14/04/2011 04:55:20 PM
531 Views
Re: Yes, your response is a load of crap.
- 14/04/2011 05:13:14 PM
616 Views
This is our first war without a tax increase.
- 14/04/2011 06:05:43 PM
531 Views
Er, check facts
- 14/04/2011 05:04:02 PM
650 Views
Yeah, lets fact check
- 14/04/2011 05:43:34 PM
512 Views
You understand you're actually supposed to cite data for a fact check right?
- 14/04/2011 06:38:22 PM
661 Views
I'm not sure thats entirely right
- 14/04/2011 05:51:18 PM
684 Views
What about the farm subsidies and the military?
- 15/04/2011 04:54:54 PM
505 Views
Cutting the military isn't enough
- 16/04/2011 04:27:11 AM
437 Views
Defense is 60% of the discretionary budget as well, so it's more like 26% overall. Just sayin'. *NM*
- 16/04/2011 04:53:30 AM
224 Views