IS SOMEONE FOOLING YOU?
Although Americans have recently experienced the effects of overborrowing, there does not seem to be much concern about our American debt. The financial collapse came from Americans overborrowing: consumers, homeowners (who speculated also), and corporations (had to be saved from collapse in order to save America - see Financial Bailout.).
High spending --> High borrowing --> High debt --> "Comes home to roost" --> High Taxes On Middle Class
(Not enough rich people)
IS THERE A PROBLEM? HELLO, ANYBODY OUT THERE WATCHING...
Actual gross product (GDP) 15 trillion
Total government revenue 2.1 tr
Eventually, we, like the consumer, as a nation must face the reality and cut back spending.
The Congressional Budget Office: The nation's fiscal path is 'unsustainable' and the problem 'cannot be solved through minor tinkering.' (CBO Chief Says Debt "Unsustainable" - 4/8/10)
THE HIGHER INCOME PEOPLE CANNOT MATHEMATICALLY BE TAXED ENOUGH TO SOLVE THIS!
It is proven that there is not enough money available from taxing the rich to make much of a dent in this. Therefore, the middle class will have to make up the difference.
Deficit 2013: $1.3+ trillion
--> Extra 10% tax
on 200K/250K+ incomes, totalling $2.4 tr) .24 trillion **
Left over for middle class at some point $1.06 trillion
It is NAIVE TO BELIEVE THAT EXTRA TAXES ON THE HIGHER INCOME PEOPLE WILL BE ANYWHERE CLOSE TO SUFFICIENT. And the difference will have to be made up by the other taxpayers, the only ones being left would be the middle class and below! (Let me know if you can figure out a way to make it happen otherwise.) I would not have confidence in a President who didn't see the reality and then actually address the real problem.
It is EXTREMELY MISLEADING to target the rich in political rhetoric and to suggest that is the solution - and it obscures the real problem - which Obama seems reluctant to address. (This is not, in my opinion, in integrity.)
Notice the total income of all Americans and those over $250K!!!!!
All Americans combined total income $13.0 trillion
Those with incomes over $250K, total 2.0 trillion (2% of the population)
There are too few of the "high income" "rich" to pay for everyone else! (See Tax The Rich.)
IT DOESN'T TAKE A ROCKET SCIENTIST...
It doesn't take a rocket scientist to figure out that there is a problem and that continuing to not solve it will lead to trouble... and that there will be a day of reckoning - which will be worse the longer we put this off.
There is only one Presidential candidate who has a record of actually addressing this and of being "Mr. McFrugal". There is one who has record-breaking spending that has continued, with deficits more than 5 times higher than his predecessor. Which is more likely to benefit the American people?