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Let us say that Obama wins in 2012 (very unlikely, yet possible) and the liberals get what they want- four more years of OBAMA! Hooray!
Fast forward four years and the national debt is $22 trillion. Now what do you do?
I hate to be the bearer of bad news but the $22 trillion total debt figure is the baseline scenario from CBO. That means that all of these taxes/tax cuts are scheduled to be implemented or expire:
Taxing the rich modestly more brings in $50 billion -- $120 billion per year more. Not significant? Considering that the GOP proposed raising the Medicare eligibility age to save $50 billion a year, it's obviously significant.
Moreover, the GOP has endorsed and passed the Ryan Budget which increases deficits far more than Obama's budget. How can that be you say? Because Obama's budget is based upon realistic assumptions. The Ryan budget is based upon mystery cuts in deductions, which he will not name and fantastic assumptions, like unemployment will drop to 2% -- a level not seen since the Korean War.
Under current law all tax cuts will be expiring along with about 60 other tax increases. That's still leaves a $22 trillion total national debt.
The alternative, keeping some of the tax cuts and only expiring others, still leaves the US on an "unsustainable" path.
So let's assume that 'taxing the rich' will bring in $50 - $120 billion a year. The Federal government spends $11 billion A DAY. Do the math. [peek at the answer- the money is gone in 4.5 - 11 days]
Let us say that Obama wins in 2012 (very unlikely, yet possible) and the liberals get what they want- four more years of OBAMA! Hooray!
Fast forward four years and the national debt is $22 trillion. Now what do you do?
1. TAXES?
a. If you enslaved "the rich", it only adds $900 billion in additional revenue every year, so that won't work
b. we just had the biggest tax increase in US history to accomodate a NEW entitlement, which we have not even started to pay for.
c. VAT tax of 15% raises $1.3 trillion per year (that makes us break even)
2. CUTS?
a. if we cut the military in half, that saves $280 billion per year
b. social security, medicaid and medicare are the largest expenditures, but most libs don't want to cut there
c. federal employee wages and pensions? Nope- libs don't want to cut there
d. roads and infrastructure? Nope- libs don't want to cut there
e. payments for federal and state services for illegals? Nope- libs don't want to cut there
3. Economic plans
a. allow hyperinflation and or currency devaluation and pay off our debt with worthless money
b. balanced budget amendment coupled with austerity plans (the hangover after the spending party)
c. selling off US assets
d. just go on as usual and pass a worse problem off to the next generation
Obama "winning" in 2012 would be a "loss" for liberals as well, as they will have to pay for the consequences of that election as much as conservatives.
I would say, then, that the wealthy who have been given huge tax cuts for the last ten years because they were "job creators" should actually create some of those jobs and broaden the tax base to cover the deficit. Otherwise, they should be prepared to give back their ill-gotten gains to the tune of, say, a 92% tax rate to cover the deficit. Don't recoil in horror. It has been that high before.
Oh please, where the hell do you think you could tax the rich $100B a year? At what tax rate gives you this imaginary sum of money? The rich simply doesnt have enough wealth for you to take it, and balance the budgets, something you completely ignore..
Audit their offshore accounts, starting with Mitt Rmoney.
Then do what Russia does: Don't allow the money made in the U.S. to leave the U.S.
Location: planet octupulous is nearing earths atmosphere
13,620 posts, read 12,796,801 times
Reputation: 20050
not realy a big deal when you have a printing press
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