Look folks, this whole house of cards that Barry has going on here will have completely tumbled down by this time next year, regardless of measure taken, or not taken, regarding the looming 'fiscal cliff'. So what the Republicans might as well do, and right now, is to call Barry's bluff. White House Spokesmoron Jay Carney said just yesterday that no matter what else happens Barry, who is the only modern president other than Franklin Roosevelt to serve in four years when federal spending topped 24 percent of GDP, will not sign a deal to avoid the so-called fiscal cliff that will arrive at the end of this year unless that deal increases taxes. So there you have, another example of how Democrats 'compromise.'
"So the President made clear that he is not wedded to every detail of his plan," said 'Dim Bulb' Carney. "The President has also made categorically and abundantly clear that he will not sign an extension of the Bush-era tax cuts for top earners. It’s bad economic policy and we cannot afford it. He will not sign that." Ok, fine! So what those on our side of this argument need to do, is to also make it "categorically and abundantly clear" that they have no intention, what-so-freakin-ever, of agreeing to anything that does not include some very substantial cuts to our hemorrhaging entitlement programs. And if the Democrats, including Barry, can't bring themselves to agree, then screw 'em, just walk away.
According to 'official calculations' made by folks over in the White House Office of Management and Budget that go all the way back to 1930, Barry and Franklin Roosevelt are the only two presidents who have served in four fiscal years when federal spending exceeded 24 percent of GDP. Roosevelt did so in 1942, 1943, 1944, and 1945 (when he finally did us all a favor by dying in office). Barry did so in 2009, 2010, 2011 and 2012. Also since 1930, and again according to the White House, there has been only one year when federal tax revenues went as high as 20 percent of GDP. That was in 2000, the last 'Slick Willie' year, when revenues were 20.6 percent of GDP. This is completely unsustainable folks.
In an effort to put things in term so simple even your average Barry-voter can perhaps understand, it's a fact that no matter what the federal income tax rates have been, at no time since 1930 has the federal government been able to collect as much as 21 percent of GDP in taxes. To balance the budget at a level of spending higher than 20.6 percent of GDP would require an historically unprecedented level of taxation. Which, I'm quite sure, Barry and the current gang of Democrats would have no problem doing. The federal government taxes away the income of Americans through a system of, 'Communist Manifesto" inspired, progressive tax rates, designed to take larger and larger shares of a person's earnings as the person make more money.
In 2000, before President George W. Bush came into office, there were five federal income-tax brackets--a 15-percent bracket, a 28-percent bracket, a 31-percent bracket, a 36-percent bracket, and a 39.6 percent bracket. Bush signed legislation creating six brackets that taxed away a lower percentage of income at progressive rates of 10 percent, 15 percent, 25 percent, 28 percent, 33 percent and 35 percent. Additionally, the Bush legislation also reduced the tax rates on dividends and long-term capital gains, and expanded tax credits including for dependent children. These tax cuts were set to expire in 2010, but Barry agreed to legislation to extend them to the end of this year.
If they are not extended, all tax rates will return to what they were in 2000 under 'BJ' Clinton. If the Bush tax rates expire, income up to $17,000 will get a 50 percent tax increase, going from 10 percent taxation to 15 percent taxation. Income between $17,800 and $60,350 will stay at the 15 percent tax rate. Incomes between $60,350 and $145,900 will get a 12 percent tax hike, with the rate jumping to 28 percent. Income in the $145,000 to $222,300 range will get an 11 percent tax hike, with the rate jumping to 31 percent. Income in the $222,300 to $397,000 range will get a 9 percent tax hike, with the rate climbing to 36 percent. And income above $397,000 will get a 13 percent tax hike, with the rate climbing to 39.6 percent.
"The president is very interested in closing loopholes and capping deductions where sensible both economically and plausible politically," said 'Dim Bulb' Carney, "but the fact remains that the cleanest, simplest way to achieve the kind of revenue target that’s necessary here is to go back to the 'Slick Willie'-era rates for top earners--rates, by the way, that were in place during the longest period of economic growth--peacetime economic expansion in our lifetimes; rates that were in place when the rich got a lot richer and the middle class did really well, too; the rates that were in place during a period that saw deficits disappear and to be replaced by surpluses." Carney ignores the fact that our economy is much, much weaker now!
"The President is willing to look at anything that’s sensible and realistic and that is mathematically sound," or so said Spokesmoron, Carney. "But our point on rates is that they are the sensible, clean, simple way and proven way to achieve the kind of revenue target that we’ve talked about, as you’ve seen in the President’s proposal, a proposal which includes loophole closures and deduction caps, as well, but ones that are realistic." Sensible and clean, what the Hell does that mean? In fiscal 2012, according to the White House, the federal government spent $3.795 trillion, the most in the history of the United States. This year, fiscal 2013, the White House estimates the federal government will increase spending to $3.803 trillion.
And it only continues to get worse, because in fiscal 2014, the White House estimates federal spending will increase to $3.883 trillion. And the year after that, fiscal 2015, the White House estimates federal spending to $4.059 trillion. Ok, so when do any actual spending cuts kick in? Shouldn't spending be going down, especially if we're supposed to agree to take hikes? We're on a suicide mission here, folks! This madness has got to stop and it has to be made to stop NOW! The country simply cannot afford to have the Republicans cave on this issue yet again. It's the spending that needs to be brought under control and this purposeful attempt being made by Barry to bring about a complete financial collapse has to be stopped!
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