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Removing “The Bush tax cuts” would eliminate Obama’s $5T in added debt in around…400 years

November 28, 2012 by
Filed under: Uncategorized 
 canstock0179531 Removing The Bush tax cuts would eliminate Obamas $5T in added debt in around...400 years
By Bob Jentges (Editor Emeritus, Clarion Advisory) 11-28-12
 
After their successful demonization of Mitt Romney, the Democrats have found another person to demonize — Grover Norquist.
 
Democrats seem to think Republicans signed the no new taxes pledge as an allegiance to Norquist.  Not so.  Those that signed the pledge did so out of an allegiance to their constituents i.e. the people that elected them!
 
As we approach the so-called “fiscal cliff,” Republicans have offered to increase revenues to the U.S. Treasury through eliminating tax loop holes, capping some tax deductions, etc., etc., etc.  The Democrats have shown no willingness to compromise their “tax the rich” mantra at all.
 
The Congressional Budget Office (CBO) has reported that if the so-called Bush tax cuts were allowed to expire for all tax payers—not only “the rich”— it would only result in enough increase in revenues to the U.S. Treasury to pay for government spending for 8.5 days per year over a 10 year period.  If the CBO is indeed correct, it would take around 400 years to make-up the approximate $5 trillion debt the Obama Administration accumulated over the past 4 years.
 
Do the unwashed masses understand this—I doubt it!
 
The way I see it, the Democrats position is nothing more than another politically motivated class warfare attempt to satisfy their base—it certainly is a drop in the bucket toward solving the “fiscal cliff” problems.
 
From what I have read and heard, some Republicans are prepared to cave on their no tax pledge that they made to their constituents.  That approach reminds me of what an Italian immigrant professor I had back in the ’50′s humorously called the “Italian Salute” i.e. extending both hands high-up in the air as a sign of surrender.  As a late libertarian columnist once said, the only reason for the Republican Party is to cut taxes.
 
The problem is not lack of revenue to the U.S. Treasury—it is excessive unconstitutional spending.  Unless the Democrats are willing to comply with their “balanced approach” and agree to significant specific cuts in entitlement spending, the “fiscal cliff” problem can not be avoided. 

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