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President Obama isn’t Interested in Solving our Debt and Deficit Problems
Yesterday, Real Clear Politics published an article titled “Geithner To Ryan On Debt: We Don’t ‘Have A Definitive Solution To Our Long-Term Problem’.” It contained the following exchange between House Budget Committee Chairman Paul Ryan and Treasury Secretary Timothy Geithner during a House hearing on the president’s budget:
“Ryan: Here’s the point, if you’ll allow me. This is your time, so we’ll just take a long time. Here’s the point. Leaders are supposed to fix problems. We have a $99.4 trillion unfunded liability. Our government is making promises to Americans that it has no way of accounting for them. And so you’re saying yeah, we’re stabilizing it but we’re not fixing it in the long run. That means we’re just going to keep lying to people. We’re going to keep all these empty promises going.
And so what we’re saying is, in order to avert a debt crisis — you’re the Treasury Secretary — if we can’t make good on our bonds in the future, who is going to invest in our country? We do not want to have a debt crisis. And so it comes down to confidence and trajectory. Do we have confidence that we’re getting our fiscal situation under control, that we’re preventing the debt from getting at these catastrophic levels?
If we go back to the preceding chart, number 13, you’re showing that you have no plan to get this debt under control. You’re saying we’ll stabilize it but then it’s just going to shoot back up. So my argument is, that’s Europe. That is bringing us toward a European debt crisis because we’re showing the world, the credit market’s future seniors — people who are organizing their lives around the promises that are being made to them today — that we don’t have a plan to make good on this.
Geithner: Mr. Chairman, as I said, maybe we’re not disagreeing in a sense. I made it absolutely clear that what our budget does is get our deficit down to a sustainable path over the budget window.
Ryan: And then they take back off.
Geithner: Why do they take off again? Why do they do that?
Ryan: Because we have 10,000 people retiring everyday and healthcare costs going up.
Geithner: That’s right. We have millions of Americans retiring every day, and that will drive substantial further rise in the growth of healthcare costs. We’re not coming before you to say we have a definitive solution to our long-term problem. What we do know is we don’t like yours.”
In a nutshell, President Obama’s proposed solution to our rapidly escalating deficit and debt problems is to “tax the rich.” He’s in full campaign mode right now crisscrossing the country and telling people that the reason the U.S. is in a financial bind is that the wealthy among us don’t pay their fair share in taxes. Geithner is the president’s spokesman. He has to defend Obama’s plan as best he can before the House and Senate, but as you can see from this exchange, the president’s own budget data shows that raising taxes on the rich will not solve our debt and deficit problems.
That should come as no surprise. Tim Cavanaugh, managing editor of Reason.com and a columnist for Reason‘s print edition, wrote about it on Tuesday in an article titled “Top 1 Percent Pay 37 Percent of Income Taxes.” In the article, he presented an IRS table that revealed these facts:
- In 2009, the top 1% of taxpayers paid 36.7% of federal income taxes. They earned about $344,000.
- In 2009, the top 5% of taxpayers paid 58.7% of federal income taxes. They earned about $155,000.
- In 2009, the top 10% of taxpayers paid 70.5% of federal income taxes. They earned about $112,000.
- In 2009, the top 25% of taxpayers paid 87.3% of federal income taxes. They earned about $66,000.
- In 2009, the top 50% of taxpayers paid 97.7% of federal income taxes. They earned about $32,000.
- In 2009, the bottom 50% of taxpayers paid just 2.3% of federal income taxes. They earned less than $32,000.
From this data, it should be obvious that the U.S. does have a “fairness problem” as the president suggests, but it’s not the one he’s trumpeting. Our real “fairness problem” is that half of Americans pay nothing to support the federal government, and that problem is getting worse by the day. According to a May 4, 2011 article in The Atlantic, the percentage of Americans who pay no federal income taxes has increased to 51%. To read the entire editorial, click here.
This SnyderTalk editorial first appeared in PJ Media on February 17, 2012.
To see other SnyderTalk editorials, click here.
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Thomas Jefferson
“For here we are not afraid to follow the truth wherever it may lead, nor to tolerate any error so long as reason is left free to combat it.”
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Jeremiah 46: 10-12
For that day belongs to Yahweh Elohim Sabaoth, a day of vengeance, so as to avenge Himself on His foes; and the sword will devour and be satiated and drink its fill of their blood; for there will be a slaughter for Yahweh Elohim Sabaoth, in the land of the north by the river Euphrates. Go up to Gilead and obtain balm, O virgin daughter of Egypt! In vain have you multiplied remedies; there is no healing for you. The nations have heard of your shame, and the earth is full of your cry of distress; for one warrior has stumbled over another, and both of them have fallen down together.
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Falsely Accused is a true story about a young woman who was accused of committing a double homicide. It’s about a travesty of justice, and it reveals Yahweh intervening in the life of a believer to rescue her from danger in the face of seemingly insurmountable odds. Everyone will enjoy the book, but young people in particular need to read it because the mistakes made that led to the problem could have been avoided. They were the kinds of mistakes that young people are prone to make. As they say, forewarned is forearmed. Click here to order the eBook. Click here to order the paperback.
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Hosea 4: 6
My people are destroyed for lack of knowledge.
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Stand! is a gripping novel about the subterfuge surrounding the global warming debate. It lays out the facts concerning climate change through an exciting story that pits a college professor and his research collaborator against corrupt university administrators and radical environmentalists. Click here to order the eBook. Click here to order the paperback.
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Top 5 diggtm articles yesterday:
- Helen Keller Nailed It In This Quote
- Racist imagery used to push for Minnesota voter ID law
- Pain Without Gain
- Watching Oakland Police, Watching Us, Watching Them Breaking The Rules Yet Again…
- Young, Undercover Cops Flirted With Students to Trick Them Into Selling Pot
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The Jerusalem Post:
- Meridor: Israel May Rule Out Future Accords If Egypt Changes Treaty
- Hamas Rejects Egyptian Offer to Transfer Fuel
- ‘Adnan deal sets a dangerous precedent for Israel’
- Egypt to boost Gaza power supply to ease crisis
- Stones fly in all directions in W. Bank, J’lem
- Iran warns of preemptive strike if threatened
- IDF, Police thwart terror attack in South
- TA chief rabbi: Reverse TA Shabbat buses decision
- At least 21 killed in Homs; live fire in Damascus
- Despite warnings, quiet at the Temple Mount
- Iranian navy ships return from Syria through Suez
- In Emirates competition, Abu Dhabi outclasses Dubai
- Analysis: Undermining Israel
- Japan says no decision yet on Iran oil import cuts
- ‘Israel may rule out deals if Egypt changes treaty’
- India ships will lose insurance due to Iran sanction
Haaretz:
- Palestinian prisoner ends 66-day hunger strike after Israel guarantees his release
- Iran to take pre-emptive action if endangered, warns top general
- IDF forces find powerful explosive device on Israel-Egypt border
- Tel Aviv chief rabbi calls on mayor to reverse decision to run buses on Shabbat
- Jerusalem Christians are latest targets in recent spate of ‘price tag’ attacks
- Rabbi behind Gaza museum suspected of bribing soldiers
- Archaeologists bringing Jerusalem’s ancient Roman city back to life
- Syrian opposition says 16 die in Homs shelling
- Americans consider Iran to be U.S.’s greatest enemy, poll shows
- Red Cross negotiates Syria humanitarian ceasefire with Assad regime
- A week after New Delhi attacks, India tries to play down Iran link
Israel Hayom:
- The Baha’i and Egypt’s future
- Beinart’s misread of Zionism and US Jewry
- Today’s sociopolitical discourse
- Israel to US: Challenge Iran to end nuclear program at once
- Yes, the IAF can
- Israel thwarts terror attack near border with Egypt
- Tel Aviv pushes for public transportation on Shabbat
- High Court set to hear prisoner on 66-day hunger strike
- Barak urges Netanyahu to intervene in defense budget spat
- Israelis fear homefront vulnerable to Iranian missile attack
- Vandals desecrate Jerusalem church, police say
- Bill denying 50% pension rights to terrorists passes to plenum
- Netanyahu’s housekeeper was bent on revenge, mediator says
- Israelis flock to sages’ tombs seeking blessings and miracles
- Assad meets Russian envoy to discuss developments in Syria
- Lebanese bloggers don’t ‘J’adore’ Natalie Portman Dior ad
Other:
- Iran: Preemptive Strike Against Enemies Possible
- India Ships to Lose Insurance Due to Iran Sanctions
- Stiffer Sanctions Pressure Tehran
- Iranians Desperate as Dark Economic Clouds Gather
- Islamic Jihad Spokesman Khader Adnan: Simple Political Activist or Dangerous Terrorist
- The Case of the Islamic Jihad Hunger Striker
- Israel Top Court to Hear Palestinian Detainee Appeal
- Alawites in Syria Flee Their Homes amid Fears of Ethnic Cleansing
- Inside the Torture Chamber of Assad’s Inquisition Squads
- Turkey Denies Claims Intelligence Officers Captured in Syria
- Iran Advances Nuclear Breakout Capacity
- Back to their Old Ways? Iran, Hizbollah, and International Terrorism
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What Will You Do with the Rest of Your Life? deals with a question that every Christian has to consider: what should I do with my life? Click here to order the eBook. Click here to order the paperback.
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Business:
- Gold up one percent on Greek deal, economic uncertainty
- TREASURIES-Prices fall on Greek bailout deal, auctions
- Dow crosses 13000
- Gas Prices Already Top $4 a Gallon in Three States
- Shell: Nigeria can produce 4M barrels of oil a day
- Frankfurt airport strike to continue until weekend
- Travelocity outscores rivals in customer satisfaction survey
World:
- ‘Die, Foreigners’: Afghans Mob U.S. Base, Furious About Improper Disposal Of Qurans
- Truth on Islam
- New Fears for Iranian Pastor on Death Row Who Refuses to Renounce His Christian Faith
- Quran burning at U.S. base sparks Afghan protests
- Saudis Refuse to Send Women to Olympics Despite IOC’s Ban on Discrimination
- Fearing West, Putin pledges biggest military buildup since cold war
- Venezuela’s Hugo Chavez Faces an Uprising at the Ballot Box
- Iran Vows to Press On With Its Atomic Program as IAEA Visits
- Yemen election ensures Saleh’s exit after 33 years
- New claims suggest sweep of Iran’s covert plots
- Former IMF chief Dominique Strauss-Kahn questioned in prostitution case
- UN chief sees aid as first role for Syria envoy
- Al-Shabaab militia abducting teenage girls to marry fighters
- Karzai: Pakistan “crucial” to peace talks
- Uighur protests as China’s Xi visits Turkey
- Pentagon: Iran’s Ships Didn’t Dock in Syria
United States:
- The Lighthouse – Volume 14, Issue 8 – February 21, 2012
- Gallup Finds Unemployment Climbing to Nine Percent in February
- Contraception Mandate’s Authors Gave $116,500 To Pro-Abortion Candidates And Groups, Nothing To Pro-Lifers
- Small Donors Boost Santorum
- Tired of Feeling Bad? The New Science of Feelings Can Help
- NSC wants rules on research that could lead to biological weapons
- Did Paul know about double reimbursements for travel expenses?
- No, birth control isn’t an election issue
- Supreme Court takes up affirmative action case
- Don’t arm the Syrian opposition, say U.S. officials
- Mitt Romney enters the danger zone
- Mitt Romney remains fundraising king, but look who’s hard on his heels
- After committee vote, gay marriage likely to receive final vote in Md. Senate …
- Obama Promotes Modest American Dream
- Ohio teen sentenced in rape of child at McDonald’s
- Deputies investigate acid bomb at high school
- Appeals court won’t hear Guantanamo suicide suit
- Left blogs: Virginia sonogram bill like rape
Opinions:
- Eugene Robinson: GOP’s Santorum nightmare
- Dana Milbank: Out of the spotlight, Romney shines
- Richard Cohen: The plight of Hamza Kashgari
- Jennifer Rubin: Obama is at odds with Israel, still
- Michael Gerson: Republicans make it easy for Obama
- Michael Tomasky: There Will Be No Saviors for the GOP in 2012
- Thomas Sowell: Academic Hypocrisy
- Mike Adams: Marquette Debate Aborted During Late Term
- Cal Thomas: Black (liberal) History Month
- Dennis Prager: If You’re Ever Murdered, Here’s an Idea
- Daniel J. Mitchell: Ways & Means Committee Republicans Achieve the Dubious Honor of Winning the First Bob Dole Award
- Political Calculations: What’s Next in the Cards for the S&P 500?
- Kyle Olson: Of Profits and Power: Education Establishment Attacks Digital Learning
- George Friedman: Iran: New Military Exercises, But No New Threat
- Mike Shedlock: Newest Government Magic Trick: Disability Fraud Holds Down Unemployment Rate; Disability Hits Record $200B
- Heidi Harris: Support Education: Impose this Tax on Obama Supporters
- Jeff Carter: Sky High Gas Prices on Slow Demand
- Chris Edwards: Obama’s Budget, Taxes, and Doctors
- Doug French: The China Model Is Unsustainable
- Dim Bulb: Former President Jimmy Carter
- Byron York: Amid new controversy, how Dems will hit Santorum
- Gregory Kane: Schools without prayer are dangerous places
- Examiner Editorial: Warning: ‘Lone wolf’ terrorists work in packs
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http://www.washingtonpost.com/
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- In Afghanistan, Abdul Hakim is the man who retrieves Taliban’s dead
- Afghans protest Koran burning at U.S. base
- Greece secures second bailout deal
- FHA: Housing solution or problem?
- Maryland’s weak argument for wind farms
- Find sensible ways to cut prison population
- Study: Negative GOP campaign ads more frequent, vicious than in past
- Super PACs dominate GOP presidential race
- Pro-Obama Super PAC raises $58,815 in Jan.
- Birth control as election issue? Why?
- A suicidal veteran’s plea for help could lead to 40-year federal prison sentence
- Hopkins lawsuit highlights questions about schools’ obligations to donors
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- Iran-EU relations will revert to normal: Iranian foreign minister
- Mahdavi Kani, Yazdi throw weight behind United Front of Principlists’ candidates
- Motahhari says reformists should be more active in parliamentary race
- Iran to produce new generation of fighters: defense minister
- Iran able to export nuclear fuel under IAEA watch: official
- Omani FM due in Tehran
- Bangkok bombing suspects are MKO members: Thai Shia leader
- Why Iran can withstand the sanctions
- Iran inks $800 million in oil deals
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If You Voted for Obama in 2008 to Prove You’re Not a Racist, You Need to Vote for Someone Else in 2012 to Prove You’re Not an Idiot explains why voters in the United States need to elect someone besides Barack Obama to lead them. Whoever is elected President of the United States in 2012 will have to contend with the monumental problems that Obama’s misguided policies have caused both at home and abroad. One thing is certain, though. It should not be Barack Obama. Click here to order the eBook. Click here to order the paperback.
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http://www.americanthinker.com/
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- Philanthropists, do you know where your money is?
- How Obama Makes Decisions
- Obama Faces Fearful Political Geography in November
- Taking Socialism Seriously
- Reports of the Tea Party’s Death are Greatly Exaggerated
- All Hail Obama
- Nelson Rockefeller’s Lesson for Mitt Romney
- The Problem With Intellectuals
- Oil production in US skyrockets
- Obama’s Racism: Completely Out of the Closet
- Santorum on Target about Netherlands’ Euthanasia Laws
- Greek bailout a done deal
- Top Level USDA Reps Showing Up in US Lunchrooms
- Obama Talks about Standing Up While Sitting Down
- What servicing our debt has really cost us
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- Why Syria Will Not Be Another Libya
- Harvard, Jew Haters, Motherhood and Israel
- The Left’s Blind Eye to Non-Western Suffering
- Hollywood’s Post-Racial Racism
- Lessons from North Korea
- A Dangerous Mosque in America — on The Glazov Gang
- Clinton’s Jihad Ignorance
- Why Math Matters
- CAIR’s Conquest of America? — on The Jamie Glazov Show
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http://www.weeklystandard.com/
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- Iran Threatens, While U.S. Contains Israel
- Ron Paul Allegedly Filed For and Received Double Reimbursements
- The Daily Grind: Democratic National Cronyism
- Happy Hour: Talk of Tampa
- Texas Poll: Santorum 45, Gingrich 18, Romney 16, Paul 14
- Arizona Poll: Romney 36, Santorum 33, Gingrich 16, Paul 9
- ‘Security’
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- End of the marathon?
- This time it’s serious
- Closer to take-off
- Neither Iran nor America wants confrontation just yet
- Leader: Negotiation must still be the aim of sanctions
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- Deep cuts secure new Greek bailout
- Buying time
- Markets cool on new Greek bailout
- Dangerous precedent?
- Nato in Afghanistan Koran apology
- Strauss-Kahn suspect in sex ring
- Syria city under heavy shelling
- Frozen plants spring back to life
- Violence mars elections in Yemen
- China steel plant blast kills 13
- Honduras relatives storm morgue
- Entire classes ‘abducted’ in Somalia
- Italy guards in two-week custody
- Indian airline vows to restore service
- Mugabe jokes about ‘resurrection’
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- Late-learner Latvia plans to join eurozone amid crisis
- Afghan spy plan: Every soldier an informer
- Massive ex-Gaddafi weapons cache turns up in Algeria
- South Korea flexes muscles near northern border
- Breivik’s hit-lists: Royalty, ministers, media, nuclear sites
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http://www.xinhuanet.com/english/
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- China’s stance on Syria remains consistent, clear
- Yemenis go to polls as violence flares up
- Iran can be “reliable” energy provider for EU countries
- Eurozone approves new Greek bailout plan
- China prioritizes systematic financial risk control
- London becoming int’l RMB trade hub still a long way off
- Syria’s Assad stresses accusation of armed groups behind unrest
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- Lucky Barack
- A Pulitzer for PJ Media? The Case for Our ‘Every Single One’ Series
- The Tyranny of Hip
- How To Avoid Adultery When Temptation Is Looking You in the Eye
- Greece: Crumbling Further, Faster
- Surging Santorum Visits Brown County, Ohio
- Olbermann Defends Convicted Rapist’s Right to Occupy 14-Year-Old Girl
- In Obama’s America, It Costs More to Bring Home the Bacon
- Peter Gleick Admits He Obtained Fakegate Documents by ‘Deception’, Heartland Responds
- Death for Tweeting?
- It’s Going be Such a Great Year for Democrats that They’re Behind By Nine in Massachusetts. Wait, What?
- Why the Faked Heartland Institute Memo Matters, and Why It Doesn’t
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http://www.nationalreview.com/
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- Nuclear Realities
- Getting to Know Susana
- The Taliban’s Mob Rules
- The Phony-Drug War
- A Tax Reform for Romney
- Rick Santorum’s Effrontery
- The Pill: No Good for Women
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- FORMER NETANYAHU CHIEF OF STAFF SAYS ISRAELI STRIKE ON IRAN ‘IMMINENT!
- Vanishing act: How Greece hid its debts
- Town that stood up to the mafia
- One-minute World News
- Voting for the future in Libyan city
- Rapid thaw brings chaos to Danube
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Yahweh to Jeremiah—Jeremiah 16: 21
“Therefore behold, I am going to make them know—this time I will make them know My power and My might; and they shall know that My name is Yahweh.”
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If you haven’t been there already, you should take the opportunity to visit Natural Healthcare Store. Each product selected for sale at Natural Healthcare Store undergoes rigorous research to make sure that it is the highest quality at an affordable price.
Natural Healthcare Store carries skin care, hair care, and oral care products. Be sure to check out the Dead Sea products imported from Israel and support the Israeli economy with your purchases. Natural Healthcare Store carries makeup, deodorant, and detoxification products. It also carries supplements, weight loss products, and loose leaf tea. Rounding out its product mix, Natural Healthcare Store carries natural household cleaning products.
Katie and I believe strongly in healthy living, and we use the products. We’re proud to say that our daughter Melanie owns the store.
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http://www.commentarymagazine.com/
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- Santorum Gaffes and Media Speculation
- The Legacy of the Nixon-to-China Moment
- Gingrich’s Transcendent Self-Regard
- Ultrasounds Already Part of VA Planned Parenthood Abortion Procedure
- Put Palestinian Tactics, Not Israeli Military Justice, On Trial
- The Big Lie Returns
- Iran’s Gambit in Latin America
- The Payroll-Tax Holiday from Hell
- The Worldwide Attack on Christians
- Condi’s Lessons
- The War Decade
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His Name is Yahweh explains why the Name of God, Yahweh, is so important. It’s available in eBook format and in paperback.
God also said to Moses, “Say to the Israelites, ‘Yahweh, the God of your fathers—the God of Abraham, the God of Isaac and the God of Jacob—has sent me to you.’ This [Yahweh] is my name forever, the name by which I am to be remembered from generation to generation.”
Exodus 3: 15