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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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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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Hosea 4: 6
My people are destroyed for lack of knowledge.
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Top 5 diggtm articles yesterday:
- Helen Keller Nailed It In This Quote
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- Pain Without Gain
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The Jerusalem Post:
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- Egypt to boost Gaza power supply to ease crisis
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- Beinart’s misread of Zionism and US Jewry
- Today’s sociopolitical discourse
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- Yes, the IAF can
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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.
- 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
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- 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
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- 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
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- UN chief sees aid as first role for Syria envoy
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- Karzai: Pakistan “crucial” to peace talks
- Uighur protests as China’s Xi visits Turkey
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- The Lighthouse – Volume 14, Issue 8 – February 21, 2012
- Gallup Finds Unemployment Climbing to Nine Percent in February
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- Obama Promotes Modest American Dream
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- Michael Gerson: Republicans make it easy for Obama
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- Thomas Sowell: Academic Hypocrisy
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- Daniel J. Mitchell: Ways & Means Committee Republicans Achieve the Dubious Honor of Winning the First Bob Dole Award
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- 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
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- Byron York: Amid new controversy, how Dems will hit Santorum
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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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- Nelson Rockefeller’s Lesson for Mitt Romney
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- Obama’s Racism: Completely Out of the Closet
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- Ron Paul Allegedly Filed For and Received Double Reimbursements
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- Texas Poll: Santorum 45, Gingrich 18, Romney 16, Paul 14
- Arizona Poll: Romney 36, Santorum 33, Gingrich 16, Paul 9
- End of the marathon?
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- Closer to take-off
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- Leader: Negotiation must still be the aim of sanctions
- Deep cuts secure new Greek bailout
- Buying time
- Markets cool on new Greek bailout
- Dangerous precedent?
- Nato in Afghanistan Koran apology
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- 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
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- Mugabe jokes about ‘resurrection’
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- Afghan spy plan: Every soldier an informer
- Massive ex-Gaddafi weapons cache turns up in Algeria
- South Korea flexes muscles near northern border
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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
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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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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