 merrie says: Then Obama's National Economic Council director Lawrence Summers likewise said when asked about the middle-class tax hike on "Meet the Press" that it was "never a good idea to absolutely rule things out, no matter what." That's because Geithner and Summers both know that Obama's health care proposal is not a stand-alone item. In addition to unfunded Social Security and Medicare entitlements, bailouts and stimulus spending have already pushed the national debt to $37,813 for every man, woman and child in America. According to the IRS, the top 5 percent - which includes households earning more than $160,041 - already pays 60 percent of all federal income taxes. Even former Clinton Treasury official Leonard Burman admitted in a New York Times oped that "this idea that everything new that government provides ought to be paid for by the top 5 percent, that's a basically unstable way of governing." White House spokesman Robert Gibbs furiously backpedaled Monday . . . . . claiming Geithner and Summers were just talking in a “hypothetical back-and-forth” mode. Taxes and spending are an especially pressing issue now because federal tax receipts are down 18 percent, the biggest year-to-year decline in government revenue since 1932, and Obama’s spending ambitions exceed even FDR’s during World War II. As usual, the Democrats’ answer is to raise taxes, instead of cutting government spending, as American families everywhere are doing. Last fall, candidate Obama also said “the last thing we should do is raise taxes on the middle class.” Today, Obama’s own economic advisers know he won’t keep that promise, a fact Obama had to have known in 2008 because he knew then w... |
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