John on July 25, 2011 at 7:53 pm
The demagogue at work:
As I pointed out here, allowing the Bush tax cuts to expire on “millionaires and billionaires” would at best add $40 billion a year to the treasury. That’s $400 billion over ten years which is less than a third of the budget deficit last year alone. As I noted previously, you would have to collect this extra revenue for 30 years just to balance next year’s budget and that would still leave $14.5 trillion in debt untouched.
The idea that the President thinks this is a serious debt proposal is a joke. This is only about one thing and that’s using the bully pulpit to pressure Republicans to break a tax pledge that helped elect them. This is purely a political maneuver on the President’s part. He is risking a default to improve his party’s chances in next year’s elections. It’s that simple.
Here’s the Speaker of the House offering a much briefer and more honest response to the President’s nonsense:
Category: Politics |