President Barack Obama’s irresponsible $862 billion “stimulus”” bill is not doing much to “stimulate” economic recovery — but it surely is “stimulating” the growth of our $12.9 trillion national debt.
And what does that inevitably mean? It means higher taxes are coming!
Since we are in a serious recession, this obviously is not a time to raise taxes that would further burden our people and our economy, and discourage recovery. But when national debt is being piled up, there must be “payday someday.”
In the meantime, huge annual bills of $400 billion or more are coming due to pay just interest on the debt.
The inevitable result will be higher taxes.
When?
While a recession is no time to raise taxes, President Obama is not excluding the possibility of higher taxes! “Everything has to be on the table,” he said.
Does he mean that cuts in government spending and reductions in his recently adopted trillion-dollar ObamaCare health bill may be considered? Don’t count on it. Only tax increases are likely.
President Obama has said he would not raise taxes on anyone making less than $200,000 a year. But his spending increases and the increasing national debt are so huge that even confiscation of all earnings over $200,000 would not solve our irresponsible spending and national debt problems.
This is a time when there should be both spending cuts and tax cuts, not spending increases and tax increases.
If the president and Congress acted responsibly, where should we start to face our financial problems?
We should begin by eliminating all spending that is not specifically authorized by the Constitution of the United States. That would yield a lot of relief.
Then we should eliminate all other spending that is obviously not productive and not absolutely necessary. That would cut a lot of just plain vote-buying spending.
If we eliminated all such things, it is likely that our economy, relieved from much unproductive spending, would experience free enterprise recovery that could produce more tax collections at lower tax rates, reducing debt.
It is obvious, however, that President Obama and the liberal majority in Congress are determined to increase taxes and debt, making our financial problems worse instead of producing early economic recovery.