Remember how Obama claims he is cutting deficits by $2 trillion and NO tax increases for those making under $250,000. …we’ll get to that in a moment.
So as not to lose anyone in the whole truth while exposing the numbers behind the curtain, for this post I’ll go to the punch line of this not-so-funny joke that 52% of us have perpetrated on the rest of us……..(emphasis all mine)….
From the Wall Street Journal on Obama’s increased debt (NOT inherited debt):
What does $6.5 trillion of additional debt imply for the typical family?
If spread evenly over all those paying income taxes (which under Mr. Obama’s plan would shrink to a little over 50% of the population), every income-tax paying family would get a tax bill for $163,000.
Yes you read that right, Obamabots…..AGAIN:
……every income-tax paying family would get a tax bill for $163,000
(In 10 years, interest would bring the total to well over a quarter million dollars, if paid all at once. If paid annually over the succeeding 10 years, the tax hike every year would average almost $34,000.)
That’s in addition to his explicit tax hikes.While the future tax time-bomb is pushed beyond Mr. Obama’s budget horizon, and future presidents and Congresses will decide how it will be paid, it is likely to be paid by future income tax hikes as these are general fund deficits.
In other words, a middle-aged two-career couple in New York or California could get a future tax bill as big as their mortgage.
See what a great gift Obama is leaving for us, our children, and our grandchildren?
I wish Obama would just treat us all like royalty—bow and send us all some useless DVD’s and a version of the new Narcissistic IPOD….somehow it seems the America of our founding fathers might have a chance to exist 10 years from now if Obama had chosen his gifts to us more wisely.
Now that we have the thoughtlessness behind the gift-giving and the “Tax Increase for Dummies” part summarized…we can delve further into what Obama says versus what is the truth:
Mr. Obama’s characterizations of his budget unfortunately fall into this pattern. He claims to reduce the deficit by half, to shave $2 trillion off the debt (the cumulative deficit over his 10-year budget horizon), and not to raise taxes on anyone making less than $250,000 a year. While in a Clintonian sense correct (depends on what the definition of “is” is), it is far more accurate to describe Mr. Obama’s budget as almost tripling the deficit. It adds $6.5 trillion to the national debt, and leaves future U.S. taxpayers (many of whom will make far less than $250,000) with the tab. And all this before dealing with the looming Medicare and Social Security cost
…..(The $2 trillion saved) was mostly a phantom cut from an imagined 10-year continuation of peak Iraq war spending.
Truth about the OBAMA’s deficits – not George Bush’s deficits:
The claim to reduce the deficit by half compares this year’s immense (mostly inherited) deficit to the projected fiscal year 2013 deficit, the last of his current term. While it is technically correct that the deficit would be less than half this year’s engorged level, a do-nothing budget would reduce it by 84%.
Compared to do-nothing, Mr. Obama’s deficit is more than two and a half times larger in fiscal year 2013. Just his addition to the budget deficit, $459 billion, is bigger than any deficit in the nation’s history. And the 2013 deficit is supposed to be after several years of economic recovery, funds are being returned from the financial bailouts, and we are out of Iraq.
Truth about who gets to pay increased taxes:
Finally, what of the claim not to raise taxes on anyone earning less than $250,000 a year? Even ignoring his large energy taxes, Mr. Obama must reconcile his arithmetic. Every dollar of debt he runs up means that future taxes must be $1 higher in present-value terms. Mr. Obama is going to leave a discounted present-value legacy of $6.5 trillion of additional future taxes, unless he dramatically cuts spending. (With interest the future tax hikes would be much larger later on.)
Call it a stealth tax increase or ticking tax time-bomb.
(H/T: Ace of Spades)
Filed under: 2008 Presidential election, Barack HUSSEIN Obama, Economic Stimulus, Economy, Foreign policy, Liberalism, Nutroots, Politics, Progressives Ain't, Socialism, Socialized Healthcare, Taxes, Welfare | Tagged: bad gifts, Barack Obama, bowing to King, budget, children, Congress, debt, deficit, DVDs from Obama, grandchildren, huge deficit, Ipod, Obama's budget, royalty, stealth tax increase, tax increases, ticking tax time-bomb |