Posted by
Steve on Monday, November 21, 2011 12:24:00 PM
The super-committee that was appointed to get Congress out of the financial mess is not going to meet their deadline. That sets up automatic triggers that would be terrible for the country. Democrats put the automatic triggers into the committee to get Republican support and participation. They also wanted the automatic triggers to be put into motion, so they refused to budge off of their idea that taxes had to be raised and no cuts could be made. That the committee was going to fail was obvious from the beginning when they announced the Democrats who were going to serve on the committee.
Republicans have put forth plans to increase funds and reduce spending. They are so numerous that they cannot be itemized here. Some of these trial balloons were acceptable to me, but most were not. At least, the trial balloons were an attempt to reach an agreement on this problem. The Democrats had only one plan, to raise taxes on the “evil” rich and not reduce any spending at all. According to the Democrats this would result in a balanced budget. Everyone with a brain knows that the revenue increase from raising taxes would not balance the budget. But, the Democrats want everyone to believe that the increase in funds from the tax increase would completely pay for the current level of spending. That is completely false. No amount of tax increase could pay for our current level of spending. Even the Democrats have to know this. They just say it will to cover themselves during the debates. That results in Republicans pulling out charts showing that it is impossible and putting everyone to sleep.
The only way to solve the financial crisis that has taken over our federal budget is to make massive cuts. Cutting out complete agencies would go a long way to controlling spending. Cutting taxes would raise the amount of money brought into the treasury. Putting both together in large enough quantities a balanced budget could be arrived at within a very short time. Without both being implemented will result in further stagflation. This was the original goal of the super-committee. They have failed at this task and are unlikely to reach their goal of reaching financial sanity within our lifetimes.
Not everything the government spends money on is worth spending money on. Since not are all equally high priority, cutting spending in the lower priority items could result in huge savings for the country. You would think that both Democrats and Republicans would have saving the country’s financial health as a priority. Unfortunately, that does not seem to be the priority of one of the two parties. Democrats seem to be bent on destroying the financial health of our country and laughing their way to the bank while they do it.
To illustrate this point, Warren Buffet has been speaking out that the “rich” need to pay more in taxes. He has a company that is complaining about paying the taxes they currently owe. If he truly believed what he was preaching, his company would pay the higher taxes with no complaint. Warren Buffet is just the most visible of the “rich” that are complaining that their taxes are too low. If they really want to pay higher taxes, they can always do so as a gift. There is a spot on the IRS tax forms for people who would like to give money to the US government to donate. All they have to do is go to the donation page and donate as much as they want to the federal government. They can then donate as much or as little as they want to reduce our deficit. That few, if any, donate is an indication that they really believe that their taxes are too high.