President Obama rolled out his plan today to eliminate 4 trillion dollars from the budget deficit. Predictably, it included plans for a massive tax increase on "the wealthy".
Of course that sounds good...most of us aren't wealthy so it's easy to say soak the rich. But is that really a good idea?
Let's say you had a child who came to you and asked for a raise in his allowance to invest in his future. Now assume that child had a demonstrated history of reckless and irresponsible spending. Would you give him the allowance right away or would you make him prove his reckless days were over?
Common sense and parental love says that you would make the child prove that he had learned a lesson. Well friends, that child is President Obama. He wants a raise in the government's allowance. Evidently he thinks that he can convince enough people to throw common sense out the window and support his spending habit.
The President doesn't seem to understand that our government doesn't have a problem with revenue. It has a spending problem and a bad one at that. The truth is that we can't tax our way out of this hole. If we collected 100% of the income of all the people in the highest marginal tax bracket, we would still have over a 1 trillion dollar deficit in this year alone.
The President hasn't learned a thing and he doesn't deserve the raise he's asking for.
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