Each week, president Obama gives a radio address on Saturday. This being the weekend when tax returns are due, Obama spoke this morning about the so-called Buffett Rule. Under that proposal, people who earn more than one million dollars in a year will have to pay a minimum of 30% of their income in taxes. Here is what Obama said about the need for the Buffett Rule:
Now, this is not just about fairness. This is also about growth. It’s about being able to make the investments we need to strengthen our economy and create jobs. And it’s about whether we as a country are willing to pay for those investments.
This statement by Obama is just a lie. In fact, it is complete BS. Indeed, Obama is so wrong and even knows he is so wrong that Obama's position is despicable. Let me explain:
If passed into law, the Buffett Rule will raise just over $4 billion next year. The estimate is that for the next ten years in total, the Buffett Rule would raise $47 billion. The federal deficit next year will exceed one trillion dollars, so the Buffett Rule would not cover even one percent of that amount. In fact, the federal government spends more on supplies for the Department of Energy than the Buffett Rule would bring into the Treasury. The truth is that the Buffett Rule is not about growth at all. It is not about fairness at all. It is a big nothing in reality.
The Buffett Rule, however, is all about politics. Obama gets to play to those in the electorate who envy the wealthy and who want to deal with that envy by punishing the rich. These folks are not working harder to increase their own incomes. No, these people are satisfies to make sure that the rich get to keep less of what they earn.
The funds raised by the Buffett Rule will not help growth. They will not close the budget deficit. They will not do much of anything. Were the government to just cut all spending by 1%, that amount would be about seven times what the Buffett Rule would bring in.
America is on the edge of a cliff. Our debt keeps pushing us ever closer to the edge. Unless something is done and soon, we will become Greece. For Obama to lie to the people by claiming that the Buffett Rule will make a difference is beyond contempt.
OBAMA HAS GOT TO GO.
No comments:
Post a Comment