Caturday Post: Democrat Myths and Math
Or, “How I know my office chair is the most comfortable seat in the house:”
In Fiscal Year 2010, the Obamacrats have spent $3.6 Trillion and borrowed $1.5 Trillion; borrowing 42 cents of every dollar they spent. Obama-Pelosi-Reid tell us that spending cuts are unpossible because they would undo the robust economic recovery we are all experiencing. The only way to close the deficit is to raise taxes, but only on the affluent and near-affluent 2 – 10% of the population.
This math doesn’t work. If total revenues were $2.1 Trillion and must be raised to close the deficit, that means revenues must be increased by $1.5 Trillion, or 71%. The top 5% of wage earners (families earning $166,000 or more) bear 55% of the total tax burden (Source)(or 1.15 Trillion). So, doubling the top tax rate on those wage earners to a Carter-Era 70% would still leave a deficit of 370 Billion.
Roughly speaking, closing the Obama deficit would require about a 70% overall tax increase across the board, or a doubling of the tax burden on everyone making $100,000 or more.
Now, that’s “spreading the wealth around, baby.” And what do we get for that? Bailouts of Wall Street bankers, bailouts of mortgage deadbeats, money poured into inefficient green energy schemes, and gold-plated retirement plans for unionized bureaucrats.
Some deal, huh?
Oh, but wait, I fergot, according to Democrats, it’s a “myth” that the country is $13 Trillion in debt and can’t afford to spend trillions more on union bailouts and windmills-to-nowhere.