Bachmann Blog : News & Views from Minnesota Congressman Michele Bachmann

Thursday, February 26, 2009

Posted by: Michele Bachmann at 12:39 PM

I hope you can take a few minutes and give this great editorial in today's Wall Street Journal a read: The 2% Illusion - Take everything they earn, and it still won't be enough.

To pay for the trillions in spending that President Obama and his Congressional Democrat allies have passed and are about to pass in the months ahead, our President has assured us that taxes on Americans making less than $250,000 will not be raised by "one single dime." His plan is to increase the tax rates on Americans making more than $250k a year to offset the spending. But is this even statistically feasible was the question the Wall Street Journal set out to answer?

You've got to read this for yourself to get a firm grasp of the numbers and statistics we're talking about here. But this sentence really stuck out to me:

"The bottom line is that Mr. Obama is selling the country on a 2% illusion. Unwinding the U.S. commitment in Iraq and allowing the Bush tax cuts to expire can't possibly pay for his agenda. Taxes on the not-so-rich will need to rise as well."

Give it a read for yourself, and see what you think.

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Exeye writes:	Thursday, February, 26, 2009 12:51 PM
Singular and plural
"Not one single dime." Is that like the "not one earmark" in the stimulus package?
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RASHUM writes:	Thursday, February, 26, 2009 1:06 PM
WSJ
The WSJ is 100% correct! His plan to spend trillions and raise taxes is going to be a complete disaster!
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Dread writes:	Thursday, February, 26, 2009 1:31 PM
A cynic...
Would express surprise that the Wall St. Journal would be against economic policies that would mean higher taxes for the wealthy. And a cynic would also say that, of course, it is entirely likely (almost certainly so) that at some point in the future taxes will rise on us all. We had a 5 trillion dollar debt in 2000, we have an 10.5 trillion dollar national debt, and if Obama adds as much to that as Bush did, in 2012 or 2016, we will have a 16 trillion dollar debt. Assuming we don't default on it or assuming the United States doesn't collapse entirely from the economic crisis, repaying that will mean either higher taxes on more people, inflation (which is hidden taxation on everyone), or fewer government services coupled with strong fiscal discipline.
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Riders on the Storm writes:	Thursday, February, 26, 2009 1:49 PM
Dread
The point is Chairman Obama either can do basic arithmetic or he's lying.
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Riders on the Storm writes:	Thursday, February, 26, 2009 1:52 PM
oops
That would be "can't do basic arithmetic".
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Keith writes:	Thursday, February, 26, 2009 2:02 PM
Michele
This was proved in 1979, by Robert Ringer (Restoring the American Dream.) Even if you took everything 'the rich' have over and above the poverty level, it wouldn't cover the budget. And that was 30 YEARS AGO!!!
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Seadog writes:	Thursday, February, 26, 2009 3:29 PM
Obama can radiate all
the Bravo Sierra he wants, but anybody with one half a brain and one half a stern KNOWS his/her taxes are going up . . . IF they pay taxes. When? Well, for certain when/if he lets the Bush tax cuts die. Yeah, yeah, I know: "It was a tax cut for the rich."
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William writes:	Thursday, February, 26, 2009 6:15 PM
Obama Needs a 'Not To Do' List
Another good read in the WSJ is Holman Jenkins' Obama Needs a 'Not To Do' List.
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William writes:	Friday, February, 27, 2009 11:30 AM
Lew Rockwell on the Stimulus
Lew Rockwell, president of theLudwig von Mises Institute (Austrian economics), puts it bluntly: "The economics of stimulus are not...complicated. They amount to taking from some and giving to others. There is no wealth creation at all...The economics of stimulus is value destroying, because property is pried loose from owners, who put it to socially useful purposes, and given to government so it can pass it out to friends" Also: "The most direct way in which stimulus is helping the state is by transferring resources from the private economy to the state itself in a zero-sum game. From Moody's comes direct evidence. While the rest of the nation's economy is shrinking, the economy of Washington, DC, is growing at a 2.5% pace. Northern Virginia and suburban Maryland are sharing in the glee, as government gains at the expense of everything else." See http://mises.org/story/3360
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