The Congressional Budget Office is predicting that President Obama’s budget will generate huge deficits — a trillion dollars or more each year over the next ten years. This is clearly unsustainable to the American economy, and is highly likely to require huge tax increases.
Although President Obama says that only the top two percent of Americans will see their taxes increase, that suggestion is laughable. There aren’t enough people in the upper two percent to foot the bill. Therefore, in all likelihood, middle income people will be hit hard as well. For example, the Obama administration and the Democratic Congress continue to push for cap and trade (really a cap and tax) which will hit every American who drives a car or needs to heat their home in the winter, or cool it in the summer.
What we really need to do is restrain the out-of-control wasteful spending in Washington, and reduce the tax burden on all Americans. That’s the best way to get the economy moving again and get America out of this financial mess.
