Monday, July 18, 2011

ALL Together Now?

President Obama and the Dummycrats meme continues to be about shared sacrifice.

"We have to ask everyone to play their part. Because we are all part of the same country. We are all in this together."

When half the country doesn't pay income taxes and 30 percent of American households actually made money from the tax system by way of refundable tax credit, then we are not ALL in this together.

If this administration is so worried about economic Armageddon, then it's all hands on deck instead of in my wallet and the scientific community is united in that fact.

Treasury Secretary Timothy Geithner and other administration officials have been warning of an economic "catastrophe" if the $14.3 trillion debt ceiling, which caps the amount Washington can borrow, is not raised by August 2.

Nick Gillespie, of Reason TV, points out that Geithner originally had the date at March 31, then April 15 and May 31st before settling on August 2nd.

Gillespie also notes that reaching the debt ceiling is not defaulting because the government will have enough cash on hand ($172.4 Billion) to pay the interest ($29 Billion) on the debt, plus they could sell $320 Billion in Tarp assets.

I mentioned in March, if you want to raise revenue then let's sell $767 billion in land, $421 billion in “mineral rights” and $1.17 trillion in fixed reproducible capital (things like buildings and machinery) and $290 billion in inventory owned by the federal government.

It's time to end the Washington game of increasing taxes today and doing cuts in ten years from now.


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