Interesting column written by George Will the other day:
He raises the question of what is precisely to blame for the massive deficits we're running on an annual basis - tax revenue, the recession or spending? His answer? All of the above. He then compares current tax receipts and spending with tax receipts and spending during the final year of the Clinton administration - corrected of course for inflation and population trends. Surely you remember that administration - balanced budgets and a $230 B surplus. Seems that tax receipts are now down by a $100 B. It also appears as though spending is UP by $987 B.
I submit that the primary culprit might just be spending after all. Who'd of thunk?
I know, I fully anticipate hearing about the Bush administration and two wars yadda, yadda, yadda. But let me ask this question - the current administration has been in power for four years now. At what point does this adminstration and its lackeys - Reid and Pelosi - begin to accept responsibility? But I guess they don't have to because they enjoy a "mandate" now. Just goes to show, you say it enough times and people will begin to believe anything.
So what's the upshot of this little diatribe? I say let's go to the mats. To He** with this president and the Dems and to He** with the fiscal cliff. Bring it on like Thelma and Louise. If I'm Boehner, I call the president out and I give him his increase in marginal income tax rates for the wealthiest 2%. You know, the one that will generate a nominal $82 B? I say nominal because when you're running deficits of $1.1 T, one has to ask, where is the other 1.016 T coming from? So bring it on Mr. Obama. Here's your 39.6% rate increase and, incidentally, the only way you get it is if:
- you agree to no new spending
- no increase in the debt ceiling
- you work with us to introduce massive, substantive, verifiable entitlement reform
- all by year end
So there's your new tax revenue. You can use that along the tax code reform measures proposed by Republicans. You remember those - the very same ones you recently ridiculed (but also proposed in September 2011 - truly, this would make for great comedy if it wasn't so disheartening). Use it to finance existing spending as opposed to simply spending it and borrowing more to fund new spending. Oh, and some advice Mr. Obama - it might help if you appointed a permanent Budget Director. Just sayin~