One of the truisms about accumulating debt is that the bill always comes due. You may run out of money and default on the debt. You may have the stuff that you bought with it repossessed but the debt will still come due. You will still owe it and even if you get it restructured or discharged in a bankruptcy, you will still carry the stigma for 10 years. Your cost to borrow will go up – if you can find someone to lend to you because you are now a high risk. Debt follows you unless it is paid off according to terms.
Mark Thiessen at the Washington Post strums an appropriate chord:
Barring a last-minute breakthrough, taxes will go up for every U.S. taxpayer on Jan. 1 — and that’s a development conservatives should welcome.
Don’t get me wrong: It would be better not to raise taxes on anyone, pursue pro-growth tax reform and cut the size of government instead. But that’s not what the American people voted to do last month. Americans cast their ballots for big government.
Now it’s time to pay for it.
Until now, the growth of government under President Obama has not hit the pocketbooks of most Americans. DuringObama’s first term, federal spending grew to more than 24 percent of GDP — the highest it has been since 1946. Yet almost no one in the country (except smokers and those who frequent indoor tanning salons) saw their taxes rise. Quite the opposite: 160 million Americans saw their payroll taxes reduced from 6.2 to 4.2 percent.
How can we expect people to care about the growth of government if it doesn’t cost them anything?
Exactly. Up until now, there has been a magic shell game going on where the government is buying its own debt and cranking up the printing presses to cover it. Now it is time to get real. The idea that all of this spending can continue based on the theory that we are going to grow out of it or that we are going to pay for it with magical unicorn poop made of gold (or simply taxing the rich) is ludicrous. These financially illiterate morons who bought these idiotic ideas and voted for Obama and his merry band of court jesters are the equivalent of new credit card holders who run the card up to the limit and then are shocked that they are actually expected to pay for what they charged. All of a sudden those monthly payments and the interest charges become a burden that never gets paid off.
More evidence that Bastait was right to say that government is the fiction by which everybody seeks to live at the expense of everybody else.
We have liars, charlatans, incompetents and thieves in power in Washington supported by an ignorant and financially immature majority of the electorate who miss the entire point of collectivism – which is the even distribution of misery. These idiots need to feel the pain, the same pain that the upper 10% of the tax base has been feeling since a progressive income tax was instituted.
Joel Engel at Legal Insurrection notes reactions from New Yorkers:
Three reporters interviewed New Yorkers (most of whom, statistically, voted for Obama) of all income groups, asked them what they earn per year, and passed on how much extra they’ll be paying unless a comprehensive deal is worked out.
The story is a terrific primer on the impact of higher taxes on a consumer economy—how what Person A spends on goods and services from Person B affects what Person B can afford to buy from Person C, who in turn… You get the idea.
Unfortunately, the Post didn’t realize that it was publishing such a story and left unsaid the best stuff. So let’s fill in the picture.
“It’s that much higher?” asked IT worker Vikas Kataria, 34, who discovered that his combined household income of about $250,000 per year will cost him nearly $10,000 more in taxes.
“I thought it was a couple thousand — but that’s a lot,” said Kataria, who works at Merrill Lynch in Manhattan and is married to a systems analyst for a brokerage firm. “That’s huge!”
Freaking imbeciles…but they voted for Obama because he patted them on the head and told them not to worry that he would just get “the rich” to pay the bills because they weren’t “paying their fair share”.
It was, of course, all bullshit and the 60,875,592 people who voted against Obama knew it.
Isn’t it comical to see the same Democrats who opposed the Bush tax cuts – and the same ones who just recently were pining away for Clinton era tax rates – now claiming that if the rates go up on the “middle class”, it will be disastrous? It just shows how intellectually dishonest these f*cking pukes are.
Obama fears such a tax rise -and not because he “cares” about the “middle class” – he fears that people will realize that they have been sold a bill of goods, a fantasy world that does not and can not exist – that is why he is trying to stop the taxes from rising on the “middle class”.
Let it burn. Obama voters deserve every inch that gets inserted up their anal orifices.