Prsident Obama is already breaking his campaign pledge to reduce the deficit in a fair and balanced way. During the campaign, Obama said he wanted to split the tax increases with the spending reductions. Instead Obama presented a plan the proposed increased spending, big tax increases, and insignificant spending reductions. Taking into account the $200 billion in additional spending, Obama proposed $1.6 trillion in increased taxes and a paltry $400 billion in deficit reduction. Obama will still be running trillion dollar deficits and we will continue on the path of bankruptcy.
Sure the tax the rich seems like a good policy. Increased taxes may even be necessary to move us away from the deficit crisis we face. The problem is Obama, in typical liberal fashion, can't stop spending other people's money. See liberals must be able to spend us into oblivion whether we can afford it or not. No one could possible be serious about deficit reduction when also proposing increased spending. Also, no one could possible talk about a "fair and balanced" approach when proposing 4:1 tax increases to spending reduction. By the way, in case you didn't know Obama really only proposed "savings" and not real spending reductions.
If any of our politicians were serious, they would propose a roll back to the 2008 baseline of spending. No talks shhould continue without rolling back spending (inflation adjusted) to a budget time just before this economic mess started. My question is this: How can anyone be serious about the current baseline when inflation has been in check since 2008, mainly because of the recession, but nonetheless there shouldn't be increased spending when inflation is low. It should be roughly the same. Paul Krugman likes to state that we need more spending by the government. Yet that is what we got under Obama. The baseline spending iincreased every year by about $800 billion dollars. So the first Obama stimulus became permanent spending. This is how the liberals work. They implement emergency spending then just continue that spending into eternity and campaign on more spending and class warfare.
I said before, that we need to implement spending reductions. Once our politicians show good faith and reform the entitlement programs along with reducing government spending, then and only then should we have a discussion to increase taxes. Increased taxes should only be approved to reduce the deficit and balance the budget. In no way should the tax increases be allowed first on promises to cutbacks because the cutbacks will never materialize. Under the Obama plan all we will get is increased taxes, increased spending, and increased deficits. Liberals love to bring up the Clinton budget and how it was balanced. However, this would never have happened without a Republican majority. Clinton and the liberals like to take all of the credit but in reality it was both partys. If Obama is serious about working in a bi partisan manner then he needs to also recommend spending reductions. It is not good enough for the Presidnet to say, "I want more taxes and increased spending, now Republicnas it is your turn to come up with the spending reductions." That is not leadership, that is trying to take all the credit and none of the blame. Bottom line we are in this mess becasue of politicians on both sides of the isle. The only way out of the mess is for either both parties to work together or vote these career politicians out of office. President Obama submitted an unrealistic plan. Obama needs to get off the campaign trail and start proposing something that may work.