Congress needs to close a $1trillion budget deficit. The Congressional Budget Office (CBO) releases the results of a study it did to help lawmakers decide where to cut spending and increase revenues.
HA!
If ALL of the recommendations made by the CBO for spending cuts to both mandatory and discretionary spending were to be made, the deficit would be cut by $916billion. The biggest single contributor to deficit reduction would be to “Repeal the expansion of health insurance coverage under the Affordable Care Act” plus “Repeal the individual health insurance mandate.” That combination nets $190billion in savings.
You aren’t really surprised, are you? Yes, Obama and his handlers told us over and over and over and over and over again that passing the Affordable Health Care Act would save the country money! But no one voted for him because they thought he was smart or because they thought he told the truth about anything.
Anyway, don’t think that any significant fraction of those spending-cut recommendations will be enacted. Politicians depend on paying voters in order to get elected. So taxes will have to be raised. And as the CBO says, taxes will have to be raised “on a broad segment of society.” I.e. it will not be enough to tax only the “rich.”
Of course all of those taxes will be described as being paid only by the rich. But rich business owners at whom the taxes will be aimed do not actually pay those taxes. Taxes are merely an expense of doing business which is passed on to the buyers of goods and services. Which means that it will be the average American who does not own a company who will be paying higher taxes—in the form of higher priced goods.
As Jeremiah Wright said about 9/11, the chickens have come home to roost on Americans. After decades of taking money from future taxpayers to pay off current voters, there is no more future. Except for the vote-buying politicians. Their future is always rosy.
If you own a company, increase your prices. If you don’t own a company, you’d better start one. It is the only hope you have of living a middle class life.