Peter Schott of Rehoboth has drunk the Kool Aid:
It [the rally for fair taxes] was a gathering of working people, parents, teachers and retirees who believe the budget deal that emerges from the current “fiscal cliff” negotiations must include revenue increases as well as spending cuts. Wealthy corporations and multimillionaires can afford to contribute a fairer share of taxes, allowing us to pay down debt while strengthening middle-class programs like Medicare and public education.
Look, once and for all, this so-called desire among "progressives" like Schott (he notes the rally he was in was a "progressive" one in his letter) for spending cuts is utter nonsense. Medicare is but one program that needs serious reform (i.e. this includes cuts along with other bloated entitlements), and the federal government shouldn't even be involved in education. Just ask anyone involved in education how "well-spent" Race to the Top monies are, eh! But the kicker is that raising taxes on "wealthy" Americans won't even begin to put a dent in the country's debt! In fact, as Andy Dean said on his radio show last evening, taxing every American who makes over $66K per year at a 100% rate wouldn't even raise enough to cover the current US budget!!
Do you understand NOW what a pipe dream this yammering for higher taxes on the wealthy is? Unless these revenue increases are SERIOUSLY accompanied by SERIOUS spending cuts, nothing will get better. NADA. And since actual spending cuts in the federal government are virtually non-existent (if anything -- and rarely, at that -- any "cuts" are reductions in the rate of growth), the tax increases will be for naught. Literally. All they will do, as Warren Buffett recently admitted, is "raise the morale" of the middle class. In other words, it's all about feeling good ... and that is it. But nothing gets solved.Posted by Hube at November 28, 2012 06:23 PM | TrackBack