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LJWorld.com weblogs Loyal Opposition

The End of The Middle Class as We Know It

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Well Mr. Obama has delivered his version of the proposed 2013 budget. For all of you – it cuts defense – not as much to the corporations as to the war fighters.

It also expands money for social services and yields a bottom line that is over a trillion dollars more than we will take in.

More importantly there are no provisions to reduce that imbalance over time. There are the usual cuts attributable to fraud waste and abuse that never happen. There is the annual cut in Medicare that never happens. There are rosy projections of an economic come back not supported by most economists. And for some reason many historic cost elements magically decline significantly.

Bottom line it seems, despite the sought after tax increases on corporations and the “rich”, we will continue to be out of budgetary balance by somewhere between $500 Billion and a trillion and a half a year.

Now as a political document this budget could not draw the lines more clearly between the two parties. I would, however, argue that Mr. Obama could be more open and explain to the American people where the money will come from to pay to end our annual deficit spending.

I can only assume that in the absence of any clear explanation of how we are going to pay for all of this that in the end the current taxpaying segment of our society – the upper half of the middle class – will get to cough up the cash.

Refer to my blog listed below for a more detailed discussion but the likely outcome is a doubling of the tax take on those people – many of you. At the end of the day if the Obama administration does not offer another source we could see our governments taking almost 80% of the expected increase in income for a professional family over their working lifetime.

I hope I am wrong but I just do not know from where else the cash can come! Either we cut spending by another trillion or we raise taxes about five times more than the $200 billion in the proposed budget.

Work hard your governments needs your money!!

See: http://www2.ljworld.com/weblogs/loyal-opposition/2012/jan/1/taxing-our-way-to-equality-reprise/

Comments

dah 2 years, 10 months ago

meet the new boss; same as the old boss. when will people learn; you can vote all you want you are still electing the same royal bloodlines that have gone down through the ages. they are keeping everything just the way they want. like marie antonette once said "let them eat cake". royalty is always the same. they care only for your taxes & the power over you. get yourself right with your creator; that's all that matters.

sickofdummies 2 years, 10 months ago

What I want to see from a new president: Cut all of the senseless expenditures. Start on day one: Cut the expenses for Inaugeration Day down dramatically. Instead of a 5 course meal, offer sandwich platters...or nothing at all. When my budget is tight, I do not keep spending money that I dont have. The first things to go are the ones that are NOT NECESSARY. I focus on buying food, not going out and getting new clothes, gadgets, or throwing parties. We need to put the common sense back in our fiscal spending. Our leaders are setting a terrible example for the not-so-responsible in this country. Send the right message. And that is..."I will spend your hard earned tax money on things that really matter. It will go to provide jobs, help the economy, and to better this country. I will not spend it on a party."

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