Congress hosing the middle class
ByTo call congress reckless may be an understatement, but it’s certainly apt. Whatever you call it, they’re hell bent on destroying the economy. They are either hopelessly stupid or evil. You decide. From the Wall Street Journal:
Say this about the 1,018-page health-care bill that House Democrats unveiled this week and that President Obama heartily endorsed: It finally reveals at least some of the price of the reckless ambitions of our current government. With huge majorities and a President in a rush to outrun the declining popularity of his agenda, Democrats are bidding to impose an unrepealable European-style welfare state in a matter of weeks.
Mr. Obama’s February budget provided the outline, but the House bill now fills in the details. To wit, tax increases that would take U.S. rates higher even than most of Europe. Yet even those increases aren’t nearly enough to finance the $1 trillion in new spending, which itself is surely a low-ball estimate. Meanwhile, the bill would create a new government health entitlement that will kill private insurance and lead to a government-run system.
Here comes the worst part.
House Democrats say they deserve credit for being honest about the tax increases needed to fund their ambitions. But then they also claim that this surtax would raise $544 billion in new revenue over 10 years. America’s millionaires aren’t that stupid; far fewer of them will pay these rates for very long, if at all. They will find ways to shelter income, either by investing differently or simply working less. Small businesses that pay at the individual rate will shift to pay the 35% corporate rate. When the revenue doesn’t materialize, Democrats will move to soak the middle class with a European-style value-added tax.
When it comes to income equality and economic justice – don’t believe for a minute that they are going to elevate the poor. No, no, no! Whether it’s intentional or not, they’re going to demote the hard working middle class in America. They will make us all poor. The wealthy have the resources to get around it all. The middle class will be stuck footing the bill.
You may as well kiss your lifestyle goodbye. But hey, it was good while it lasted. Someday I can tell my future grandkids about the good old days. That is, if they allow me to live that long.
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