Vail Daily letter: We can’t afford Obama
Vail, CO, Colorado
Scott Glasser, in his Valley Voices opinion piece March 10, makes his case for the ever-popular ” soak the rich” taxation theory.
He uses a story about the Roman empire being saved from the debt incurred from its battles with Hannibal. Scott fails to mention that after the rich Romans had given the state all their wealth, the empire fell.
Obama has presented us with his own “soak the rich” political ploy. He thinks that since it can be popular with us to raise taxes on the wealthy (no matter that the wealthy already pay almost 80 percent of our federal revenue), it will help his re-election effort.
The sole deficit-reduction feature of his proposed budget is a tax increase on those making more than $250,000 per year. By his own account this will increase revenue by about $80 billion. This seems like a large amount, until it is put into perspective.
If you would take $80 billion in $100 bills, it would fill about 5,000 cubic feet. That’s about the volume of the living-dining room-kitchen of an average new home in Eagle County.
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Now let’s take our national debt, $15 trillion. This is debt, not the money it takes to fund our federal spending. This is money we have spent that we do not have. This is money we have borrowed and must pay interest on.
If we take $15 trillion in $100 bills and stack it, the volume would be about 15,000,000 cubic feet. That’s The volume of five and a half Costco stores.
The federal debt increased $229 billion in just February 2012 alone. It would take Obama 10 days to blow through his “soak the rich” tax increase. Then what? The only thing left would be to “soak us.”
We were promised “change you can believe in.” We got change we cannot support.
If we are to ever begin to reduce this massive debt, we cannot continue on this road of Obama’s token political solutions. We need a dramatic change of course. We need to put a stop to the massive increase of the federal government and its massive increase of entitlements under Obama.
Editor’s note: Not to interrupt an otherwise logical political argument, but the Roman empire fell some 600 years after Hannibal died. That’s over twice the length of time that the United States has existed.