We've heard the reasoning repeatedly, if you have a dollar in your pocket and the government takes a quarter out of it, then ends up borrowing money, it is the fault of the anyone setting the tax rate because they didn't choose to grab the other $0.75 rather than ever being a spending problem.
The problem is that the government let you keep too much of your own efforts, energies and monies.
However we have had a Democratic Senate since 2006. A Democratic President since 2008 and had a Democratic House for four years, 2006-2010. They instituted an array of spending priorities and reams of legislation. Promise after promise was made with regard to economic growth, employment, deficit reduction and of course the revenues that would be from all that activity.
Every projection and prediction by the Obama administration has failed utterly and completely. They are as discredit as a party can be with regard to numbers.
The tax rates have stayed the same throughout the Bush and Obama years, yet tax revenue falls. It isn't because someone lowered the rate and now less money is coming in. It is because the decisions and actions of the Obama administration have led to far less economic activity to be taxed.
In his first budget message to the country, Obama promised to make the "tough choices necessary to restore fiscal discipline, cut the deficit in half by the end of my first term in office, and put our nation on sound fiscal footing." His plan projected a deficit of $557 billion this year, and $512 billion next year.
On Wednesday, the Congressional Budget Office showed how far Obama has missed that target. It reported that the deficit will top $1.1 trillion this year, and assuming Congress keeps most of the Bush tax cuts in place (which Obama wants), the deficit will be close to, if not more than, $1 trillion next year.
It gets even worse when you look at the deficit as a share of the economy. Obama's first budget promised the deficit would account for just 3.4% of GDP by 2012. Actual result: 7.3%. He said the deficit next year would be just 2.9% of GDP. Now the CBO figures it will be more like 6%.
You can't tax a job that someone doesn't have. You can't tax an investment they won't make.
In fact, growth has come in well below every one of Obama's own forecasts. When he came into office, Obama projected 2011 growth would be 4%. The next year, he downgraded that to 3.8%, and then 2.7% the year after. Even that was too optimistic, since actual growth in 2011 was a meager 1.8%.
Today, Obama says growth for 2012 will be 2.7%, although he promised back in 2009 that the economy would be racing ahead at 4.6% this year. Obama's incredibly weak economic recovery has sapped federal revenues, contributing significantly to annual deficits.
Second, Obama has taken the country on an unprecedented spending spree, with outlays exceeding 22.8% of GDP every year Obama's been in office — a level reached just twice since World War II.
The outlays have been massive. The spending as a percentage of GDP is huge. The growth has been meager.
Obama must be held responsible for his actions. His economic promises and projections have been wrong in every way possible. The premise that drives them has been proven false. He must be replaced with someone who doesn't want more of the smaller pie they will make even tinier with another four years of failed policies. We must put someone into office who will attempt to let that pie get bigger and will stop demonizing and destroying sound businesses while declaring those who work and earn are the problem.
The numbers don't lie. Anyone who is unwilling to accept that the projections and promises of the Obama administration and Democratic party have been wrong is anti-science, anti-reality, extremist, has gone off the deep end and would prefer to deal with platitudes, good intentions, myths and fables than deal with the reality of our current situation.
"During times of universal deceit, telling the truth becomes a revolutionary act." -George Orwell
"During times of universal deceit, telling the truth becomes a revolutionary act." -George Orwell
