He’s right. He gets it. No one else dares say it but it’s true. It’s the spending, stupid.
From Investor’s Business Daily:
There’s a lot of talk right now about an impending fiscal cliff. But we already went over a cliff economically in this country a long time ago.
The current debate over tax hikes is an empty one built upon a false premise. The debate is whether raising tax rates will address our current crisis. The premise is that it is a lack of taxation that has led to the crisis. Both are hopelessly wrong.
President Obama’s proposed tax increases on the top 2% of earners would fund the federal government for about eight days. Even if we taxed Americans earning over $1 million on 100% of their income, we would raise only about $600 billion in revenue.
Instead of sitting around trying to think of new ways to vote away someone else’s money, Washington leaders should finally begin to address the real crisis that has threatened us long before the current handwringing: spending.
With a $16 trillion national debt and well over $1 trillion annually in deficits, we barreled over the edge of fiscal insolvency long before this month.”