The National Debt Cannot Be Erased by Tax Increases
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| Michael Ramirez-Creators Syndicate |
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From RIGHTNET DAILY
By Robert Romano – The Obama Administration must be laboring under the delusion that the $14.3 trillion debt can somehow be paid for with tax increases.
It cannot. And it would a foolish gambit to try.
That is why House Majority Leader Eric Cantor and Senate Minority Whip Jon Kyl are to be commended for walking out of the Biden-led White House debt ceiling talks.
“As it stands, the Democrats continue to insist that any deal must include tax increases,” said Cantor on the matter. “There is not support in the House for a tax increase, and I don’t believe now is the time to raise taxes in light of our current economic situation. Regardless of the progress that has been made, the tax issue must be resolved before discussions can continue.”
Lest there was any confusion at the White House, House Speaker John Boehner reminded the Obama Administration that “since the beginning, the Majority Leader and myself, along with Sen. McConnell and Sen. Kyl have been clear: tax hikes are off the table.”
As they should be. After all, to paraphrase Ronald Reagan, we don’t have a $14.3 trillion debt because we have not taxed enough, we have a $14.3 trillion debt because we spend too much. {Continue Reading}
Methinks there are few rational thinking individuals with a sense of fiscal responsibility that would disagree with the above commentary.
Fiscally sound and responsible judgement is, of course, something the Obama administration specifically, and progressive generally, are in short supply of.
Read a great article on the most fiscally irresponsible government in United States History right here.
Via: Memeorandum
The Obama Administration must be laboring under the delusion that the $14.3 trillion debt can somehow be paid for with tax increases. It cannot.
ReplyDeleteIt can. Not directly, but more tax money would equal more money that can be spent to stimulate the economy. A stimulated economy would produce more tax revenue. It would take awhile, but the debt CAN be paid down in this manner. Robert Romano (and everyone else who believes the same) is wrong (or lying to protect the wealth of the greedy). It takes money to make money. This is true in business and true in matters of government.