Tax, Spend & Repeat
By: Mark Hyman
In 2011 there was fiscal crisis. The U.S. reached its debt ceiling.
[Most media falsely equate reaching the debt ceiling with automatic default on debts by the U.S. Treasury. This is a complete falsehood. U.S. Treasury Secretary Tim Geithner -- the man who cheated on his taxes for years -- is obligated to make debt payments first. And the U.S. has more than enough money to meet all of its debt obligations. The U.S. defaults on its debts only if President Obama orders the U.S. Treasury to not pay our debt service.]
Spending was out-of-control. It was the 3rd straight year of trillion dollar deficits. And no one had a plan.
A deal was made. The debt ceiling would rise a trillion dollars. And there would be even more spending. Spending cuts would come later.
Later came two weeks ago. Everyone forgot about 2011. Another deal was made.
[This deal included billions in crony capitalism for supporters of President Obama.]
The national debt will increase $4 trillion. Spending will increase. The claim taxes were only raised on those making $400,000 or more is a lie. Check your pay statement. There was only one dollar in cuts for every $41 in new spending. Meaningful spending cuts will come later. Sound familiar?
[Just days after the spending bill was signed into law by President Obama Democrats were pursuing additional spending and tax hikes.]
By the way, more than one trillion dollars in ObamaCare tax hikes kicked in on January 1st. You’ll feel the effect soon.
This isn’t a surprise. Every face in Washington who did this to the nation in the last four years was safely reelected. People vote for free goodies they think someone else will pay for.
Now look at your children and grandchildren. They’re gonna have to foot the bill.
By the way, Washington wants to raise the debt ceiling again in just a few weeks.1/8/13 “Tax, Spend & Repeat”
Mark Hyman hosts "Behind the Headlines," a commentary program for Sinclair Broadcast Group.