I didn't listen to President Obama's speech about the debt ceiling tonight. It's just not that important to me because we all know something will happen to raise the limit and avoid default.
I just finished reading the transcript of the speech, and I would suggest that you do the same, even if you listened to the speech live.
The real issue is the deficit.
First of all, the President is right...the huge deficit is the fault of both parties, and both have a responsibility to fix the problem. But I want you to look at something Mr. Obama said...
...the deficit was on track to top $1 trillion the year I took office...
The projected deficit for 2011 is $1.6 trillion.
In other words, the deficit has increased by 60% since Obama took office.
Next, Mr. Obama and Senator Reid keep talking about a “Balanced Approach” with “Shared Sacrifice”. I'm all for both.
bal·ance [bal-uhns] -anced, -anc·ing. -- a state of equilibrium or equipoise; equal distribution of weight, amount, etc.
Mr. Obama and Senator Reid also tout that ...98 percent of Americans who make under $250,000 would see no tax increases at all.... Sorry, but “Balanced” is, by definition, across the board, all or nothing.
If, for example, we disallow the mortgage interest deduction for one group of tax payers, then we do it for all. If we raise taxes by 5% for one group, we do it for all.
Let's make the tax code totally equal. Everyone pays a flat 15% of their income. No deductions, no nothing. Every dollar that every person, company, corporation, etc. makes is subject to a flat 15% tax.
Your tax form becomes a post card and the IRS has no reason to exist.
And we all know why Mr. Obama wants a long-term deal...
Elections are coming.
Won't that be fun?
Melodee Aaron, Erotica Romance Author
Melodee's Books at BookStrand