There has been plenty of confusion and misinformation about the national debt, the fiscal cliff, and new taxes on Americans thanks in part to the use of clever White House talking points and a complicit national media. Let’s clear up some of the current issues with facts and truth by looking at the numbers.
According to the Congressional Budget Office, the latest fiscal cliff deal will add an additional $4 trillion to the national deficit. This is not a good way to begin 2013. What we do know is that the 150-page Obama-Biden-Reid ‘Tax And Spend’ increase passed the Senate and House with few details getting out to American taxpayers. Only ignorant and under-informed citizens still believe that there is any accountability in the Obama administration or that they’re attempting to govern with transparency.
With new Obamacare taxes already kicking in as of January 1, this is not a good sign. We constantly heard the president and his minions say that “taxes will not increase for the majority of Americans,” especially for those making less than $250,000 a year.
What we now know is the farcical fiscal deal doesn’t just hit the wealthy hard; taxes now increase for 77% of Americans because the temporary payroll tax cut was not extended, causing the Social Security tax to jump 2%, from 4.2 to 6.2 percent. We are now taking home anywhere from $50 to $189 less every month.
Already, many poor and middle-class folks have reacted in anger or shock, including some Democrats who believed it would not affect them. The average American family making $50,000 a year will be hit with around $1,000 due to tax increases.
How quickly we forget that in just one term, President Obama increased the national debt as much as all prior Presidents from George Washington to George W. Bush combined.
Before continuing, let’s recall a 2008 quote from then-Senator Obama who blasted President Bush for adding $4 trillion to the national debt – even though most Democrats and Republicans agreed to the spending in the hopes of avoiding a crash of the U.S. banking system and economy:
The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion dollars for the first 42 presidents — number 43 added $4 trillion dollars by his lonesome, so that we now have over $9 trillion dollars of debt that we are going to have to pay back — $30,000 for every man, woman and child.
Hopefully, more open-minded Americans now see the hypocrisy of Obama claiming that the Bush administration’s spending was both “irresponsible” and “unpatriotic.”
To raise taxes on people in all tax brackets (not just “the rich”) was a mind-boggling move in what many call a recession, but this is exactly what they enacted. Cuts were not considered, now was the national debt of $16.4 trillion; so the hard-working people in America lose.
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