There seemed to be a lot of back slapping approval on capital hill last week. Law makers overwhelmingly embraced the recommendations of President Obama’s Debt Commission.
On thorough examination, the report is nothing more than a vehicle for raising taxes. The abolition of existing tax breaks, and increasing taxes on gasoline are hardly innovative ideas, and they constitute nothing toward reconciling a government debt that now constitutes 60% of GDP. Increasing the Social Security deduction while simultaneously raising the eligibility age to 68 will not save this government sponsored ponzi scheme, it will however, insure that many of us will never see dime one of the money stolen from us over a lifetime of employment.
What I find troubling is nobody in the lame stream media (Fox News included) refuted these fundamentally flawed proceedings. There seemed to be little if no opposition from conservatives either; in a bipartisan manner they unanimously agree; the way to reduce the debt is to (once again) place the burden on the taxpayer. This short sighted economic approach is why we are in this fiscal conundrum in the first place. Politicians only look at the immediate causation of any proposal in an effort to stave off economic catastrophe for yet another day. It’s like placing a band-aid over a ruptured aorta. They prefer to treat the symptoms of unsustainable government spending instead of curing the disease, and their method is always the same: confiscate more wealth.
Rather than cut frivolous spending and entitlement fraud, rather than shrink the size of their bloated bureaucracy, they intend to raise taxes in the face of recession, while simultaneously monetizing the national debt (quantitative easing). Ask a coke head what’s the one thing they like to do while snorting coke, and they will answer: “Snort more coke.” The same holds true for government spending, they are addicted to other people’s money and have a monopoly on force to take it.