CBO Report: Paul Ryan Budget Would Double Revenue to $4.6 Trillion By 2022
Despite all of his speeches about bringing people together, President Obama is not a pragmatic leader who can find common ground like certain presidents who came before him. He talks a good game, but in reality is much more partisan than any president in the past three decades. A Democrat ideologue, he has governed under those principles since the day he took office. Sometimes ideologues allow their ideals to cloud their vision, at the expense of the people they govern.
Obama and his Democratic allies in Congress have increased the debt more in three years than President Bush did in eight, reports CBS News. That shows just how little he cares about the country’s financial woes, no matter how much he tells people that the economy will recover.
Obama has repeatedly understated and lied about America’s financial situation. The national debt is skyrocketing past $15 trillion dollars. A photo posted on the Independent Journal Review shows that on average, the federal government takes close to $2.2 trillion in tax revenue each year. The federal budget this year is close to $3.8 trillion. That gives us new debt of over $1.6 trillion.
Deep in our recent memories, we can recall how Senator Majority Leader Harry Reid (D-NV) talked about the ‘draconian’ cuts in the budget of $38.5 billion. This is hardly draconian. $38.5 billion is barely 1% of the entire federal budget. With projected annual increased, it could be less than that.
Obama is completely tone deaf on this issue. His proposed budget was for $3.6 trillion, further adding onto the debt. Even if the Bush tax cuts were allowed to expire next year, it would not even be close to covering it. The House defeated the Obama budget with a unanimous 414-0 vote.
Obama’s solution consists of tax increases, and lots of them. Supposedly if we raise taxes on the wealthiest 2%, we’ll all be living in a utopian paradise. Except it won’t work, and Obama knows that.
According to the IRS reports from 2009, the most recent year available, tax increases on the wealthiest Americans would barely make a dent. In 2009, there were approximately 8,274 Americans with an annual income over $10 million a year. If you taxed this group 100%, the federal government would take in about $240 billion, which is not even enough to fund it for a month.
Do we listen to the ‘occupiers’ and raise taxes more? If we included everyone who made at least $1 million a year and taxed them at 100%, that would bring in $726 billion a year, which might help the government for over two and a half months at current spending rates.
Taxing is not the answer, even when you take everything that everyone earning over a million dollars a year takes in.
In response to this fiscal disaster in the making, House Budget Committee Chairman Paul Ryan (R-WI) has drafted a budget for 2013, which drew immediate fire from Democrats.
Obama knows that people have come to depend on their entitlements. Scare the hell out of them and they won’t agree with any agenda put forth even if it won’t affect anyone over 50 and would make the financial problem much easier to solve. When a budget proposal similar to Ryan’s was released last year, videos were produced of a Ryan impersonator throwing a wheelchair-ridden grandmother off a cliff. So much for a party claiming for more 'civility.'
Additionally, Ryan’s budget proposes cutting the corporate income tax rate, which is now the highest in the world, from 35% to 25%, dead even with that of China.
The Ryan budget also closes loopholes and eliminates many deductions, things many Democrats claim to love, except when it is in a Republican budget and they can convince Granny she’s about to be fed to the crocodiles. The CBO also recently scored the Ryan budget, calculating that revenues would double over the course of the next ten years under this budget, from $2.444 trillion to $4.601 trillion by the year 2022.
While this budget still has room for tweaking, it’s a great first step. Over time it would not destroy Medicare, Medicaid or Social Security. It actually gives their existence a fighting chance, because if nothing is done, they will go bankrupt.
President Obama misled the American people this week when he criticized the Ryan plan. He will do it again, in order to drive its negatives higher in the polls.