The above video by Bill Whittle from 2011 illustrates how deep in the hole we are when it comes to annual deficits. The idea of the Obama administration that the Bush tax cuts must expire for “the rich” earning over 250K (In Chicago that would be a cop and his schoolteacher wife.) has everything to do with politics and almost nothing to do with deficit reduction. Here is why.
If you abolished all of the Bush tax cuts for “the rich” earning over 250K a year, and assuming they did not come up with ways to legally avoid the additional tax by deferring income, the Treasury, further making the rash assumption that increasing taxes does not have any negative impact on the economy, would receive about 70 billion dollars in additional taxes, according to the Congressional Budget Office. This year our deficit is approximately 1.1 trillion dollars. If we eliminate the Bush tax cuts for all taxpayers, the increase in taxes would be about 370 billion, according to the CBO, assuming, rashly, that increasing taxes on the middle class would not have a negative impact on the economy and swell the ranks of people qualifying for “freebies” from Uncle Sucker. Continue reading
The Road we Traveled is an Obama campaign video directed by Davis Guggenheim who directed Al Gore’s mendacious An Inconvenient Truth, and narrated by Tom Hanks, taking a break apparently from starring in Catholic bashing Dan Brown flicks. The film gets the Science Fiction Mystery Theater 3000 commentary from Andrew Klavan and Bill Whittle in the video above. The Obama campaign should thank Whittle and Klavan: at least someone will actually watch this piece of agit-prop drek now.