When Politicians Overspend
Responding to widespread criticism of his AWOL status on the budget fight, President Obama today unveiled a fiscal plan. It already is being criticized for its class warfare approach to tax policy, but the most disturbing feature may be a provision that punishes the American people with higher taxes if politicians overspend.
Called a “debt failsafe trigger,” Obama’s scheme would automatically raise taxes if politicians spend too much. According to the talking points distributed by the White House, the automatic tax increase would take effect “if, by 2014, the projected ratio of debt-to-GDP is not stabilized and declining toward the end of the decade.”
Does anyone remember what opie’s last tax return was? Remember CLintooon. His sold dock space and secret intellectual properites to the chinese on satellite and covert operations for hundred of millions. had to open up secret banking accounts in hong kong and Bejing. The money tail is so obvious, but for some odd reason NSA and CIA seemed to dumbto investigate. He stole thier intel and national secrets, sold it and well….Who canever forget Monic’s dress covers with bill’s seman….
And people b—- here in California because raising taxes takes a 2/3 vote of the Legislature. I so hope they don’t try this crap here!!!
Automatic tax increases = NO CONSEQUENCES for politicians spending more and more to buy votes of the untaxed.
We are all slaves if this POS goes through. (Some would argue we are now, but …)
@mos 8541: Clinton ok’ed the sale of guidance technology from Loral/Hughes to China.
Now look at their space program. It will exceed ours soon.
It is a great idea. The trigger will go off and still, the yearly debt is not paid for. What will happen then?