Democrats are in a pattern of conflating deficit with debt. They imply they are talking about the debt when they are in fact talking about the deficit. Currently we have a $1.5 trillion annual deficit that is heaping more upon a mountain of debt already standing at $14.5 trillion. Their solution is to tax the most productive citizens and give that money to the unproductive under the auspices of deficit reduction. But the deficit reduction they are talking about will still add to the debt every single year! From The Hill:
Reid: Millionaires should pay more taxes for deficit reductionThe Democratic leader of the Senate has introduced a measure asking the wealthy to make a large contribution to deficit reduction.
Well, not exactly
asking, but anyway.
The resolution offered by Senate Majority Leader Harry Reid (D-Nev.) on Thursday asks lawmakers to sign off on a "Sense of the Senate" that "any agreement to wealthier taxpayers should reduce the budget deficit should require that those earning $1,000,000 or more per year make a more meaningful contribution to the deficit reduction effort."
Meanwhile the bottom 51% not only pay no federal income taxes but most of them get money back thereby adding to the deficit and the accumulated debt. What Reid in particular and Democrats in general simply don't get is that historically,
each $1 in higher taxes results in $1.17 of new spending. Show me where, since WWII that the
debt has come down even once no matter the tax increases:
And from a recent prior post:
Pic of the Day: The Only Chart You Need To See To Understand Why The US Is Screwed, for the first time in our history just entitlement spending
by itself is greater than all federal tax revenues combined:
We do not have a revenue problem in this country. We do however have a spending one.
