President Obama yesterday unveiled what he called his deficit reduction plan. Part of it was the usual smoke and mirrors—a supposed one trillion saved by pulling out of Iraq and Afghanistan. Another one and a half trillion is supposed to be reduced by taxing the rich. Here we go again.
The mantra that never seems to end is that the rich aren’t paying their fair share. Never mind that the top 10% of earners pay about 70% of all income taxes. Never mind that nearly 50% of our citizens pay no income taxes at all. And never mind that even if you took all the money from millionaires and billionaires, you still wouldn’t come anywhere close to eliminating the national debt. You see, those are facts, and Mr. Obama doesn’t want to be bothered by facts—they’re a nuisance and get in the way of his plans.
Most analysts worth their laptops could see this coming:
Let’s be honest. Obama doesn’t really expect this to pass the Congress. He knows, without any doubt, that it will fail in the House; even his erstwhile Senate allies are not very allied with him this time around. So what’s the reason for this tax bombshell? It’s part of his reelection strategy: say you had a great plan to take care of the debt, complain that the do-nothing Republicans stopped it cold, and accuse them of catering to rich people. A nice, neat package.
Will the majority see through this? Stay tuned.