State of the economy

[Jim in CT]

Originally Posted by spence

Dude, Obama has proposed raising taxes on the 1% to help the country...

Spence, please tell me how tax hikes that might generate $90 billion a year, help the country, when we are still spending $1 trillion + more than we take in.

Obama cannot stop talking about tax hikes that migt generate $90 billion a year. Our debt is $16 trillion. If you ignore interest, and assume we can put that $90 billion toward the debt (which we can't because of $1 trillio annual deficits), it will take just about 200 years to pay down the debt. And of course, that all ignores the additional $40 trillion we need to shore up SS and Medicare.

So Spence, tell me why $90 billion has any significant impact, why is it even worth mentioning.

I agree the top 1% won't go broke if we take more from them. But it won't put any measurable dent in our situation. If we could fix things by tweaking tax rates on the uber-rich, I'd be in favor. But it's pure bullsh*t, designed to get thoughtless lemmings on the left side fired up about class warfare. Obama spends a huge amount of time and effort talking about something that is mathematically menaingless.

You should know better Spence.