The View From 1776
Thursday, July 29, 2010
Most Americans Want To Cut The Federal Deficit
The Obama administration talks about it, but does the opposite.
Democrat/Socialists want to socialize the economy with additional burdens such as cap-and-trade regulation of energy, green jobs, and guaranteed labor-unionization of business, without regard to the resulting enlargement of deficit spending and the Federal debt.
Above all, in the name of socialistic egalitarianism, they are hell-bent upon raising taxes on businesses and wealthy individuals, whose investments fuel job-creating small businesses. Democrat/Socialists remain willfully ignorant of the simple fact that taking money from one group and giving it to favored special interests depresses economic activity and reduces tax revenues.
The Fiscal Times website reviews the situation.
Allowing the Bush tax cuts to expire across the board, as current law demands, could knock some $184 billion from spending over two quarters, a hit of 5 percent on annualized GDP growth.