Archive for August 5th, 2008

Aug 05 2008

Debtor Nation

Posted by: BillH in Economy, Politics

This is not freedom, this is robbery.  Candy from babies, inheritence from the children…

Ryan asked the Congressional Budget Office to determine what the tax rates would need to be to cover federal spending at that level.
 
“What they told me was really startling,” said Ryan. “They said that the current low rate, the 10-percent bracket for low-income Americans, would have to go up to 25 percent.  The middle-income tax rate for middle-income Americans would have to go up to 66 percent, and the top rate, which is what small businesses pay, would have to go to 88 percent.

Ryan is Representative Paul Ryan, Wisconsin Republican.  He is a member of the House Budget Committee, and he is warning that the U.S. is headed towards bankruptcy, sooner rather than later.  Both parties deserve condemnation for this, after the past 30 or so years of porking it up.

America’s addiction problem isn’t just oil, it’s pork.  As far as I’m concerned, most of what government spends now, including social security, Medicare, and Medicaid is pork.    Very few in government have the stones to try to change it.  And just like the guy who’s retiring in January, neither of today’s bumpersticker guys have a plan to stop it either.  Criminally stupid.

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