Americans must be confused. For years President Obama has promised that raising taxes on the wealthy would solve our budget problems. Making the rich pay “a little more,” as Mr. Obama has repeatedly promised, was supposed to reduce our deficits – a goal embraced by most Americans.
But now the president has signed a bill which finally raises taxes on the wealthiest Americans -- and it turns out we will continue to rack up deficits for the foreseeable future. In fact, the plan adds $329 billion to this year’s deficit alone.
Equally puzzling, President Obama pledged to prevent a tax increase on most Americans. But – surprise - surprise - the Tax Policy Center reports that 77% of U.S. households will pay higher taxes this year, thanks to the expiration of the two percentage-point payroll tax holiday.
Hard pressed, voters might wonder about other claims made recently by their president. For instance, he has on numerous occasions boasted that he has cut spending. And yet, for the first two months of this year, federal spending jumped a whopping 16%. Even adjusted for some timing issues, spending was 4% higher for October and November than it was last year – and still growing considerably in excess of inflation.
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