Why Tax Hikes Aren’t The Answer To The Deficit Or Debt In Two Overly Simplistic Charts

Posted: 5 Dec 2012 in Axis of Idiots, Buyers' Remorse, Comarade Obama, Economics, Obama, Politics, SCOAMF

Raising taxes will not solve our debt problems. Cut the spending, cut it deep and cut it wide.
Or, as Drew says, “let it burn.”

DrewMusings

Barack Obama wants $1.6 TRILLION in new revenue over the next ten years. Now that’s a lot of money…unless you’re talking about the federal deficit and/or the national debt. Unfortunately, those are exactly the things we’re talking about.

So, how much does this new revenue get you? Not much when this years budget deficit will be between $900 billion (assuming sequestration happens and the stars align) and…God knows how much. We’re not off to a good start.

Since the total tax hike is over 10 years, you can only count $160 billion against this year’s deficit.

RevenueVsDeficit

Oh my. That’s not much, is it?

Well, it’s far less compared to the $16 TRILLION + and growing federal debt.

RevenueVsDebt

Now that assumes the WHOLE tax hike that will only come in over 10 years AND that we stop adding debt TODAY. Considering Obama is looking for a hike in the…

View original post 113 more words

Comments are closed.