Tuesday, June 09, 2009

Obama’s Tax Increases on the Way

Well, more of them, since I’m assuming that the “Cap-n-Trade” tax will pass eventually.

“Paygo” is simply a mechanic designed to insure that taxes only go one way, up. Because Congress and the President never proposed spending cuts. The “draconian spending cuts” and “slash and burn budgets” the MSM are always decrying are almost always just reductions in the rate of spending increase from what some special interest group wants.

Given the huge increases in debt run up by this spendaholic administration, with more on the way in terms of health care, we’ll soon be seeing additional calls for a VAT tax, gas taxes, soft drink taxes, and more. You can forget about the “no tax increases on families making less than $250,000” promise.

To be fair to Obama, there’s also a very real chance that if the Fed doesn’t get the money supply under control, we’ll be seeing inflation levels that boost everyone past Obama’s “Rich” threshold of $250,000.

Update: This whole “fiscal responsibility” effort didn't even last an entire day, since Obama has now declared that r unning up the debt to put bureaucrats in charge of your medicine is is o.k.

This is classic Washington procedure; dream up a huge new welfare program, and kick the costs down the road. As Glenn Reynolds notes, to compare this with “spending like a drunken sailor” is an insult to drunken sailors.

Even by Obama's standards, the hypocrisy and double dealing here is simply breathtaking.