INTERVENTION NEEDED for Congressional Addiction to TAX AND SPEND-AHOLISM
Our elected representatives in Congress are behaving like drug addicted fools in need of an emergency intervention. Unfortunately, members in both parties display symptoms of this addiction I call ‘tax and spend-aholism’.
As we approach the fiscal cliff, all I see and hear from Congress is some proposed minimal spending cuts and major tax hikes.
When the economy is booming the federal coffers fill up and Congress—no matter which party is in control—finds ways to spend it.
When the economy weakens, we’re told stimulus is needed and spending spikes even higher. Now spending has reached such frightening levels that persistent trillion dollars deficits are placing a political and practical limit on spending. Instead of bringing spending down, the spendaholics conclude they must raise taxes to bring in more money to spend.
According to a special opinion article by Phil Karpen to Fox Nation, the president’s proposed tax hikes on the rich are too small to make any dent in the deficit. Mark Steyn ran the numbers: Obama’s Buffett Rule would raise $3.2 billion per year, which is less than the federal government borrows in a single day. It would therefore take the Buffet Rule 514 years to pay off the 2011 deficit alone.
For decades public pressure has established the Republican Party as the party that won’t raise your taxes. So much so that most elected Republicans have put their commitment to oppose tax hikes in writing by signing the Taxpayer Protection Pledge. The pledge states, in no uncertain terms, a commitment to their constituents to “oppose any and all efforts to increase the marginal income tax rates” and to “oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates.”
“Now, after campaigning on that promise, some Republicans — no doubt in the grip of spendaholism – are pretending that raising taxes is a great act of political courage.”
“It isn’t. It’s an act of cowardice.”- Phil Karpen
Read more by Phil Karpen at Fox Nation Fox Nation