True, and that’s exactly why those dastardly Republicans should just acquiesce to whatever demands the Democrats are willing to put into a bill and submit. Pass their plan with no Republican votes for or against and let them own the results.

If hell freezes over they will spend us into prosperity but if they make things worse it is on them alone. Looks like a win win to me!

Obama’s only clear answer is to raise taxes on “the rich”. Covering this budget would require increasing everyone’s taxes by 56% to cover his expenses. (In context of anemic economic growth, continuing inflation and devaluation of currency, and government welfare demands, the tax increase rate will quickly reach well over 56%.)

To cover this budget by raising the taxes of those paying the top 50% of taxes, it requires 112% tax increase on them.

To cover by raising taxes on the top 25% of tax payers it requires 224% tax increase on them.

Keep in mind that the top 10% of tax payers (anyone/houseolds/businesses with a 6 digit income) are who Obama is really looking to raise taxes on, and it is this top 10% of tax payers who already shoulder almost 60% of the current tax revenue.

For Obama to cover his budget shortfall by raising taxes on “the rich”, it means a 448% tax increase on that top 10%. (448% reflecting the 12.5% just makes the head-math easier to follow).

Question to those make 6 figure salaries, are you all ready for a 450% to 500% tax increase in order to shoulder the President Obama’s largess?

What’s that going to do to your ability to invest and grow the economy, or even make any attempt at investment risk?

As Conn Carroll aptly reminds us, sure, the Congressional Budget Office has projected that allowing the Bush tax cuts to expire for the wealthy could bring in as much as $824 billion over ten years (which, given that it’s from the CBO, I’d wager is a somewhat rosy estimate). But when you put that in the context of, oh yeah, Obama’s been running up trillion-dollar deficits every year of his presidency, you can see what a hugely insurmountable problem this is.

Rosy estimate is an understatement. It’s not like the wealthiest Americans are going to just sit around and let a bunch of wide eyed socialists pick their pockets. They are going to hide their money, get out of the market (which has been on a selling spree since the election ended), close businesses, fire people, and move their money out of the country. They are not just going to open their wallets and say, “here, come get it”. They will be lucky to get $400 billion in 10yrs and that amount will be spiraling down every year. This is just a talking point for the rubes to buy into.

Another thing is that I can’t believe he still pushes this ridiculous false premise:

as I’ve said before, we can’t just cut our way to prosperity.

Nobody’s asking to “cut our way to prosperity”. The point of a balanced budget is not to be “prosperous”. The point is to be responsible and spend only what we take in. Nobody is making the argument to “cutting our way to prosperity”. Just one more strawman for The Only Adult In The Room to target.

The Schaef on November 13, 2012 at 9:53 PM

Good point, of course little Bammie would believe that because he believes that all prosperity comes from the government.

as I’ve said before, we can’t just cut our way to prosperity.

Nobody’s asking to “cut our way to prosperity”. The point of a balanced budget is not to be “prosperous”. The point is to be responsible and spend only what we take in. Nobody is making the argument to “cutting our way to prosperity”. Just one more strawman for The Only Adult In The Room to target.

I see you know nothing about all the oil off Newfoundland.

Or what makes up our economy.

And you’re such a clown you used the word “communist”.

Thank you.

Keep up the good work.

Dave Rywall on November 13, 2012 at 4:11 PM

You still an ignorant fool communist… The Newfoundland oil field does not produce more than 50,000 barrel a day which is an extremely small portion of Canada total production of 2.75 million barrel a day…

Revenge at any cost. How dare these rich people be rich. It doesn’t matter if their employees don’t get hired. It doesn’t matter if their employees don’t get pay raises. It doesn’t matter if their employee’s hours get cut to part-time to avoid the expense of Obamacare. We must take our fair share of their riches.

We must have… REVENGE!

As he said. The Establishment Republicans are losing. They keep it up we will lose the House.

But on HA all we ever hear about is the few conservatives that lost never the 80 RINO’s that lost.

Steveangell on November 13, 2012 at 6:37 PM

Maybe buddy, but I’m not defeatist, and that’s what those idiots out there want us to be. They hope to instill us with dispair, and to throw our hands up in futility.

But the long run future is in capitalism. All civilizations collapse once they think they can vote themselves everything, and there’s uprisings within both the opposition and the supporters when those think the government can provide everything when it can’t.

In order for the United States to continue 18% of the entire world’s GDP has to go into US Bonds. Since that’s impossible, 70% of all US debt is being bought by the Federal Reserve. The left hand of the government is buying from the right hand.

This will collapse because Democrats do not have the discipline to cut back. If they did, the whole nonsense of Big Bird wouldn’t be an issue. There will be no cutbacks when the tax rates go up, and when that happens they’ll be back in a panic when the economy collapses.

I don’t wish this on my country or my children because I love them with all my heart. But if this is the map, so be it.

Yeah that’s workin’ out great for you guys – keep it up and you’ll lose congress next

Dave Rywall on November 13, 2012 at 3:57 PM

Thought we won the House…..

And 30 governorships…..

And 83.2% of all counties in the U.S……

itsspideyman on November 13, 2012 at 6:30 PM

As he said. The Establishment Republicans are losing. They keep it up we will lose the House.

But on HA all we ever hear about is the few conservatives that lost never the 80 RINO’s that lost.

Yeah that’s workin’ out great for you guys – keep it up and you’ll lose congress next

Dave Rywall on November 13, 2012 at 3:57 PM

Thought we won the House…..

And 30 governorships…..

And 83.2% of all counties in the U.S……

* In January 2007, when Maerose Prizzi and Liar Reid took over Congress, 145,919,000 Americans were employed and the unemployment rate was 4.5%.
Resist We Much on November 13, 2012 at 4:43 PM

Why did she become Speaker.

Because Establishment Republicans spent like crazy filling every budget with every kind of Pork. The people showed them the door.

GW Bush lied and said he would control spending. But instead worked to pass Medicare Part D. He also pushed for Amnesty. Finally he really pushed giving a house to every American. The Democrats worked with him on that leading to the collapse in 2008. The result of his new found Establishment Republican wasteful spending. Obama won everything in 2012.

The Conservative GW Bush worked but even conservative taxes will still be eaten up by wasteful spending and it was. Leading to the recession of 2008.

We are now in a hole so deep it will be very difficult to get out. Conservatism could do it but Establishment Republicanism dug a large portion of the hole simply a fact.

Yes it was that close.
History has shown that Bush was wrong to think he had a mandate and Obama will run into a world of hurt if he repeats that mistake.
2014 mid-terms will tell the tale.

Jabberwock on November 13, 2012 at 5:07 PM

Yes, but it is easy to argue that Bush had more of a mandate than Obama.

1. Bush added support by winning more voters and more states in his reelection bid
2. Bush’s coattails supported both the House and Senate with gains in both houses
3. Washing stayed scarlet red after the election

Bush did not accomplish much with his “mandate,” but then again, he did not wield the executive order with wild abandon like Obama does.

Jill Kelley: I’m an Imaginary Ambassador So Get Off My Lawn

The weird Petraeus pentagonal love shack just keeps getting weirder.

Two 911 calls were made from the Kelleys’ home on Sunday. In the first recording, a man whose name was redacted says there is someone at the door who won’t leave his property. The second caller, who identifies herself as Jill, says there’s someone lurking in their yard.

As the call ends, she makes an apparent reference to her role at MacDill Air Force Base, which the Associated Press has described as an “unpaid social liaison.”

“You know, I don’t know if by any chance, because I’m an honorary consul general, so I have inviolability, so they should not be able to cross my property. I don’t know if you want to get diplomatic protection involved as well,” she told the 911 dispatcher, who agreed to pass the information along to police.

Three more calls were made to police on Monday, all to the non-emergency number. In each one, the caller identified herself as Jill Kelley, reporting trespassers on the property.

I wonder if anyone told the imaginary ambassador about the real ambassador holding terrorist prisoners in the Benghazi consulate. Petraeus’ squeeze, and Kelley’s friend, knew about it.

http://pjmedia.com/tatler/2012/11/13/jill-kelley-im-an-imaginary-ambassador-so-get-off-my-lawn/

Your example of piling up the wealth of the top 400 richies and saying what it could pay for is as irrelevant as melting down the gold fillings of all the seniors in the land and making gold bricks out of it and saying LOOK THERE’S ONLY ENOUGH GOLD HERE TO FUND THINGS FOR 137 DAYS.

Dave Rywall on November 13, 2012 at 5:07 PM

Hey great idea! Oops, didn’t mean to push the drill all the way through your skull. My bad.

Raise taxes on the rich, make enormous cuts.

Dave Rywall on November 13, 2012 at 3:51 PM

Duck Frywall!

Buck Farack!!

And now, Juck Findal too!!!

Your example of piling up the wealth of the top 400 richies and saying what it could pay for is as irrelevant as melting down the gold fillings of all the seniors in the land and making gold bricks out of it and saying LOOK THERE’S ONLY ENOUGH GOLD HERE TO FUND THINGS FOR 137 DAYS.

Dave Rywall on November 13, 2012 at 5:07 PM

Only because you focused on the wealth figure and not the enormous sum that it costs to fund just Social Security, Medicare, and Medicaid for a single year, which was the point.

But, that’s OK. I’m sure that you will step up along with the rest of the world and loan the US 19% of you annual income every year in less than a decade so that it can continue to fund and grow its welfare state.

Go look up the 2010 study, “Financing U.S. Debt: Is There Enough Money in the World—and At What Cost?,” by John Kitchen of the US Treasury and Menzie Chinn of the University of Wisconsin.

You Progs always say that the US makes up only 5% of the world’s population, but uses 25% of its resources, which, according to you, is a very bad, racist, oppressive, selfish, and mean thing to do.

Evidently, being 5% of the world’s population, however, and expecting the equivalent of the Coolies to build our modern-day railroads, which are known as Obamacare, Social Security, Medicare, Medicaid, college grants, subsidised housing, cradle-to-grave welfare, etc., by demanding that the rest of the world spend 19% OF THE GLOBAL GDP EVERY YEAR ON US TREASURIES beginning in 2020 while we sit on our couches eating Twinkies watching American Idol as our solar-panel-generated air conditioners are blasting away because “we are so trying to save the planet, man” is perfectly acceptable.

She says, “Hi!” (Ab love her)

Dave Rywall on November 13, 2012 at 4:59 PM

I didn’t see “Chuck Schick” on that list anywhere. However, I did see an inordinate amount of liberals.

Chris Matthews? Really? Seriously? You want that to be part of your your “winning” argument?

You are a joke and I’m not entirely sure why anyone is engaging you as anything else but a cat toy.

Logic would tell you that all jobs Obama has created (or saved, lol) have to be included in that figure since those are the current rates!

Us unemployment rate under Boosh: 5.27%
Under BHO: 9.00% and counting, will probably end up at an average of 9.5 by end of term.

History will record BHO’s record on the economy as abysmal.

But no matter, it’s all going to be pinned on those dastardly Republicans, no matter what happens. Oof.

… unless Republicans try their own ‘third way’: Vote present on everything for the next two years. This let’s the democrats – and the electorate that will blame the republicans – have everything they want without the republicans endorsing it with their votes. They can’t be called obstructionist if they don’t vote against it, and they can’t be called sellouts if they don’t vote for it.

Of course, most of them lack the stones, the brains, or both to carry that out. But it’s what they should do.