The good news? Scientists wielding electron microscopes were able to detect in the small print of the fiscal cliff bill around $15 billion in spending cuts. The bad news? There are some $620 billion in tax increases — about 41 times as much as any taxpayer savings.
Matthew Boyle of Breitbart.com reports:
When Presidents Ronald Reagan and George H.W. Bush increased taxes in return for spending cuts—cuts that never ultimately came—they did so at ratios of 1:3 and 1:2.
Remember way back in June 2012 when Republicans were called “extremists” by left-wing media outlets for opposing $1 in tax increases for every $10 in spending cuts? We now see that ratio flipped on its head and four times as “extreme”: $41 in tax increases for every $1 in spending cuts. Maybe those tea party Congressmen weren’t as extreme (or as dumb) as hacktivist journalists let on?
Sure, President Obama and his groupies in the mainstream media will be celebrating their taste of rich-folk blood in the form of a tax hike on the top 2%. Of course, the top 10% of income earners already pay 70% of federal income taxes, and the federal government still runs an annual deficit of a trillion dollars or roughly $3,000 a year for every man, woman, and child in the country.
As a sidenote, our elected leaders play kick the can more often than the old folks who revisit their youth in Twilight Zone: The Movie. Time for some politicians to grow up.