Top Of My Head

Thoughts on everything from Politics to Video Games

Category: Federal Budget

Cantor’s Running

Eric Cantor has walked away from the Debt Ceiling talks. He doesn’t want to be in a position to actually admit that raising taxes must become a reality if we’re serious about paying off the National Debt.

Unfortunately for Cantor and the other Republicans, their grass roots base and their big business base are totally against tax raises. However; we can pay money we don’t have. Rehauling medicare and cutting social security and education outlays are NOT going to make us debt free.

Welcome to the real world.

Just like I can’t cut my hours and still pay my car loan, the goverment cannot cut taxes and pay off the debt. Our federal taxes are the lowest they’ve been in fifty years. Our regulations on businesses are the smallest they’ve been in forty years and, still our national debt grows and our jobless jumped 9,000 higher last month.

Cutting taxes – which is the big plan of the Republicans – isn’t going to build a strong economy so far.

Cantor needs to come back to the table and face the music.

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Say No to Tax Cuts

Everyone, but Warren Buffet, thinks that they pay too much in taxes. It just isn’t true. And, if we cut taxes, we won’t be able to pay off our National debt.

Let’s look at some things.

I have a credit card with a very modest balance. If tomorrow I quit my job and took one that paid 10% less, what are they chances the credit card will be paid off anytime soon?

That’s exactly what Paul Ryan and the Republicans are trying to do with the budget plan. They want to lower revenue at a time when the government needs to pay its credit card bill.

Now, I saw someone post a comment on another website about how Social Security doesn’t affect the National Debt.

You would think that we pay in 6% and our employer pays in 6% and the money sits there until we retire. Well, that’s not what has been happening. Like a bank loaning out your savings account, the government has been using Social Security. Unlike a bank, you’re not earning any interest.

The reason Social Security hurts the National Debt is because now the government has to pay the money back. If they don’t, there’s a lot of people who will get hurt. Any budget plan should include a provision that simply states hands off Social Security funds. Further, we should all have to pay on our entire incomes – all of it. The income caps should be removed.

Well, kids, that’s all the time I have for today. I need to return to work.

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