Is the US Broke?
The Progressive movement is embracing a new talking point that the United States is not broke, but that rich people and banks have taken all our money. Progressives simply want to take “our” money back and presto, deficit and debt problems would be solved.
According to CBO estimates, the government is on track to spend over $3.7 trillion this year which is roughly $1.6 trillion more than the federal government takes in through taxes. This will add $1.6 trillion to the over $14 trillion in current national debt.
A great video following the logic that we can simply “get our money back from the rich” details just how bad off we really are. You can watch the Eat the Rich video and decide for yourself.
Many Progressives insist that if we only would allow the Bush tax cuts on the wealthy expire, we would be able to right our financial ship. However, the facts don’t bear that out.
Extending the Bush tax cuts for 2011 would keep the government from collecting an additional $40 billion dollars. That would reduce the Obama deficit for this year to only $1.56 trillion or roughly 2%. This hardly puts the United States back on the path to financial stability.
But let’s say we go all in taking the Progressive Socialist agenda and raise taxes to 100% on incomes over $250k. Surely that would enable us to live out our dreams of a utopia where everyone is equal and happy. By taking all the money that people make over $250k the government would take in roughly $1.4 trillion dollars. That would still leave us with a deficit of roughly $200 billion.
What about those evil rich companies that cheat us out of all our money and earn obscene profits? Well, if we took all the nasty profits of the biggest 500 corporations we could raise roughly $394 billion, which would not get us anywhere near even covering the Obama deficit for this year.
Perhaps we could go further and establish a Progressive dictatorship. We then could go after all the greedy rich people and get what we deserve. We could take all the wealth of the greedy immoral wealthiest billionaires in the United States. According to Forbes, the total net worth of the 400 richest people in the country is approximately $1.5trillion. That would teach Bill Gates a lesson, but would still be short of even covering the Obama deficit for this year and not come close to covering the trillions of dollars of debt the Obama White House expects to add to the national debt over the next few years. George Soros would also be out the funding Progressive organizations business, but I am sure they would do OK without his money.
The simple fact is that the United States government is on a spending spree that we can not afford. The Progressive dream of crushing taxes and confiscation of personal property would not even come close to covering the costs of funding the bloated Federal government.
Sadly, many people will fall for the Progressive talking point that we just need to “get our money back”. Arm yourself with the facts and fight back before America takes a giant step toward a Progressive Socialist utopia.