Harry Reid says Standard and Poors downgraded the U.S. credit rating yesterday because we didn’t raise taxes, and our borrowing is now limited to only about $17 Trillion. You can’t make this stuff up. Message to Steve Wynn and the all the other casino bosses in Harry Reid’s Las Vegas, your business environment has gotten exactly what it deserves for supporting anti-government Democrats Your buses of union members hauled off to vote for Reid is obscene and your support of him is worse. You are a stain on capitalism.
The action by S&P reaffirms the need for a balanced approach to deficit reduction that combines spending cuts with revenue-raising measures like closing taxpayer-funded giveaways to billionaires, oil companies and corporate jet owners.
Reid is still talking about corporate jets. Good Grief! And he’s still talking about billionaires. Take the income of every one of us and you will not be able to off even half of our debt.
From Reuters: “Total adjusted gross income reported on tax returns, measured in 2009 dollars, was $7.626 trillion, down from $8.233 trillion in 2008 and $8.989 trillion in 2007. Total adjusted gross income was up only slightly from the $7.475 trillion reported in 2001, when there were 10 million fewer taxpayers.”
Individual tax collections equaled 15.4% of all income. “Doubling federal income taxes for everyone would still leave us $400 billion or so shy of balancing the budget.” That’s the bottom line. Doubling federal income taxes for everybody would raise $1.1 trillion, $400 billion shy of the deficit. Source Rush Limbaugh and Reuters
We are now spending 100% of our GDP! Can any rating organization ignore that? Can they ignore $17 Trillion in borrowing and maintain any level of integrity? Are they to ignore the marxist plan for a Super Congress to fix our spending? The answer: they cannot. Don’t forget, the only rating company worth paying attention to, Egan and Jones, downgraded us about a month ago. Geithner said S&P would certainly not downgrade us but no one asked him why?
Tell me why taxpayers should give the government another penny to spend. We surely can’t be that stupid, and we will prove it in November 2012. In the meantime, we are stuck with the most inane politician in power – ever, Harry Reid.
Cartoon graphic courtesy of Michael Ramirez and IBD.