The Obama administration has spent more in four years than the sum of all the administrations since
Raising the tax rates on everybody in the top 2 percent will not get enough additional tax revenue to run the government for 10 days. Recent
Given this unworkable picture, the message coming out of Washington, especially from our leftist politicians and the news media, is that we solve our budget problems by raising taxes on the rich is absurd. If Americans were more informed, such a message would be insulting to our intelligence.
The tragedy for our future is that there are millions of uninformed Americans who apparently buy the political appeal and treachery that our problems can be solved by taxing the rich. There are not enough "rich" people to satisfy the appetite. All the talk about how tax rates will be raised only on "the rich" hides the ugly fact that the poorest people in the country will see the value of their money decline, just like everybody else. Inflation taxes everybody, the poorest as well as the richest.
President Obama and his fellow
Benedict Frederick, Jr., Pasadena