Sunday, July 31, 2011
I have to admit there are times I feel like I’ve been beamed to an alternate universe.
POLITICO reports Gene Sperling, director of President Obama’s National Economic Council, said Sunday the White House is “fine” with a deficit reduction package will contain “only spending cuts” and no revenue.
Sperling said that Obama wouldn’t seek new revenues over the next 18 months anyway and will still push for a payroll tax cut, furthering shorting the U.S. Treasury.
The budget deal President Obama sheepishly announced tonight at 8:40PM, gives the Republicans and the Tea Party 98% of what they wanted and while the Democrats get nothing.
As I’ve said before, the U.S. doesn’t have a spending problem: the U.S. has a revenue problem.
With wars raging in Afghanistan, Iraq, Libya and now Yemen, and the wealthy paying the least amount of income tax in the past 50 years, thanks to our idiot president extending the Bush-era tax cuts, the middle class and working class will have to carry the wealthy on their backs like mules carrying coal, while paying for the operational expenses of the entire Federal government.
Welcome to the world according to Barack Obama.