Re: Journal Gazette front page article on Jan. 15, “Debt limit battle to harm vets, elderly, President Obama says” — According to respected financial experts and some government agencies, this is not true.
They state tax funds paid to the federal government each day will cover necessary authorized expenses. Further, those organizations who determine credit ratings declare unless something major is done in reducing entitlement spending, any increase in the debt limit will result in majorlowering of U.S. government credit ratings.
President Obama also declared, “We are not a deadbeat nation,” during his sham press conference. The only reason we aren’t is that the federal government now pays our mounting debts plus interest by borrowing — from unfriendly nations — 40 cents of every dollar being squandered. He also said he is willing to negotiate debt reduction with GOP leaders, but only if they are separate from raising the debt limit. Based on historical experience with the Democrats, President Reagan and both Bush presidents would strongly advise against that offer. The Democrat party is never going to look at entitlement adjustments. They are hell-bent on continuing their tax-and-spend habits.
President Obama repeatedly stated in both of his campaigns, “I will raise taxes only on the very rich — I will protect the middle class.” (That was the start of his class warfare plan). A few in the GOP Congress foolishly believed him and went along with the “rich people” tax increase. It raises about $60 billion a year in new revenue. (which pays for about five days of federal spending). However, no mention was made by the main-stream media of the administration’s little adjustment to Social Security withholding taxes by raising them “just” 2 percent.
Even those who voted for President Obama in his mandate must now accept that he has again bamboozled the little guy. The article is rife with examples of 77 percent of U.S. taxpayers being really hurt by this tax increase. They now face necessary reductions in their spending for essentials. According to the article, this will result in $125 billion each year not being put into buying power. There is no mention how many jobs will be lost as a result of this insane decision.
Mitt Romney was right. President Obama did buy the election.