The REAL Race to the Bottom
It is unfair that some have more than others. It is unfair that some are born rich, others poor. It is unfair that some people are smarter than others, It is unfair that some people have better skills than others. It is unfair that some people are luckier than others. It is unfair that some people have a higher energy level than others, and are willing to work longer, harder, smarter than others.
But is it JUST for the government to take what belongs to one person and give it to another against his will? Why is it any more just for government to do what you and I would go to prison for doing? Moreover, what kind of society are we likely to create when we provide increased incentives to become takers, fewer incentives to become or remain producers?
President Obama got what he demanded, a tax increase on the job-creating sector of America's economy - ‘the rich.’ It will harm economic growth, hinder new job creation and, at most, reduce our annual deficit by about 5%.
President Obama then left town with 95% of the deficits still unresolved. Treasury Secretary Geithner issued a statement on December 31st that the nation had already gone over the debt ceiling cliff - $16.4 trillion. President Obama blew through the most recent $2.1 trillion debt ceiling in only 17 months. This fiscal path is clearly unsustainable.
So the Republicans went ahead and compromised with the Marxists in the Democrat Party and tossed only the job creators in our nation over the fiscal cliff in order to 'protect' the non-job creators... According to the president this will keep taxes the same on everyone in the middle class. Unfortunately the president is lying again. Payroll taxes are going to increase PLUS all the Obamacare taxes started taking effect too and since that law has not been repealed it will dramatically increase our taxes starting this year.
What they are sweeping under the rug is that the tax increase on people who create jobs will continue the economic situation where employers (evil, rich people if you're a Marxist) are far less likely to hire more workers. So the middle class still gets the shaft after all because we are the ones being hurt the most by record unemployment caused by the Marxist policies of the Obama administration and the Democrat Party.
Although I strongly prefer extension of current tax rates for all Americans, I supported the compromise bill that protects 99% of Wisconsinites from an income tax increase, limits the death tax, and prevents a dramatic increase in milk prices. It is by no means a perfect piece of legislation.
The revenue raised by this legislation will equal approximately 7% of projected deficits. It is now time for President Obama and his Democrat colleagues to show the American public their plan to close the other 93% of the deficit.
Our nation's debt now stands at $16.4 trillion, and has reached its statutory limit. We blew through the $2.1 trillion increase in the debt ceiling granted in August 2011 in only 17 months. This is clearly unsustainable, and President Obama must begin to work with Congress to reduce the size, scope, and cost of government.
We are mortgaging our children's future. This is immoral and it must stop.
This week, I had the honor of joining a bipartisan group of Governors to meet with President Obama about the fiscal challenges facing our federal government.
For more than a decade, the federal government has been spending a lot more money than it has been taking in. Because critical debt benchmarks were surpassed, in the near future our nation is facing what often is referred to as the fiscal cliff. If our federal government fails to take action to avert this fiscal cliff, we could experience a massive economic downturn, which would affect states all across the nation.