President Obama is playing the class warfare card in order to appeal to our most stupid voters. Unfortunately, a majority of our voters are now very stupid, thanks to the fine work done by the NEA, the leftwing media, and the public schools over the past 40 years.
The president is trying to win the election next year by becoming a "populist" who blames the rich, just as surely as Hitler blamed the Jews, for all our problems. And in both cases, this strategy is counter productive.
It might make the unwashed masses feel good, but it doesn't solve the problem. In fact, it makes things worse.
The simple truth is we cannot dig our way out of this hole by "taxing the rich more." The top 50% pays 98% of all income taxes, which means the bottom 50% pays only 2%.
Even the much maligned "top 1%" already pays 37% of the income taxes. If you confiscated all their wealth there simply wouldn't be enough money to sustain this kind of rampant spending. At least for not more than a year or two. And once you have eliminated the moneyed class, there is no second act. It's like they say in the south.... "you can shear a sheep every year, but you can only skin it once."
The only viable solution to this mess are two things that the current administration cannot or will not do:
- Spend less. A whole lot less. We simply cannot continue to borrow 40 cents for every dollar we spend. Anyone who actually passed fifth grade math knows this. And this means more than just cutting inane social programs and wasteful spending. It means cutting back on things we promised people. Like Medicare and Social Security benefits. You just cannot keep spending money you don't have forever. It won't work. (Greece is learning this lesson right now, primarily because we forced it on them. We will probably never have the sense to impose financial responsibility on ourselves.)
- Make the economy healthy again. And this is a lot easier said than done because it involves bringing jobs back to America by getting rid of all these goofy trade deals that "bring down prices while eliminating all our jobs." This will not be a popular option, but it is necessary if we ever want to see a balanced budget again.
And while this situation might please the America Haters abroad, their joy will be short lived. Because they will be right behind us in economic collapse, if they don't collapse before we do.
America has one big advantage over smaller nations with smaller economies. Our trump card is that when we sink, we take everyone else down with us, so they will reluctantly keep buying our worthless dollars to avoid their own demise.
You saw how concerned everyone was about how Greece failing would "hurt the big banks"... now.... imagine what happens if the USA defaults?
Our GDP is 50 times LARGER than that of Greece.....