- Posted April 10, 2012 by
This iReport is part of an assignment:
Election 2012: Your stories
Obama's Buffett Rule raises $5 billion it will take 3000 years to pay the debt
With an annual budget deficit of about 1.3 trillion USD, the debt will likely reach 16.5 trillion USD in the end of 2012.
The Buffett Rule is a key talking point in Obama's re-election bid. Where's the Hope and Change?
Every day Obama attacks someone new: The rich, the Supreme Court, the Catholics, China, Israel, Bush, oil companies, you name it! If it is not his idea or political agenda, he is going to attack you.
The "Buffett Rule" will raise about $5 billion per year and we are currently running a deficit of over $1.3 trillion per year .
For the math challenged Obama, that's 240 times last to pay the deficit and it will take more than 3 thousand years to pay all the $15.7 trillion federal deficit.
We are getting distracted by a divide when in reality everyone stands to lose as everyone will lose their purchasing power as the deficit continues to accrue and the interest payments eat more and more of our income.
Our President and Congressmen need to stop bickering about the fringe issues and come up with a solution to make a dent in the $15.7 trillion we current owe and then see that we live within our means thereafter.
Obama will do anything he can to make the country's spending problem look like a revenue problem. The amount of money that could have been generated from 2001 - 2012 by eliminating the Bush tax cuts wouldn't have even been enough to pay for one year of Obama's spending spree.
If you folks buy into this "President is selling", then I have some Lake Front property to sell you in Arizona. This Buffet Rule is nothing more than a campaign stunt, because it won’t raise much revenue to pay down government debt after years of deficits exceeding $15.7 trillion!
The congressional Joint Committee on Taxation estimated the rule would generate $46.7 billion in revenues over the next decade. It was designed for no other reason than politics, there is no economic rationale for it.
I hope the president will stop the class warfare and start leading by putting out real proposals to bring down our debt.
I find the Buffet Rule to be much too coincidental. Just as our economy is showing another downturn with a very disappointing jobs report, Bernanke’s predictions of a slowdown for 2012 and the stock market starting to pull back, in comes the President’s Buffet Rule (AGAIN!). The President is attempting to get out in front of the poor economic reports, shift attention away from the disappointment while re-igniting a campaign against the 1%.
President Obama proposed the same tactic and the same rule a year ago which subsequently fed into the start of the OWS protests.
Since the President cannot campaign on economic reports, he has to run on something. In order to shift the focus from the weak economy, his poor performance of fixing it and unemployment above 8%, it makes sense for Obama to again shift attention and blame it to the 1%. Right now the USA sends back thousands of empty shipping containers every month to China.
Obama embraces what he likes to call the "Buffett Rule," yet does nothing substantial to correct the laws, rules, regulations, and loopholes, that allow such disparity. He talks a good game, he just doesn't seem to understand how to get from one end of the field to the other, or, he doesn't want to understand because it could shut off a good portion of his campaign cash flow. President Obama talks the talk, but does not walk the walk.
As long as the left has enough power to block real entitlement and tax reform and only vilify any proposal to cut the size of government, let alone the waste of government, we'll never fix our economic problems.
At least the public will continue to see that government's excesses are the root of the problem, not those who actually work hard to produce and invest.
Let's not forget that the problem is on the spending side. No matter how much we vilify others, we'll never be able to collect enough in taxes from them to solve the problem
Spending control has to come first. When you are shoveling $TRILLIONS into an incinerator, adding another $50 Billion in 10 years only makes the fire hotter. It doesn't put the fire out.
But President Obama don't get that for some reason.
At some point, we will be out of money, and then we are Greece.
President and CEO