12/18/13 Road to Bankruptcy
Washington politicians are marching our nation toward bankruptcy. The bipartisan budget deal is just the latest example.
They claim it reduces the national debt. It does no such thing.
Washington will spend more than one trillion dollars in non-discretionary spending next year. Busting through the $967 billion spending limit Congress promised two years ago. Debt will increase. There are new taxes [an example is here]. It cancels $63 billion in previous spending cuts. And it ignores critical reforms to runaway entitlements.
DC raises spending today with the promise of cuts in the future. Which will never come. Its a decades-old lie.
Politicians get away with these lies because they get reelected by the growing number of people who pay nothing in federal income taxes.
According to a new Congressional Budget Office report, the top 40% of income earners pay 88% of all federal income taxes. The bottom 60% pay just 12%.
Each year a decreasing number of Americans pay the nation’s bills. A growing number of Americans elect politicians who redistribute money from those who earn it. To those who do not.
And with various refundable tax credits, 30% of Americans who pay nothing actually get money from the federal government. For them, April 15th isn’t Tax Day — it’s pay day.
American families and businesses must balance their budgets every year. DC politicians don’t even try.
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