Barack Obama ‘s words were just carried on national TV.
I am not about to add seven hundred billion dollars to our deficit by allowing a permanent extension of the tax cuts for the wealthiest of American…Barack Obama
Extending the Bush tax cuts for all Americans is not adding even one cent to our deficit. You do not create deficits by allowing Americans to keep their own money. Deficits are added by overspending on the part of the federal government.
Deficit spending is spending money that one doesn’t have. When a person or government does this, deficits are created. Mr. Obama’s rhetoric may confuse a lot of people, but please do not be confused. Leaving tax cuts in place is NOT the same thing as overspending and creating deficits.
What Obama is really saying is that he planned for the wealthiest of Americans to be taxed heavily in order to pay off the debt that he, Congress, and those coming before him spent. He forgot to take into account simple economic principles. Wealthy Americans also keep the economy going by spending and investing. When the economy begins to collapse the wealth of all Americans begins to shrink. There is less money circulating and being spent. Deficit spending stinks whether it is a small budget in a family situation or on a tremendous national scale.
America’s debt is already so out of control that it cannot be paid off without tremendous cuts being made by Congress. Cutting taxes will help the economy. Cutting spending will help pay off the deficit. That is how it works Mr. President.