People thought only the rich would have to pay into Obama’s wealth redistribution schemes. The blaring truth is that the rich don’t have enough money. We now see the reality of how it is creeping into the middle class and will continue to do so until we only have rich and poor.
Pope Francis wants the gap in income inequality narrowed. I agree but I doubt we would agree on how to get there. In the United States, we are losing our middle class and our economic freedom because of Mr. Obama’s policies.
Oddly, Mr. Obama has called for making income inequality his major issue even though it has gotten much worse under his administration.
Mr. Obama saying he is going to concentrate on income inequality means he is going to do the opposite. He is projecting.
For those who don’t know, projection in psychological terms is a defense mechanism in which a person unconsciously rejects his or her own unacceptable attributes by ascribing them to objects or persons in the outside world. Mr. Obama and his faux liberals do a lot of that. Some of us like to call it lying.
Since Mr. Obama has been in office, the rich have gotten richer and the middle class have gotten poorer. The poor have done slightly better because of government welfare, tax credits, food stamps, et al.
CNBC quoting from a Congressional Budget Office report found this piece of information: ‘…when it comes to individual income taxes, the top 40 percent of wage earners in America pay 106 percent of the taxes. The bottom 40 percent……pay negative 9 percent.’
This is NOT solely the rich we are talking about! If you prosper at all, work hard, strive for that nice house, you will pay for those who do not until you can’t pay any longer.
In other words, the 40% who pay taxes includes the middle class, not solely the rich, and they are paying for the bottom 60% to pay nothing, and in many cases, get handouts from the top 40%. When they are done with the top 40%, it will reach into the 50% and so on.
Mr. Obama’s 2013 and 2014 budget increases taxes on the middle class. This year, he is calling for caps on deductions, changes in the way some tax benefits are calculated and a big hike in cigarette taxes. From MoneyMorning: ‘With a little sleight of hand in how the government calculates inflation, the Obama budget 2014 proposes to both raise taxes on the middle class and reduce future payments to Social Security recipients.’
The rich don’t have enough money to help cover trillion dollar deficits each year. The money has to come from the middle class. Mr. Obama’s new budget is an omen of bad things to come for the middle class.
In 2008, Mr. Bush more than doubled the deficit with Mr. Obama’s approval to cover bailouts. That was the year of the TARP. That was supposed to be a one-year deal. However, Mr. Obama has treated that oddity as the norm and now we are strapped with trillion dollar deficits each year that require us to print money or borrow money to cover the shortfall. Our economy will eventually collapse.
The Federal Reserve reports that US household wealth rose by over $1.9 trillion last quarter due to recovering home values, but again, that is for a very small sector of society.
Under Obamacare, struggling middle class families who were happy with their health insurance will soon be straddled with premium increases of 40% to 300% and deductibles of $12,700 for the cheapest family plan. That money doesn’t go to you, it goes to Big Brother. It’s the largest redistribution of wealth in US history and it has destroyed the greatest healthcare system in the world.
It also puts all the power over your health into the hands of an elite few who get between you and your doctor who will probably be different from the one you had. Unless you are rich, expect to get the doctors who are willing to take crumbs for a salary.
This is what you call a welfare state in the making.
Mr. Obama is now personally worth well over $10 million and that will go into the hundreds of millions when he leaves office as it has for the Clintons. His friends are getting richer also.
The reason the Tea Party was so dangerous to the left and the reason they had to be destroyed is not because they are radical or racists, it is because they saw this coming.