We Cannot Sustain This Spending
They’re telling us we must raise taxes. We’ve gotta raise taxes $3 trillion dollars or $1 trillion or $2 trillion. We gotta raise taxes — and even after we do that we’re not gonna be able to service the debt, or what you mean by when you say service the debt. Here’s another way of looking at this. Here’s Obama. If Obama were honest he would say, “I did not spend my first two years solving the crisis because I spent that time creating it.” What Obama wants you to believe is that he hasn’t been president the last 2-1/2 years. He was there, but it was so bad — what he inherited from George W. Bush was so bad — that he valiantly fought it! Oh, my God, the tough decisions he made? The challenging steps he took?
Oh! He didn’t know how bad it was. Nobody told him the truth. It was worse than anybody ever imagined, so it’s gonna take a lot longer. The truth of the matter is Obama didn’t spend the first two, 2-1/2 years of his regime solving this crisis, folks, because he spent that time creating it. There’s an honest question for you: If we raise taxes, does that mean we’re not spending too much? It doesn’t, does it? My point is: What does raising taxes have to do with the debt ceiling? What does raising taxes have to do with this crisis? Nothing! If we even double the taxes we’re paying, does that mean we’re not spending too much? All of a sudden, if we raise taxes, we can keep spending?
Is that what they want us to believe? Is that really what they want you to believe? Are you really ready to commit to that in the name of compromise? You’ll go along with a tax increase because that somehow means all of a sudden we’re not spending too much? Don’t fall for that. This is a full-fledged, 130% spending problem. We don’t have a tax revenue problem, because we can’t raise taxes enough to fix this. We can’t. We could confiscate all the wealth in this country over $200,000 (you can only do that one time, by the way) and we don’t even make a dent in what we owe. So that’s not an option. The honest answer is we are spending too much even if we triple taxes on everybody.
More tax money is not gonna solve it. In fact, it’s not even gonna be applied to whatever is owed. It’s just going to be redistributed in order to make everybody poorer.