Obama laid down a new gauntlet today. Now he refuses to negotiate over raising the debt limit. "I will not play that game," he says. What Obama is saying is that he has no intention of making any concessions to reducing the national debt or the ongoing deficits. The road to bankruptcy is not going to be blocked by this President.
The only thing the President will consider is raising taxes on everyone above $ 250,000 in income. If he succeeds, revenues will be lower and the deficit will expand; economic growth will turn negative and the US will stagnate further. That's the President's plan. Just remember that when England did exactly this three years ago -- raising taxes on everyone making over $ 1 million, the number of tax payers filing returns over $ 1 million income dropped 60 percent and revenues from this income group collapsed. That's where the tax on "millionaires and billionaires" is headed.
Either Obama is woefully ignorant of economics or something worse is afoot.
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