Hiding in Hawaii: Fiscal Volcano Replaces Fiscal Cliff

Hiding in Hawaii: Fiscal Volcano Replaces Fiscal Cliff

by Chip Jones on November 30, 2012


President Obama yesterday sent Treasury Secretary Timothy Geithner and White House Director of Legislative Affairs. Rob Nabors to Congress to present the White House plan to avert the impending “fiscal cliff”. The President dispatched his minions, in his mind we can surmise, and absolved himself of responsibility for further solution because he then promptly departed on a 20 day, taxpayer funded vacation to Hawaii. The thought that went into this plan must have been exhausting….

Inside the plan is the tax increase he campaigned on. Nothing to see here; move along…

Yet within this plan that would raise taxes on the allegedly wealthy, he is also raising taxes on capital gains. This, ladies and gentlemen, is not only a tax on rich security traders, it is also a tax on the middle income elderly who sell their homes…homes they may have paid for with monthly mortgage payments from their blue collar jobs…to bank money for retirement income, while moving to smaller, more easily maintained properties. Millionaire, billionaires and elderly blue collar workers.

Worse than this “sneak a tax” on middle class success, the proposal contains no proposed budget cuts. It does, however, contain blanket permission to borrow an infinite amount of money to support an ever growing, and “White House fertilized” national deficit.

Yet this President is, apparently, dissatisfied with “doubling down on dumb”. In this instance he triples down on dumb. Rather than offering a single dime of budget cutting discipline, he suggests raising spending. Yes, fellow Americans, this genius, who 51% of voters sent back to the White House, plans to balance the budget by actually increasing spending.

The proposal includes spending increases that include a minimum of $50 billion in new stimulus money to heap on the other billion of ineffective money he’s spent, monies to refinance underwater leases, an extension of unemployment claims, and a one year postponement of sequestration, amongst others.

A budget balancing proposal of this nature, in this political climate, forces even the most mathematically challenged of us to ask the pregnant question: “Mr. President, are you smarter than a 5th grader?”

Or, the more sophisticated might ask if this proposal, and the President’s fleeing to Hawaii for 20 days, might be an intentional attempt to pick a major public battle that consumes the headlines to divert attention from other matters that are more concerning to him.

Like why he has been arming Al Qaeda in the Middle East, offering clandestine support to the Muslim Brotherhood, and allowing American citizens to die needlessly to cover his treason….

Creating a fiscal volcano to replace the “fiscal cliff”, that seemed to be resolving in a bi-partisan way, serves that purpose well. It certainly isn’t a primer on either common fiscal sense or 5th grade math.

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