[Opinionated Blowhard]

The dirty secret behind Obama’s spending insanity is that even if they double taxes on “the rich”, it woudn’t pay for what he is spending. The only way to pay for Obama’s spending binge is a big tax hike on the MIDDLE CLASS. Period. That is it. Its pure snake oil to suggest we can have the level of spending we have without a huge middle and lower class tax hike.

[Qbert]

Obama has no intention of cutting one dime from the national debt (unless it involves something his base loathes- i.e., defense spending). He has no intention even of raising taxes to attempt to pay off the debt- no serious person would keep spending the way he does if that's way he wanted. He talks about raising taxes purely for political purposes.

[MarkL]

The only way to pay for Obama’s spending binge is a big tax hike on the MIDDLE CLASS. Period. That is it. Its pure snake oil to suggest we can have the level of spending we have without a huge middle and lower class tax hike.

Given the level of spending, even that won't come close to balancing the budget. Think about it... Spending has now reached 100% of GDP. That means to balance the budget with no spending cuts, the government would have to confiscate all products created, as well as all the payments for services, that are produced in the USA. That means that people would have to stop eating, because the food would be confiscated by the government. And there would be nowhere to live, because all salaries would be confiscated as well, so you would not be able to pay rent.

I recall reading that were congress to pass a tax that confiscated 100% of all earnings above 1 million dollars, it would only fund the government spending for about 18 days.

The government is "borrowing" about 40% of its current spending. And the Federal Reserve has now exceeded China as the #1 holder of US "public debt." THAT'S FRIGHTENING!

Mark

[Secret Agent Man]

If they took everyone’s savings it would only pay for about 4-5 months at the current rate of spending per day. Then what?