Socialist America sinking - "While outwardly America appeared the same, a revolution within had taken place that was now irreversible. One need only glance at where we were before the New Deal, where we are and where we are headed to see how far we are off the course the Founding Fathers set for our republic.
Taxes drove the American Revolution, for we were a taxaphobic, liberty-loving people. That government is best that governs least is an Americanism.
When "Silent Cal" Coolidge went home in 1929, the U.S. government was spending 3 percent of gross domestic product.
And today? Obama's first budget will consume 28 percent of the entire GDP; state and local governments another 15 percent. While there is some overlap, in 2009, government will consume 40 percent of GDP, approaching the peak of World War II.
Obama plans to repeal the Bush tax cuts and take the income tax rate to near 40 percent. Combined state and local income tax rates can run to 10 percent. For the self-employed, payroll taxes add up to 15.2 percent on the first $106,800 for all wages of all workers. Medicare takes 2.9 percent of all wages above that. Then there are the state sales taxes that can run to 8 percent, property taxes, gas taxes, excise taxes and "sin taxes" on booze, cigarettes and, soon, hot dogs and soft drinks.
Comes now national health insurance from Nancy Pelosi's House. A surtax that runs to 5.4 percent of all earnings of the top 1 percent of Americans, who already pay 40 percent of all federal income taxes, has been sent to the Senate. Included also is an 8 percent tax on the entire payroll of small businesses that fail to provide health insurance for employees.
The D.C.-based Tax Foundation says New Yorkers could face a combined income tax rate of near 60 percent.
In the Declaration of Independence, Thomas Jefferson called George III a tyrant for having "erected a multitude of new offices, and sent hither swarms of officers to harass our people and eat out their substance."
What did George III do with his Stamp Act, Townshend Acts or tea tax to compare with what is being done to this generation of Americans by their own government?
While the hardest-working and most productive are bled, a third of all wage-earners pay no U.S. income tax, and Obama plans to free almost half of all wage-earners of all income taxes. Yet, tens of millions get Medicaid, rent supplements, free education, food stamps, welfare and an annual check from Uncle Sam called an Earned Income Tax Credit, though they never paid a nickel in income taxes..." - Source
CBO: Federal budget is on unsustainable path... - "Under current law, the federal budget is on an unsustainable path, because federal debt will continue to grow much faster than the economy over the long run.
Although great uncertainty surrounds long-term fiscal projections, rising costs for health care and the aging of the population will cause federal spending to increase rapidly under any plausible scenario for current law.
Unless revenues increase just as rapidly, the rise in spending will produce growing budget deficits. Large budget deficits would reduce national saving, leading to more borrowing from abroad and less domestic investment, which in turn would depress economic growth in the United States.
Over time, accumulating debt would cause substantial harm to the economy." - Source