Take every last penny from the 'uber rich' - you won't come close to paying off the debt or balancing the budget.
This is true.
Today the bottom 52% of people do not pay any income tax and thus are not contributing to the government revenues, but they are getting subsidised housing, child care, medicine, food, etc. which are paid for by those 48% who do pay income tax.
of which of these the top 10% (the rich) pay 70%!
Yet, all we hear from Obama is "shared sacrifice" ...that the rich must pay more income tax. The point is the system is abused and desparately needs to be changed...maybe to a flat tax of some kind.
Obama promised 'change you can believe in.' yes, we have it now, the change in our pockets is all we have left, believe you me.
We all heard from Joe the Plumber where Obama wants to go with his idea of "change" ...it's called Socialism..."class struggle" and
Plenty of money, just in the wrong pockets.
Obama would have the money possessed, regulated and distributed by the State.
Now added to the income tax we pay lots of other kinds of taxes. So we know now, it's not a revenue problem the government has, but rather a huge spending problem.
Of every dollar the government spends, 42 cents is borrowed...this is unsustainable. Obama has borrowed 1.7 trillion dollars ... that means he spent 1.7 trillion more than the government took in revenues. For over two years, the Democrars had a super majority. They couldn't/wouldn't offer a budget because there was no way of hiding these numbers.
How long would your household last if you spent 42% on your credit card more than you bring in? Is the answer to raise the credit card limit?
That's exactly what Obama and some of the Dems insisted upon and got in the deal. Raise the debt ceiling and continue to spend, spend and spend.
After all, Obama sees government spending as the best way to create his vision of society.