The problem is not just the spending supposedly needed for the current economic emergency. Obama claims that he will cut the deficit in half, to $533 billion, by the end of his first term. Two problems: 1) The Congressional Budget Office says the more likely number is $672 billion, and 2) that is 46 percent more than the deficit in 2008. Worse yet, the CBO says the deficit will then resume its upward trajectory, reaching $1 trillion by 2018 and nearly doubling the national debt over the next decade.
Scary thoughts indeed. The writer first makes a point that is encouraging about the real meaning of the ‘tax day tea parties’ which I hope is true.
So why did people rally across the country when they should have been planning how to spend their tax refunds? Because their true dismay is about the mushrooming of federal outlays, which the demonstrators regard as a future tax increase in the making. Which, of course, it is.