Letter to the Editor: Wake Up, Middle Class!
Stephen J. DiGianfilippo lives in East Greenwich.
The national debt is out-of-control. In the past 4 years, it has risen by an astounding $6 trillion (i.e. it has risen from $10 to $16 trillion). Worse, President Obama’s proposed policies would continue this debt explosion; he plans in a second term to add about $1.5 trillion per year to this accumulated debt!
President Obama lies straight to our faces when he proposes to solve this crises by “raising taxes on millionaires and billionaires.” As a solution, this amounts to throwing sand into the wind. As reported in the Wall Street Journal on October 3, 2012, the income of this group (per the IRS) is about $708 billion per year, meaning the President’s solution will raise about $70 billion per year. (The President’s own Treasury Department itself recently acknowledged this fact.)
Hence, even if the President’s “solution” is enacted, his annual deficit in a second term would still be about $1.4 trillion. Since the President has no plans to actually reform spending, this means he needs to look beyond “millionaires and billionaires” for additional tax revenue, and he has only one group left to tax in a second term: the Middle Class.
Which, I suggest, should wake up before it is too late.