Tomorrow the President will present his budget. Let me start the discussion with this:
The President will recommend raising taxes on Americans earning more than $400,000 to help fund Medicare.
Wait now, weren’t we all told the Republicans were going after social security and medicare?
Weren’t they saying that the systems were going bankrupt and we had to do something?
Now the President wants to raise taxes to pay for the first one we know is going bankrupt?
Who lied to you?
This is only step one to try and meet the obligations of both those programs and its smoke and mirrors to fool you.
Raise taxes on the rich and all is well is the message. Let them pay their “fair share.” Really?
Here’s a little information on the rich and their fair share:
The Top 1% pay 42.3% of all taxes collected. (They earn 22% of total income.)
The Top 50% pay 97.7% of taxes raised.
The Bottom 50% pay 2.3% of taxes raised.
Now take a look at those numbers and think how it’s represented in the media.
Almost the opposite.
Add this point:
The U.S. has the greatest transfer of funds between these groups than any nation. Think about that.
The rhetoric is working though. Take a look at the latest Rasmussen Daily Poll, the President is at a high point.
Their Daily Tracking Poll yesterday showed that 48% of Likely U.S. Voters approve of President Biden’s job performance. Fifty (50%) disapprove.
Governor DeSantis of Florida was in California this past week as he and Governor Newsom continue to spar with each other over policies and programs. They offer competing views on the direction of the nation and how to run a state. They may well face off one day.
Remember during Covid all the controversy on their different approaches to opening, closing, schools, etc?
Here’s an interesting update on their states over the past decade:
Then we had our regular reminder about Donald Trump yesterday. It came from none other than Michelle Obama, who in an interview talked about inauguration day 2016. She mentioned flying out and looking down and how the main issue on day one was Donald Trump fighting with the press to try and prove he had the largest crowd ever. Remember that fiasco? Hours after being sworn in, that was what mattered to him.
Wouldn’t DeSantis versus Newsom be an interesting race?
Let’s go back to where we started today, the President’s budget tomorrow. Let’s see how it addresses the ever increasing debt and spending beyond our means.
Especially with this statement from the Fed Chair yesterday:
“The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated, if the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes.”