As the car hurtles towards the cliff, Democrats continue to pretend not to see any need to brake, or even turn the wheel slightly:
One hundred and seven of the 200 House Democrats signed a letter to Obama threatening to vote “against any and every cut to Medicare, Medicaid or Social Security benefits — including raising the retirement age or cutting the cost of living adjustments that our constituents earned and need.”
Instead, they want the White House to “rely on economic growth and more fair revenue-raising policies to solve our fiscal problems,” like getting rid of subsidies for big businesses and raising taxes on the wealthiest Americans.
“I only know one thing: I’m against cutting Social Security, Medicare, Medicaid,” said Rep. Keith Ellison (D-Minn.), co-chairman of the Congressional Progressive Caucus in the House. “I don’t really care who is pushing it. It doesn’t matter who says it’s a good idea. It’s a bad idea.”
It’s not enough for Obama to say in theory he might agree to this small reform or that one. He has to take on his party. Everyone who thinks Barack Obama will take on his party in any serious way on these issues, line up for your dunce caps. (The line forms at the Jimmy Kimmel thread below.)
We’ve been through the numbers — for a quick review, revisit this post. As I said then:
To make up the gap by taxing people, in 2012 you would have needed another $1.3T on top of the $2.47T we already took in. That means taxes would have to be raised 50%, across the board. Payroll tax, income tax, everything. If you paid $20,000 in 2012, you’d have to pay $30,000 to sustain Social Security and Medicare.
That’s not to pay off the debt — that’s just to meet the deficit in one year. And that’s assuming that raising taxes 50% would actually bring in 50% more revenue — which it clearly wouldn’t. Historically, raising the top marginal rate as high as 90% still doesn’t bring in more than 20% of GDP. No matter what the top rate is, whether it’s 35% or 90%, we take in roughly 18% of GDP regardless, as I explained in this post.
Not one lefty commenter has bothered to try to challenge me on these numbers, because they’re facts, and lefty commenters here seem to run from facts like poison. Prove me wrong, lefties. Take me on. I keep linking these posts. Show me how we can fix this problem without addressing entitlements. Go ahead. I’m here.
Relying on growth? You tell me: what kind of growth are we going to need to erase trillion dollar deficits and pay off a $17 trillion dollar debt — and if we achieve the former, how are you going to keep the politicians’ mitts off the cash to achieve the latter?
And how are we going to achieve growth with stifling regulation and taxation?
No, these “ideas” are fundamentally unserious.
Now. Keith Ellison might honestly be stupid enough not to understand the numbers.
Barack Obama understands them. He just doesn’t care. Party for Michelle’s 50th!!! Woooooooooooo!!!!