AdamT
DP Veteran
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- Jul 26, 2011
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I will agree to a point with your statement. You really don't think its that simple regarding the federal budget issues. Let me ask, if the Buffet rule was made law, what is in the law that would have the increased revenue brought in go towards the deficit and debt we have? The issue I have is not lowering the deficit but eliminate it and work towards reducing the debt.
In your own words, "you will lower the deficit. OK, what does that really mean? Instead of borrowing .40 of every dollar spent, Congress will what, borrow .20 or .30 of every dollars. Doesn't that means the debt still increases? When is Congress and the President going to realize we must have a balanced budget which includes a lowering of the debt. If we don't do this soon, what is that doing for future generations?
No one is claiming that the Buffett rule would solve the whole deficit problem. It's just a small piece of the puzzle, which will require large spending cuts and also broad-based tax increases. The reason they're pushing the Buffett Rule now, IMO, is that raising taxes on the wealthy has less of a dampening effect on the economy than raising taxes on the poor and middle class. Not saying that it has NO effect -- but less effect, simply because the wealthy have much more disposable income and are less likely to change their spending habits as a result of a relatively small tax hike.