So despite a $17 trillion federal debt (more than a third of that coming from the Obama administration alone), America is not broke at all. In fact, it’s awash with plenty of money!
If you believe radical leftist Rep. Keith Ellison (D-Minn.).
The Minnesota Democrat was speaking to a group of fellow liberals at the Progressive Democrats of America roundtable as he was pushing for more taxes in his Inclusive Prosperity Act, which would “impose a tax on certain trading transactions to strengthen our financial security, reduce market volatility, expand opportunity, and stop shrinking the middle class,” according to the text of the bill.
“The bottom line is we’re not broke, there’s plenty of money, it’s just the government doesn’t have it,” Ellison said. “The government has a right – the government and the people of the United States have a right – to run the programs of the United States: health, welfare, housing, all these things,” he added.
So in other words, the federal government has a right to take all your money to fund anything it wants. The problem isn’t the fact that Washington is bleeding red ink with it’s out-of-control spending levels (routinely racking up trillion-dollar deficits every year now), it’s that it just doesn’t have your money.
Amazing.
Forget the fact that nowhere in the Constitution does it say anything about the federal government “having the right to run health, welfare or housing programs” (though that’s never stopped revisionist progressives from rewriting history), what’s even more disturbing about this is the fact that radical left progressives like Ellison haven’t even done the math on this to figure out exactly how much “we” have, and “we” don’t have.
As I’ve been explaining for years, Democrats continue to perpetuate this myth that there is an endless supply of money that can be pumped from the rich by our government to cover federal spending levels. Earlier this year, they were able to successfully restore federal income tax levels back to Clinton era rates for the richest 2% of Americans. You know how much extra revenue that’s expected to bring in every year? About $62 billion.
Meanwhile, last year’s deficit alone was $1.1 trillion.
I’ll let Bill Whittle do the rest of the math for you in an excellent exercise where he tries to cover just one year’s worth of federal spending (including an intro from far left nutjob Michael Moore that eerily echoes that exact same statements made by Ellison – almost word for word):
Here’s the scariest part though, extremist progressives like Ellison are no longer on “the fringe” of the Democratic Party. They are the Democratic Party, starting from the top down: Obama, Biden, Pelosi, Reid, Wasserman-Schultz, and on.
President Barack Obama himself has refused to cut a single dollar of federal spending beyond what was mandated by sequestration after it became law (a 2% reduction in future levels of federal spending over the next 10 years from $47 trillion to $46 trillion). Was there a smarter way to cut 2% of the budget? Of course, and there’s plenty more room for spending reform, but as has been clearly demonstrated by this president since he took office, that’s a conversation he refuses to have with anyone.
In fact, he even went so far as to claim, “We don’t have a spending problem … I’m getting tired of hearing you say that.”
Is he serious? After adding more debt than any other president in history by blowing up spending levels to unprecedented heights?
Must be nice playing Santa Claus with other people’s money. I bet I could get the public to love me if I did it too.
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