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Watch Out…The President's Talking "Balance" Again

Posted By Laura Trueman On February 14, 2013 @ 10:38 am In Economics | Comments Disabled

[1]

Cartoon by Eric Allie, Townhall.com

If you aren’t nervous, you should be. The President is, once again, talking about a “balanced approach” to fixing sequestration—the across-the-board budget cuts [2] scheduled to hit America. Translation: your pocketbook is threatened.

The last time the President negotiated a “balanced” package was January’s fiscal cliff deal. He said that only “the wealthiest 2 percent of Americans” would pay higher taxes. Yet, mid-January, with the arrival of the first paychecks of the year, we learned what “wealthy” really means: everyone. The payroll tax increase hit every worker, and the average American earning $41,000 received $32 less in his biweekly paycheck [3], which will add up to almost $1,000 a year.

The fiscal cliff deal showed that President Obama’s idea of “balance” is tax increases ($618 billion plus the increase in the payroll tax) and NO spending cuts. In fact, the fiscal cliff deal had a net increase in spending [4].

Now the President is talking “balance” again. He wants tax increases (only on “the rich,” of course) to replace spending cuts in sequestration.

Watch out, America! We have seen that “deal” before.


Article printed from The Foundry: Conservative Policy News from The Heritage Foundation: http://blog.heritage.org

URL to article: http://blog.heritage.org/2013/02/14/obama-balanced-approach-means-tax-hikes/

URLs in this post:

[1] Image: http://blog.heritage.org/wp-content/uploads/Eric-Allie-cartoon.jpg

[2] budget cuts: http://www.heritage.org/research/reports/2013/02/budget-cuts-would-not-harm-the-economy

[3] average American earning $41,000 received $32 less in his biweekly paycheck: http://www.foxnews.com/us/2013/01/11/lighter-paychecks-to-hamper-many-americans-amid-uncertain-economic-times

[4] a net increase in spending: http://www.heritage.org/research/reports/2013/01/fiscal-cliff-deal-added-47-billion-in-spending

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