Here we go again ... the Republicans are already spreading their traditional drivel that Democrats will do nothing more than raise taxes. Well duh ... the Republicans will have to do the same, or are they somehow under the illusion that 9.5 Trillion dollars of national debt will just somehow vanish into thin air? The current Republican President is responsible for darn near doubling the National Debt during his 8 year term alone. Hello! Is anybody in Washington paying attention to the overwhelming debt they're incurring?
Whoever wins this presidential race will face serious budgetary issues and will come to the inevitable conclusion that in order to reduce the national debt and to increase the value of U.S. currency (which by the way, is killing us), taxes are going to have to go up. Not only that but wasteful spending, needless programs and the corruption of using earmarks as a way of getting votes for a bill will all need to be eliminated. If we don't start tightening up our belts soon and reduce the debt, you just might as well get ready to kiss our 'American way of life' goodbye.
The bulk of baby boomers are still working, but in the very near future, those workers who currently contribute to payroll and social security taxes, will retire. They'll be filing for Social Security. But, a seriously large portion of the social security trust funds have been loaned out to fund the national debt ... or in other words, the trust fund has far too many IOUs instead of actual funds that have actually earned interest over the years. I hate to be a doomsayer, but if we don't start reducing the National Debt, which means paying back what's owed to the Social Security Trust Fund ... it's gonna get real ugly.
When the debt was a few Trillion dollars less, USA Today in an Oct. 2004 article, predicted: 'The worst-case scenario is a sudden crisis — perhaps a major terrorist attack or a shutoff of oil from the Middle East — that triggers a loss of confidence by investors in the U.S. economy. Foreign investors refuse to lend more money to the government to finance its deficits; drastic tax increases and benefit cuts occur suddenly; the dollar's value plummets, which raises the cost of imported goods; and a severe recession or depression results from falling incomes.' [USA Today]
So let's see, our economy has now been weakened by both the mortgage industry crisis and the gasoline price crisis. Not only is big business outsourcing jobs to overseas markets, but now our own government is outsourcing our defense contracts. What's next? Congress is still spending money they don't have and the National Debt is still rising. Bend over folks ... regardless of who wins the Presidential race ... taxes ARE going to rise.