Regarding “Debt limit battle to harm vets, elderly, Obama says” (Jan. 15): According to respected financial experts and some government agencies, this is not true. They state that tax funds paid to the federal government, each day, will cover necessary authorized expenses. Further, those organizations that determine credit ratings declare unless something major is done in reducing entitlement spending, any increase in the debt limit will result in major lowering of U.S. government credit ratings.
President Obama also declared “we are not a deadbeat nation” during his sham news conference. The only reason we aren’t is that the federal government now pays our mounting debts plus interest by borrowing – from unfriendly nations – 40 cents of every dollar being squandered.
He also said he is willing to negotiate debt reduction with GOP leaders, but only if they are separate from raising the debt limit. Based on historical experience with the Democrats, President Reagan and both Presidents Bush would strongly advise against that offer. The Democratic Party is never going to look at entitlement adjustments. They are hellbent on continuing their tax-and-spend habits.
Also witness the article on Page 5 of the same issue: “Tax bump pinches workers.” Obama repeatedly stated in both of his campaigns that he would raise taxes only on the very rich; he would protect the middle class. (That was the start of his class warfare plan) A few GOP congressmen foolishly believed him and went along with the “rich people” tax increase. It raises about $60 billion a year in new revenue (which pays for about five days of federal spending). However, no mention was made – by the mainstream media – of the administration’s little adjustment to Social Security withholding taxes by letting the temporary 2 percent cut expire.
Even those who voted for Obama must now accept that he has again bamboozled the little guy. The Page 5 article is rife with examples: 77 percent of U.S. taxpayers being really hurt by this tax increase – most of them in the middle class or lower class. They now face necessary reductions in their spending for essentials. According to the article, this will result in $125 billion each year not being put into buying power. There is no mention how many jobs will be lost as a result of this insane decision.
Of course, we have only begun to see the effects of Obamacare. This writer’s insurance premium jumped 30 percent. Experts say they will double in 2014 – or be canceled by employers. Maybe Obama doesn’t really care about these issues, since it may add potential voters to his infamous welfare programs.
Mitt Romney was right. Obama did buy the election.
JOHN PAUL
Warren
