In his post on “Governor Romney’s selection of Wisconsin Congressman Paul Ryan as his running mate“, Walter Russell Mead asks what is perhaps the defining question of the Obama administration:
The fiscal trajectory does not look good; how exactly do Democrats plan to pay for all the programs they want to protect and extend?
The Democratic incumbent seem to want to have his cake and eat it too, increasing the size and scope of the federal government while asking only “millionaires and billionaires” to foot the bill. Indeed, Keith Hennessey finds that “the Obama fiscal path and campaign message” relies “on the false presumption that everything will be OK if we raise tax increases only on the rich and make small, mostly painless spending cuts.”* (Via Instapundit)
Hiking taxes on rich people just won’t be enough to pay for his spending increases.
Despite asking for new programs, Barack Obama refuses to give the hard facts to the American people: to avoid annual trillion-dollar deficits, we need to either cut federal programs or find a way to pay for them.
And having witnessed American politics for the last thirty years or so, the Democrat is wary of raising taxes; he has seen how toxic such hikes are with voters. No wonder that, during his 2008 campaign for the White House, he pledged not to raise taxes on a families making “less than $250,000 a year“.
Just a reminder that Mr. Obama blamed his predecessor for the debt accumulated in his term because that Republican gave us a number of programs “we didn’t pay for“. Seems he’s continued that policy.
RELATED: Glenn Reynolds quotes Iowahawk: “Paul Ryan represents Obama’s most horrifying nightmare: math.”
*The whole piece is well worth your time; Hennessey offers some suggestions on how the Romney-Ryan team can respond to Obama’s attacks.