Until January 1st of 2011, we will all labor under tax rates which were put in place by Bush in 2003.
Leftists have long argued these rates are bad, unfair and a gift to the rich and should be rescinded.
They did so in 2003 and 2004 and 2005 and 2006 and 2007 and 2008 - as tax revenues went up year after year.
Yes, we had deficits between 2003 and 2008, but they were declining until the Oil Bubble and the Housing Bubbles burst in 2008 - no mere coincidence.
In fact, in 2007 the US federal government received 2.569 trillion in revenues - THE MOST EVER.
In two short years, Obama has rung up two HUMONGOUS deficits of 1.6 and 1.4 trillion dollars. As much as ALL 8 years of the Bush Administration, and a rate which is more than twice as much as during the entire Bush presidency.
We have larger deficits now then in 2007 IN PART because revenues have declined, and revenues didn't decline because tax rates declined.
Revenues declined because the economy is shrinking and fewer people are working.
WE CANNOT TAX OUR WAY OUT OF THESE OBAMA DEFICITS.
If we want to decrease deficits all we have to do is get the economy to grow again; this will increase revenues ands decrease outlays; outlays will be decreased because the federal government outlays more during recessions as government dependency and welfare expenses increase during recessions.
On top of the natural increase in these welfare outlays, the Obama Administration increased outlays believing that it would forestall a depression: they felt that the federal government had to be a spender of last resort in order to keep aggregate spending as high as possible.
This was a mistake.
Not only did most of the spending go to unnecessary pork barrel boondoggles (which mostly benefited Democrat Party Machine cronies), but most was on unnecessary projects with Zero multiplier effects. Remember: if multiplier effects were real then the USSR would today be the richest nation on Earth.
Obama's average annual federal budget is 1 trillion dollars higher than Bush's worst year.
If we want to cut the deficit it only makes sense to cut this trillion in new unnecessary spending; it makes sense to raise taxes.
Revenues will ONLY go up when the economy grows.
Growth is what we must seek.
The left's long sought after "soak the rich" goal will not reduce the deficit because they will slow economic growth.
Slowing economic growth hurts the poor and the working poor the most. What working people like me need is a growing economy with more opportunity, not an economy based on government dependency.
We can undo the Obama spending debacle and spur the economy to grow quite easily: JUST VOTE GOP THIS NOVEMBER.