Posted on The Daily Caller-By Alex Pappas, The Daily Caller-On July 25, 2011:
“Iowa Rep. Steve King said Monday that President Obama could face impeachment if the country goes into default.
“Obama would be impeached if he blocked debt payments,” King, a Republican, wrote on Twitter.
King prefaced the comment by writing: “STOP talking about default. The 1st dime of each $1 of revenue services debt.”
His comments come as Obama is negotiating with Congress over a debt reduction package that includes raising the country’s debt limit by the August 2 deadline.
King ended the tweet with a reference to the Republican “Cut, Cap and Balance” plan he supports that passed in the House last week, but was killed in the Senate.
It would require spending cuts and caps along with a constitutional amendment for a balanced budget.”
Source:
http://dailycaller.com/2011/07/25/rep-steve-king-obama-could-be-impeached-over-debt-crisis/
Note: The following articles and/or blog posts and videos relate to this disturbing issue-You Decide:
I. Debt ceiling: Obama’s demagoguery vs economic reality!
Posted on The Patriot Update-By Nathaniel Davidson-On July 25, 2011:
“The current hot topic is yet another raise of the debt ceiling. The Demagogues, led by King Barack and Treasury Secretary Tim “tax cheat” Geithner, are trying to scare the country with threats of losing our AAA credit rating, and scaring seniors by threatening to withhold Social Security, and holding military pay hostage. Never mind that according to Chris Whalen, a banking industry analyst and co-founder of Institutional Risk Analytics, the government can continue to pay off its debt for months before defaulting.
They are trying to use this to trick Republicans into agreeing to what Obama calls “balance”, but really means “more taxes”, in line with Obama’s ‘Redistribution of Wealth’ Radio Interview, 2001. They hope the GOP will forget what happened when the first President Bush was tricked into violating his “Read my lips: no new taxes” pledge—by similar promises of spending cuts that never materialized.
Soaking the rich?
In a previous Patriot column, I pointed out that the “rich” are already being Taxed Enough Already. A more recent Heritage blog, Soaking the Rich to Raise the Debt Ceiling Won’t Solve Spending Problem, pointed out:
The reality is often lost that the top 10 percent of income earners—those making more than $113,799 in 2008 (the latest year available from the IRS)—already pay 69.9 percent of the income taxes. The same top 10 percent, however, earn only 45.8 percent of the income.
The IRS also reports that in 2008, the top 25 percent of income earners—those earning $67,280 or more—pay 86.34 percent of the income taxes, yet earn only 67.38 percent of all income in the U.S.
Furthermore, the two greatest presidents of last century, Calvin Coolidge and Ronald Reagan raised government revenues by cutting tax rates, because people work harder and are more entrepreneurial when they can keep more of what they earn. There is more money for hiring workers as well, which is why unemployment plummeted under these presidents.
Also, it should be obvious that low rates that are paid will probably gain more than high taxes that are avoided—mostly legally. For example, Bloomberg.com estimates that American corporations have $1.5 trillion in cash sitting overseas. If they brought it back home, they would be gouged at 35%, the highest corporate tax rate in the developed world. But if it were reduced to 15%, say, then they are more likely to bring it back home and help our economy grow, and also enrich the Treasury by $200 billion!
But Obama is an ideologue, and an especially dishonest one. His latest trick is to demagogue about jet planes:
If we do not have revenues, that means there are a bunch of kids out there who do not have college scholarships. … I’ve said to Republican leaders, you go talk to your constituents and ask them, ‘Are you willing to compromise your kids’ safety so some corporate-jet owner can get a tax break?’
However, he neglected to mention that the tax break for corporate jets came not from Republicans but from his own 2009 “stimulus” package, rammed through against Republican opposition. It is really taking from the despot’s playbook to blame the opposition for one’s own failures!
And of course, it would ruin the rhetoric to talk actual figures. The savings would be at most about $300 million a year, “less than one-tenth of 1 percent of Obama’s stated deficit-reduction target.” And they “wouldn’t pay for even a month of those college scholarships he wants to fund (Annual cost: $42 billion.)” And of course, most of the “rich” who Obama wants to tax-gouge are light years away from owning their own jets. (I should say that I have no problem with getting rid of socialism for the rich, such as the ethanol scam.)
Because of the above analysis, it was most encouraging to see the recent Patriot column Boehner derails tax increase, Obama’s 2012 plan. I’ve criticised him before for being too willing to appease the Debtocrats, so when he does something right, he deserves kudos from me, and support from the Tea Party.
It's the spending, stupid!
Despite Obama’s demagoguery, we don’t suffer from low tax revenue but from a government with out-of-control spending. Economist Dr. Thomas Sowell puts all the left’s envy-mongering into perspective in his column Slaves to Words:
Even if the income tax rate were raised to 100 percent on millionaires and billionaires, it would still not cover the trillions of dollars the government is spending.
But Obama and the Dems have no desire to rein in this spending, even though this Keynesian spendulus hasn’t improved the economy. Furthermore, it never has done so in history, and never could because the money is sucked out of productive sections of the economy.
For example, they refused to cut funds for the abortion and sex-trafficking business Planned Parenthood, founded by the racist eugenicist Margaret Sanger to eliminate what she called “human weeds”, including black people. The House voted to defund this rotten organization, but the Dems said “nope” and the appeasing RINOs caved.
Obama also refuses to reconsider the trillions of dollars in new spending from Obamacare, or his other big-spending sprees on high-speed rail or “green energy”.
The Dem Senators voted on party line to reject the sensible Cut, Cap and Balance bill. This just shows that there is no longer such a thing as a “blue dog Democrat” (just as ramming through Obamacare and protecting Planned Parenthood showed that “pro-life Democrat” is now an oxymoron). Rather, voting for a Democrat now always means a vote for fiscal irresponsibility and war against the unborn (see also previous Patriot column Why conservatives should hold their nose and vote Republican).
Credit rating:
The whole debate is a joke. As Mark Steyn put it:
"There is something surreal and unnerving about the so-called ‘debt ceiling’ negotiations staggering on in Washington. In the real world, negotiations on an increase in one’s debt limit are conducted between the borrower and the lender. Only in Washington is a debt increase negotiated between two groups of borrowers."
Really, it’s like your teenager maxing out his credit card, and you increase his limit even more, rather than help him pay off his debt and control his spending so it’s less than his income. As the fine new Conservative senator Mario Rubio explained (below), it’s the debt and spending that is endangering our credit rating, according to the credit agencies themselves:
https://www.youtube.com/watch?v=qHUqUbjuaW0&feature=player_embedded
Conclusion:
Boehner and the other Republicans are far too fond of “collegiality” or playing nice, as the Democrats and their Media allies smear them viciously. They should instead stop treating Obama as if he were an honest man who loves this country. Instead they should follow the conservative British statesman and philosopher Edmund Burke:
“There is no safety for honest men but by believing all possible evil of evil men” (from his Reflections on the Revolution in France, p. 249, 1790; NB he supported the cause of the American revolutionaries while he was scathing of the French ones, much like Ann Coulter does in Demonic).”
Source:
http://patriotupdate.com/articles/debt-ceiling-obama’s-demagoguery-vs-economic-reality
II. IMF Cites ‘Urgency’ in Raising $14.3 Trillion U.S. Debt Cap!-Posted on NewsMax.com-By Bloomberg News-On July 25, 2011:
III. Rep. Issa: US deserves to have credit downgraded if spending isn't addressed!-Posted on The Hill-By Alicia M. Cohn-On July 25, 2011:
http://thehill.com/blogs/blog-briefing-room/news/173261-rep-issas-not-concerned-about-credit-rating
IV. 40% expect Obama to punish public over debt-ceiling battle!-Posted on WND.com-By Bob Unruh-On July 25, 2011:
http://www.wnd.com/?pageId=324445
V. Who’s Holding America Hostage?-Posted on Godfather Politics-By GIACOMO-On July 26, 2011:
http://godfatherpolitics.com/258/whos-holding-america-hostage/
VI. Is EPA’s true purpose protecting the environment or shutting down industry?-Posted on The Washington Examiner-By Bryan W. Shaw, OpEd Contributor-On July 23, 2011:
VII. Video: Democrat Congressman Admits Debt Limit Debate Is a ‘Charade’!-Posted on Big Government-By Lee Stranahan-On July 25, 2011:
VIII. Big Surprises Uncovered in Fed Audit!-Posted on The Patriot Update-By Ann-Marie Murrell-On July 25, 2011:
http://patriotupdate.com/articles/big-surprises-uncovered-in-fed-audit
Note: My following blog posts contain numerous articles and/or blog posts and videos that relate to this disturbing issue-You Decide:
Is George Soros deliberately handicapping American energy?
http://weroinnm.wordpress.com/2011/03/02/is-george-soros-deliberately-handicapping-american-energy/
Is there a Christian basis for combating the threat of global warming?
Is it important to understand the Marxist assault on the foundations of our system?
Note: If you have a problem viewing any of the listed blog posts please copy web site and paste it on your browser. Be aware that some of the articles and/or blog posts or videos listed within the contents of the above blog post(s) may have been removed by this administration because they may have considered them to be too controversial. Sure seems like any subject matter that may shed some negative light on this administration is being censored-What happened to free speech?-You Decide.
“Food For Thought”
God Bless the U.S.A.!
https://www.youtube.com/watch?v=Q65KZIqay4E&feature=related
Semper Fi!
Jake
Comments