Monday, April 18, 2011

The Daily Snark 4/18

The Wall Street Journal reports that the top 10% richest Americans do not make enough income to pay the Federal budget. That means, if you took every dime they made, you would still have to run up debt or tax the middle class. This does not include state, local, school budgets, or pensions.

And, on what is certainly a completely unrelated note, the S&P is threatening to cut the credit rating of the United States.

As I see it, this leaves us with three options:
  1. Cut spending. No Democrat or liberal who believes government spending is in and of itself a morally good thing will allow this. Neither will constituents of whatever programs actually face cuts.
  2. Increase taxes on the middle class. Again, politically impossible.
  3. Increase debt, risking a credit cut and possible instability in the world economy. Hard to tie this to any vote a Congressman might make; politically, it is the safest bet, even if it risks the greatest possible damage. Link
Guess which one we will be going with?

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