President Calls for Nearly $5 in Tax Increases for Every $1 of Spending Cuts
In a news story titled “Efforts to Curb Social Spending Face Resistance,” today’s New York Times reports that, “In talks with Congressional leaders, Mr. Obama is seeking $1.6 trillion in additional revenue over 10 years and $340 billion in health care savings.” In noting that the “Administration was not considering changes” to Social Security, the article also suggests that the health care savings are the only spending cuts being considered by the White House. That means the President is now seeking $4.71 in tax increases for every $1 of entitlement saving
As shown in the chart below, this is far from a “balanced approach,” let alone anywhere close to the ratio the President called for last April of $1 in revenue for every $3 in spending cuts. As the President has previously admitted, spending on entitlements, not a lack of tax revenue, is the primary cause of our debt and deficits.
Mr. President, what else are you willing to cut to achieve the “balance” you have long called for? Simply put, where is your plan?