FRONT PAGE CONTRIBUTOR
What Does $40,000 Mean to You?
Obama has been running around all day making a fool of himself as he promotes his $40 Social Security tax cut. Yes, the tax plan that will create a new class warfare Social Security Taxable Wage limit in order to accommodate his totally unworkable two-month extension. Obama has even set up a new web page asking people “what $40 per paycheck would mean to you.”
Republicans should respond by setting up a web page asking every taxpayer to explain how a $40,000 increase in their share of debt will affect their finances and those of their grandchildren.
You see, while the media has been focusing on Obama’s two-month Social Security tax cut, they have ignored another big story. Our national debt has surpassed 100% of GDP. With Q3 GDP revised downward, our economy now stands at $15.081 trillion. Our total federal debt is over $15.14 trillion.
How much of that debt is Obama responsible for?
When Obama took office, the total federal debt stood at $10.6 trillion. Obama’s share of the debt increase is roughly $4.5 trillion. There are approximately $112.7 million taxpayers. That means that the individual share of the Obama debt is about $40,000.
So while Obama is bragging about his $40 tax cut, he is obfuscating the fact that he is increasing more entitlement spending along with the package. This will only increase the $40,000 share of debt for every taxpayer.
We know that $40,000 is not much for the commander-in-chief of all class warfare, but what does it mean for you?