There was a USA Today story the other day that taxes in the United States are ridiculously low now. The basic gist of the story, pushed by leftwing groups who want everyone to bow down and face Washington for its "gifts" — never mind that it is your money to begin with — is that there is no conceivable way anybody in their right mind could think taxes are still too high. This comes as Bush tax cuts are set to expire and sets up the argument that maybe they should just expire.The second salvo on this front is this story breaking overnight that we're running a huge deficit this month. Take both stories together and the conclusion for the left and media is that taxes need to go up. The rest of America is thinking maybe spending needs to go down.
It was more than twice the $40-billion deficit that Wall Street economists surveyed by Reuters had forecast and was striking since April marks the filing deadline for individual income taxes that are the main source of government revenue.Department officials said that in prior years, there was a surplus during April in 43 out of the past 56 years.The government has now posted 19 consecutive monthly budget deficits, the longest string of shortfalls on record.
There is a larger issue here that everyone is missing. Barack Obama is lecturing Europe right now on its financial mess, going so far as to lecture countries like Spain on it spending. How the heck can Barry O tell anyone with a straight face that they need to cut their spending when Barry is spending in ways a drunken sailor would never conceive of spending.Friends, taxes are not too low. Spending is just too high.