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With information flying at us from every
direction – from tweets to Facebook posts, reality TV, the blogosphere, the 24
hour news cycle - it is easy to get lost in the silly and sensationalized rather
than reality. And that is just what the Obama administration is hoping we will
do.
After years of his failed economic policies,
President Obama is trying to distract us from our sluggish economy, unacceptably
high rate of unemployment, and the volatile price of essentials, like gas and
food. His appearances on late night TV to “Slow-Jam” the news and his “chats” on
the couch at “The View” are to keep us from focusing on the unprecedented
spending, debt and taxes, which unless reined in will crowd out all other
economic activity because they are both sensational and real.
If we don’t act, taxes are set to explode in
2013. Not only does much of the current tax code expire, but the new taxes
funding the healthcare reform law kick in too. Recent government estimates put
this impending tax hike near $500 billion. The average family of four could face
a $2,100 tax increase. Seniors could be hit with $1,400 in new taxes. If they
have investment income, their tax burden would go up another $1,700 on top of
that.
The President and his advisors are hoping
Americans will be satisfied with all the information a 140 character tweet gives
us on the economy and not probe any further. To do so, would be to discover that
we will be paying for the consequences of their fiscal policies for years to
come.
Here is what they won’t write in a blog. The
Federal Reserve Board (Fed) has dramatically expanded its holding over the past
few years by purchasing “toxic assets” from banks and loan guarantees. The Fed
has also lowered interest rates to zero.
It may seem like an unbelievable deal now but
seniors who live on the interest earned from their life savings find it quite
unbelievable. Zero interest cuts the income for which they’ve planned and saved
their whole lives. What will be unbelievable to the rest of us is the rapid rate
of inflation on goods and services we will encounter as soon as the Fed begins
to release assets from its accounts.
Most unbelievable is the lengths at which the
Obama administration will go to increase our taxes. Don’t be deceived; both the
reduction of investment earnings and inflation are taxes. And both erode
Americans’ buying power. I have yet to read their Facebook post announcing these
inevitable taxes.
As a senior member of the Senate Finance
Committee, I am very concerned that taking money out of the pockets of working
families who are trying to make ends meet would further depress the economy.
Higher taxes create a disincentive for small businesses to do what they do best:
create jobs and grow our economy. I firmly believe that America is strongest
when individuals, not government, decide how to spend their money. To that end,
I support comprehensive tax reform based on the goals of economic growth,
fairness and simplicity.
If you would like to know more about issues
before the Senate, please visit my Web site at http://roberts.senate.gov . For
regular updates, be sure to sign up on my home page for a monthly e-newsletter,
The Roberts Report. |