Grab Your Wallets!

President Obama is convening a summit to discuss reducing the Federal deficit today, which seems odd since he just crammed through an almost $800,000,000,000 pork spending bill and wants to socialize medicine, along with calls from some influential liberal senators to nationalize the banks. The measures to combat the deficit mentioned on NPR over the weekend were woefully short of what is needed, a few expiring tax cuts on capital gains, recharacterizing some hedge fund gains as income (forgetting that most accounts have lost so much that they have no capital gains!). The only ways to decrease the deficit are to increase tax revenues or decrease spending. No chance that the most liberal regime in recent decades is going to decrease spending, in fact they likely would love to increase spending. So that leaves one place, increased tax revenues and you know that means tax increases. If you think that means just taxes on “the rich”, watch out! You will be amazed how quickly you become “rich” in the Obama administration…