President Obama acknowledged in his Montana appearance today that a tax increase would be necessary to fund ObamaCare.
One (question) came from a man who called himself “a proud NRA member,” referring to the National Rifle Association, and said he got most of his news from cable TV.
“You can’t tell us how you’re going to pay for this,” the man said. “The only way you’re going to get that money is raise our taxes.”
“You are absolutely right. I can’t cover another 47 million people for free. I can’t do that. We’re going to have to find money from somewhere,” Obama said.
For the ninety five percenters out there still clinging to Candidate Obama’s promise of a tax cut this should be the point of departure in their dalliance with Hope and Change. If not persuaded by their own lying eyes, these ninety five percenters should consider that this promise of a tax increase comes with news today that fully one third of all mortgage loans in the U S are under water.
More than 15.2 million U.S. mortgages, or 32.2% of all mortgaged properties, were in a negative-equity position on June 30, edging down from 32.5% at the end of March, according to the real-estate information company, which tracks data on about 90% of mortgage loans nationwide.
The largest bank failure of the year was announced today and there are more to come as the unwind in commercial real estate sector and collapsing consumer confidence take a devastating toll on the consumer consumption which represents 70% of U S GDP.
WASHINGTON (MarketWatch) — The U.S. consumer sentiment index unexpectedly declined in early August to 63.2 from 66.0 in July, according to media reports on Friday of the Reuters/University of Michigan index.
It’s the lowest reading since March, and is significantly worse than the 69.0 that was expected by economists surveyed by MarketWatch. Sentiment has fallen two months in a row.
Consumers are still facing several challenges, including large job losses, weak income growth, falling house prices, rising energy prices, and too much debt.
Only a fully self absorbed politician like Barack Obama could pitch a tax increase in such an economic climate. And only a politician like Barrack Obama would tell a taxpayer that “we’re going to have to find the money from somewhere”, knowing full well that the “somewhere” is that same taxpayer’s pocket.
