National Journal reports today that several reporters who closely follow national elections believe momentum is growing for Nancy Pelosi to lose control of the House of Representatives. You can read the brief article at this link:
What does this mean for you, your family, our state and our country? For starters it will enable us to begin the process of repealing the multi-trillion healthcare entitlement. The bill’s major thrust was to create a permanent guarantee, much like food stamps, for health insurance. While states and the federal government currently provide Medicaid coverage for the poorest Americans, this new entitlement expands the coverage to an additional 32 million people.
So while our country suffocates under a financial burden of $56.5 trillion for programs for which there is not sufficient revenue, Speaker Pelosi and President Obama’s solution is to saddle our nation with trillions in additional costs. This irresponsible behavior will have significant adverse ramifications in the not-so-distant future.
Excluding the recently-passed healthcare entitlement program, every man, woman, and child would have to pay $184,000 to cover his or her share of the $56.5 trillion shortfall. Unfortunately, our financial hole is getting deeper at a rate of about $3 trillion annually as our elected officials do nothing to stop the problem. To cover the shortfall, budget watchers estimate that taxes will have to double or triple for all Americans. Can you imagine the job-killing impact this would have?
Before you dismiss this as nonsense, consider that the top marginal tax rate throughout the 1970s was 70 percent. That’s right, a person in the upper income bracket only kept 30 cents of every dollar he or she earned. Let’s assume that this applied to the top 10 percent of all income earners (joint returns included). A person–or couple filing jointly–at the bottom of the top ten percent, according to the IRS, makes roughly $119,000. The federal government would take $83,300 and the taxpayer would be allowed to keep $35,700 (before state and local taxes, of course).
A sobering thought on the day after Tax Day.
Of course, the problem with raising taxes back to the level of the 1970s is that it would crush our economy. However, Congress spends as if it has ample money in its pocket. Apparently Congress’ “money” has burned a hole through its pocket, through the floor, and halfway through the planet!
If this troubles you and you are interested in becoming involved in taking back our country, I urge you to join my campaign team and share this article with others. As the National Journal story indicates, there is a growing sentiment in America that it is time to boot Speaker Pelosi and her liberal agenda. But we cannot do it without you and others emailing and calling friends to share the facts and contributing to our campaign so that we can continue to run a strong race that will end Speaker Pelosi’s control of the House of Representatives. Remember, a government by the people requires active participation by “We the People.”
You can read more of my thoughts about the budget at my website: http://www.MeetRickCrawford.com/issues/americas-budget-crisis