Tag: deficits

Who’s Wallet?

In another thread Kimpost said ,” I have never voted with my wallet, ever. I don’t think I even know anyone who does”. I’m here to say categorically that I can’t think of a national or state wide election where “the wallet” was not a factor, mine or the collectives’. Fiscal impact always comes to the forefront for me. Most times, the collective’s wallet takes precedent over my own because I know that if the state or the fed is not in financial good standing, then my wallet (through higher taxes) will eventually be impacted. A good example of this is while I was working, there were many state governor elections, my union (which I was a part of) would always support, campaign for, and fund (with my union dues and against my wishes) the Democratic candidate because he would give us more stuff, it was that simple. But I always knew that the state collectively (each citizen) would suffer for my largess because financial solvency always took a back seat to crony capitalism and rewarding those that backed you. So I always voted for the Republican candidate because the state’s finances took precedents over my own, and I knew that the goodies my union got would not make up for the higher taxes and the financial hamstringing that the state would suffer through.

This election, our wallets are simpatico and tandemly pulling in one direction. Paul Ryan has puts it rather simply:

There is nothing that will weaken (and ultimately destroy) this country quicker and with more finality then this exploding debt problem, despite all the warnings:

The Congressional Budget Office said Friday that President Barack Obama’s tax and spending policies will yield $6.4 trillion in deficits over the next decade, more than double the shortfall in CBO’s own fiscal baseline — even after taking credit for reduced war costs.
House Republicans, slated to unveil their own plan next week, are sure to seize on the numbers, yet the mountain of data gives reason for both parties to pause going into what’s expected to be a major fiscal crisis after the November elections.

A “major fiscal crisis”, which will be magnified with an Obama second term. These CBO numbers deal only with what’s on the table now, with his first term. Given his own proposed budget last year (which did not garner a single “Yea” vote in the Senate) economic fairness, green energy, and entitlements are what’s on this president’s mind, not deficit reduction.

Addressing the national debt (the nation’s wallet) will have a direct impact on my own , both short term (Obama’s proposed income tax brackets and the raising of dividend/cap gains tax) and long term (deficit’s weaken the currency, the nation’s ability to compete, restrict capitalism, effects interest rates and markets, and hampers economic growth).

Even the phony Hollywood Elitist types vote with their wallet. Sure, they make noise about the rich (them) paying more taxes, but they know they got their accountants to jigger the numbers, find those loopholes, and preserve their capital. If they were really serious they would demand Obama rewrite the tax code and do away with deductions, that would bring more tax revenue and be more equitable all the way around.

For the enhancement and health of my own wallet, my neighbor’s and my fellow citizen’s, the choice is clear this November. But don’t think I don’t have a plan B to fall back on, a wise man plans for all contingencies.