Even CNN Sees Through Obamanomics

Even CNN has dropped the absurd lie that Comrade Obama’s rule is going to mean lower taxes for anyone:

The more the country lives on a credit card, the more it makes itself beholden to the demands of its creditors — many of which are overseas. The danger is that buyers of U.S. debt could become concerned that the country is running too high a balance. If so, they will demand higher interest rates — thereby making the country’s debt problem worse — or they’ll put their money elsewhere.

At that point, things would get ugly.

“Taxes would rise to levels that would make a Scandinavian revolt. And the government would not be able to provide anything but the most basic public services. We would no longer be a great power (or even a mediocre one), and the social safety net would evaporate,” tax policy expert and Syracuse University professor Len Burman wrote in a recent op-ed cheerfully titled “Catastrophic Budget Failure.”

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So much for the supposed security of turning everything over to the government.

Chairman Zero ran on a platform of tax cuts for 95% of Americans. To the morally bankrupt who don’t mind looting the most productive, it sounded like a good idea. But there’s only so much you can steal from “the rich.” Taxes will be going through the ceiling for each and every one of us to pay for Obama’s massive wealth transfers.

His plans to soak the rich would raise only $600 billion over ten years, while the deficit will be at least $9 trillion. Annual deficits will reach 82% of gross domestic product by 2019.

Either we really are witnessing the Cloward-Piven strategy being used to destroy capitalism, or we will soon see levels of taxes that will impoverish the entire country, even as Big Government withdraws its promised services. Most of the taxation will come in the form of inflation and a value-added tax, both of which will hit every last one of us — even the corrupt dopes who thought they were voting for a free ride on someone else’s dime.

On a tip from SK. Hat tip: Ace of Spades HQ. Cross-posted at Moonbattery.

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