Yea let's talk about the Debt, and not about Wall Street for a minute.
President Obama says that taxing Millionaires and Billionaires is the way out of our economic crisis, lets do the Math:
Fact - according to the Social Security Administarion in 2009 only 78,000 individual American Earners had income over $1 million.
Fact - total Pre-tax income for + $1 million plus U.S. earners was $184 Billion dollars in total.
President Obama says if we made millionaires and Billionaires pay a little more it would help turn around the economy.
Fact - We are now paying almost $500 Billion a year in interest alone towards our enormous $14.6 Trillion dollar national debt.
Even if the U.S. Taxed its millionaires and Billionaires at 100% of their total aggregate income of $184 million, we would not even offset 50% of the Interest owed on our debt.
$184 Billion is less than 2% of our enormous $14,600,000,000,000 Debt!
Taxing millionaires is not the solution to our economic problems, any more than borrowing more money to spend on more government jobs is, Our problem is over-spending.
So if Obama and the Dems, oh and now their new movement the occupy Wall Street cause, want to point fingers and play the blame game, there are plenty to blame for starting the crisis, but we are living in the present and a look over to our future, President Obama is in office almost 3 years, and the simplest of the simplest way of fact checking his influence and responsibility of solving this crisis rather than making it worse is by examining our past and measure it with our present situation - The fact is that : President Obama Has Now Increased Debt More than All Presidents from George Washington Through George H.W. Bush Combined.
Here is a Worth reading article written by Terence P. Jeffrey on CNSNews.com
Best line of the season is from Sen. Jim DeMint on Twitter: “The real question for everyone is: Are you better off than you were $4 trillion ago"The Obama administration passed another fiscal milestone this week, according to new data released by the Treasury Department. As of the close of business on Oct. 3, the total national debt was $14,837,099,271,196.71—up about $44.8 billion from Sept. 30.
That means that in the less-than-three-years Obama has been in office, the federal debt has increased by $4.212 trillion--more than the total national debt of about $4.1672 trillion accumulated by all 41 U.S. presidents from George Washington through George H.W. Bush combined.
This $4.212-trillion increase in the national debt means that during Obama’s term the federal government has already borrowed about an additional $35,835 for every American household--or $44,980 for every full-time private-sector worker. (According to the Census Bureau there were about 117,538,000 households in the country in 2010, and, according to the Bureau of Labor Statistics, there were about 93,641,000 full-time private-sector workers.)
When Obama was inaugurated on Jan. 20, 2009, according to the Treasury Department, the total national debt stood at $10,626,877,048,913.08.
At the end of January 1993, the month that President George H. W. Bush left office, the total national debt was $4.1672 trillion, according to the Treasury. Thus, the total national debt accumulated by the first 41 presidents combined was about $44.8 billion less than the approximately $4.212 trillion in new debt added during Obama’s term.
As of Monday, Obama had been in office 986 days—or about 32 and a half months. During that time, the debt increased at an average pace of $4.27 billion per day. Were that rate to continue until Obama’s term ends on Jan. 20, 2013, the debt would then stand at about $16.86534 trillion—an increase of more than $6.2 trillion for Obama’s four years.
That would equal nearly $53,000 for each American household or more than $66,00 for each full-time private-sector worker.
That total national debt did not exceed $6.2 trillion until 2002, when George W. Bush was president."
Americans should ask themselves: Are We better off now, than we were before Obama added the burden on us and our children - the $4 trillion in increased debt? is mass spending the solution towards our recovery? Americans vote out of their pockets, some say, Vote Smart, they say.