As a follow up to my earlier post about school spending. I wanted to add in an invitation for you to read Walter E. Williams most recent column. Dr. Williams has a way of getting to the heart of a matter quickly in most cases and he tackles the issue of the out-of-control Federal spending with typical ease.
This year, Congress will spend $3.7 trillion dollars. That turns out to be about $10 billion per day. Can we prey upon the rich to cough up the money? According to IRS statistics, roughly 2 percent of U.S. households have an income of $250,000 and above. By the way, $250,000 per year hardly qualifies one as being rich. It’s not even yacht and Lear jet money. All told, households earning $250,000 and above account for 25 percent, or $1.97 trillion, of the nearly $8 trillion of total household income. If Congress imposed a 100 percent tax, taking all earnings above $250,000 per year, it would yield the princely sum of $1.4 trillion. That would keep the government running for 141 days, but there’s a problem because there are 224 more days left in the year.
I highly recommend reading the entire commentary. The real issue in the case of our nation is that we are spending too much money. There isn’t enough money to pay for everything we are trying to buy and we have maxed out the credit cards yet again. Instead of asking for a raise in our credit limit (i.e. the debt ceiling), it is time to cut up the cards and start paying off the debt. It will take a long time to be sure, but it is far better than digging a deeper hole for someone else to worry about down the road.