The Daily Star, Oneonta, NY - otsego county news, delaware county news, oneonta news, oneonta sports


December 4, 2012

Neither party has the will to cut spending

To Jim Broe and his family: If there is a better man or a better friend, we’ve yet to meet him. You always said more money can be made when a Democrat is in the White House. So, now’s not the time to be ailing. Get well soon, old friend! God bless you and Joyce.

Recently, Dick Rand and his family lost their barn and herd to a fire. It is a terrible tragedy, and you are in our prayers. God bless you in your time of need.

Nationally, we are facing the “fiscal cliff.” America is approaching the abyss! Sounds ominous, doesn’t it? We are staring into a vast financial chasm of immeasurable depth from which there is no return. Another Great Depression is promised, if we refuse to act.

Taxes will be raised on all Americans because, among other reasons, the Bush tax cuts will expire, and it will be the beginning of new taxes thanks in large part to Obamacare. Automatic spending cuts (yes, real spending cuts) will kick in, because of the 2011 debt ceiling deal. More than 1,000 government programs, including Defense and Medicare, will be affected.

Truth be known, the real hub-bub, the bull in the heifer pasture, and the flies in the fries are the true spending cuts that both parties fear more than a Rosie O’Donnell wardrobe malfunction.

As usual, President Obama and the Democrats want to raise taxes on the “wealthy,” who already pay more than their fair share. As William Shakespeare once said, “Much ado about nothing.” The revenue raised by such a gesture will be miniscule to the government coffers, yet very harmful to investment and job growth. 

Investors, aka the wealthy, are not stupid and they will simply hold their capital or invest it elsewhere. Besides, where will this pool of capital be better spent? Will we get more “bang for the buck” by businessmen investing in factories and new products or by some career bureaucrat in Washington perpetuating his job by more wasteful spending and ongoing trillion-dollar deficits?

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