The proposed increase in taxes nets 82 billion a year. what exactly does $82 billion in new revenues each year buy? Not much. Here’s a top 10 list of what $82 billion pays for:
8.5 days of federal spending ($3,540B annual budget)Food stamps for about one year ($81 billion)The budget of United States Postal Service for just over a year ($70.6 billion annual budget)The US intelligence budget for about one year (75.4 billion annual budget)The costs of Hurricane Sandy recovery for New York and New Jersey (current est. $71 billion and growing)Just 4 months interest on the debt ($258 billion in 2012)Just under one tenth of the 2009 “stimulus” (about $830B)6.6% of our Social Security/Medicare costs in 2012 ($1231B)7.5% of the deficit ($1.1 trillion) – essentially prevent one month of borrowing per yearOne-third of the annual new cost of Obamacare coverage expansions (about $240 billion annually by the end of the decade)Now no one sid that raising taxes would fix the problem (hahahahahahahaha…sigh) but notice that Obama wants to go ahead and raise taxes but table any cuts until next year…maybe.Prominent democrats say that entitlements should not be on the table when and if these talks occur.I hope that the republicans can stick by their principles and refuse to pass anything without cuts. Let the cliff dive happen.