John Campbell takes a shot at Obama’s budget

This is Representative John Campbell letting the Democrats have it with both barrels.

I found the video linked on his blog, where he has some advice for how to explain to your neighbors what this budget will really cost taxpayers.

Excerpt:

If you want to see what a 30% tax increase looks like, take your paycheck and multiply the total taxes deducted by 1.3.  Then, subtract that from your gross income and that will be close to your new net income. So, if you made $3,000 gross and $2,000 net, you will now only net $1,700. Oh, and that won’t include the cuts your employer has to make in order to pay for their tax increases. By the way, this budget includes all kinds of things that are minor in the grand scheme of things, but big to certain people. For instance, it would repeal the use of the ‘Last In, First Out’ (LIFO) inventory accounting method.  This will dramatically raise taxes on all retail businesses who carry inventory.

Gateway Pundit has a list of the top 10 facts about the budget here. On economist Robert P. Murphy’s blog, I found a link to this story in Bloomberg.

Excerpt:

The U.S. government and the Federal Reserve have spent, lent or committed $12.8 trillion, an amount that approaches the value of everything produced in the country last year, to stem the longest recession since the 1930s.

New pledges from the Fed, the Treasury Department and the Federal Deposit Insurance Corp. include $1 trillion for the Public-Private Investment Program, designed to help investors buy distressed loans and other assets from U.S. banks. The money works out to $42,105 for every man, woman and child in the U.S. and 14 times the $899.8 billion of currency in circulation. The nation’s gross domestic product was $14.2 trillion in 2008.

Representative John Shadegg has a list of the taxing/spending records that Obama’s budget is breaking in a post on Red County. And remember, the Democrats caused this mess and the Republicans tried to stop them. More details from John Boehner and Mike Pence about what’s in Obama’s budget here. The Republican alternative budget is here.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s