PoliticalMath.com has posted a great graph that shows the Buffet rule’s effect on our deficit. Check it out here. Basically, their graph shows no effect.
But this hasn’t stopped President Obama from pushing the Buffet rule upon the nation day after day, in speech after speech, at campaign stop after campaign stop. I have to figure that billionaire Warren Buffet will come to regret his name, in fact his very own reputation, being so closely linked to this class warfare nonsense. Sunshine State News points out that the hypocrisy of both Obama and Buffet were on parade in Florida yesterday as Obama took to the podium to yet again preach the Buffet rule:
“Who’s the bigger hypocrite?
- Barack Obama, who schmoozes the wealthy for campaign contributions while waging a phony class war against “millionaires and billionaires.”
- Warren Buffett, who publicly complains that his secretary pays a higher tax rate that he does while his company privately battles the IRS over $1 billion in unpaid taxes.”
So, let me see if I can get this straight: in order to sustain the government’s spending habit that CBS News reports is at a rate of $6.85 million per minute, Obama needs to raise revenues from “millionaires and billionaires”. The only problem is that the Buffet rule, according to various reports, will only raise some $30 to $40 billion over ten years. According to my calculations, this means that this revenue raised from this tax increase will not even cover two days of government spending!
When will democrats agree that we have a spending problem, not a revenue problem??