The talks on raising the debt ceiling have stalled as President Obama continues to call for increased taxes on the wealthy – a policy the GOP has refused to agree to – in order to reduce the deficit.
“I have recommended that we don't play around with the debt ceiling, but I think that's exactly what is happening now. The debt ceiling is being played around, and I want you to think of this logically with me. And if I'm wrong, please explain how because I can't find anybody that will show me how this is wrong,” Glenn said.
What games are being played? How about the President insisting that tax hikes are needed in order to start cutting the deficit.
“The truth is you can't solve our deficit without cutting spending. But you also can't solve it without asking the wealthiest Americans to pay their fair share, or without taking on loopholes that give special interests and big corporations tax breaks that middle class Americans don't get,” President Obama said.
Glenn, Stu, and Pat pointed out that while the President calls for the rich to start paying even more, 49% of the population pays no taxes! “When you have 50% of Americans not paying their fair tax, somebody is paying their fair share, in fact, quite a bit more than their fair share and that is the wealthiest Americans. 1% of the country pay 40% of the tax burden,” Pat explained. “And then you'll say, well, yeah, but they have all the wealth. No, they have about 24% of the wealth. So they are still paying more than their fair share.”
Glenn said that while some examples could be shown of wealthy individuals who just inherited their money, the vast majority have earned it through hard work. “What they're trying to do is close the door on anybody who can come up through the ranks. I was poor. This is the American opportunity. You are poor; you can make it. But this system is now rigged to close the door on anybody that is not already Bill Gates or Warren Buffett.”
“Does he think that it's fair that they're paying more than their fair share? Does he think that oil companies, because they are paying more than all the other companies, they are paying more just because they're oil companies, does he find that fair? This is a man who will target anyone,” Glenn said.