A massive joke at that.
Seriously, friends. The President spent the past few months whining and crying about how we needed to have a "balanced approach." Really what he was saying is "WAH WAH WAH LET ME RAISE TAXES!" There was no reason to raise taxes. These increases aren't helping solve the deficit in any real way.
As I said a couple weeks back, the Obama plan was only going to cover nine days of deficit spending. That number was based on raising taxes on those making over $200,000 a year. This was supposed to raise $85 Billion in new revenue. The deal raised taxes on those who make over $400,000 a year, which, according to the best information I could find, raises $62 Billion in new revenue. (Of course that's with static budgeting. The actual amount will likely be less.) Combine that with a whopping $15 Billion in spending cuts (sarcasm) you've got enough money, assuming these numbers (which are heavy on accounting tricks) that gives us enough money to run the government for seven days. Add in the sunset of Obama's payroll tax holiday, you might (and I emphasize might) cover one more day.
We currently borrow money to run the government for 127 days a year. Every year. That translates into over $1.3 Trillion in deficit spending. We're going to add over $5 Trillion to our national debt by the time President Obama leaves office in 2016, we will have a national debt of over $20 Trillion. When the President took office, it was just shy of $12 Trillion. That means, including interest, the President will have added EIGHT TRILLION DOLLARS to our national debt. But hey, he's also added enough revenue to cover LESS THAN ONE PERCENT of his increased spending.
My friends, I couldn't be more disappointed in this deal. This is a JOKE. We are spending more than we have. The problem isn't insufficient revenue. Neither the tax increases the President wanted nor the ones he got are going to make a darn bit of difference. In fact, we cannot tax our way out of this debt. It is simply not possible. You could not raise enough revenue to pay for our spending if we simply confiscated 100% of all income above $1 for all people who earn $100,000 a year or more to pay for our current spending. Especially when you consider the fact that this includes 99% of all employers in the country. Oh, and NOBODY BUT NOBODY is going to work all year to earn $0. Period. Not going to happen.
Once again, the Liberal Media has conspired with the Democrat Party to sell the American People a set of invisible clothes. Our real problem remains ignored. The Republican Party has, at least in part, shown themselves to be cowards, which means I for one have no hope. Somebody talk me off the ledge here, because the world's biggest conservative optimist is starting to feel hopeless.