These Politicians Are Cooking the Books
Betsy McCaughey, The American Spectator — Washington politicians are scaremongering that if no deal is reached between President Obama and congressional Republicans, taxes will go up on all of us January 1, when Bush tax rates expire. Nonsense. Most people have their taxes withheld gradually during the year. The president has the authority to instruct the U.S. Treasury to freeze withholding rates while the sides continue to negotiate. The Congressional Budget Office confirms it. So, don’t be a scrooge, Mr. President.Obama is not the only one who deserves a lump of coal. So far, neither the president, his Democratic ally Senate Majority Leader Harry Reid, nor Republican adversary Speaker of the House John Boehner has shown resolve to slow the nation’s out-of-control spending on borrowed money. All are willing to raise the debt ceiling again (the negotiation is only about how much and for how long), continue the borrowing, and stuff the IOUs in our children’s Christmas stockings.
To make matters worse, these politicians are cooking the books, claiming to offset their borrowing with cuts in future spending, knowing full well that those cuts are unlikely to ever happen. Here’s how their creative book keeping got us to this fiscal cliff. » Read More
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About the Author
Betsy McCaughey, Ph.D., is a patient advocate, chairman and founder of the Committee to Reduce Infection Deaths, and a former Lt. Governor of New York State.