As We Near The Fiscal Iceberg

There's some frightening U.S. budgetary data available to anyone who cares to analyze the numbers. And it's beyond frightening to consider that the folks manning the bridge of the good ship America refuse to acknowledge the danger.
"Oh, we're not broke," Obama administration staffers and supporters tell us with a blithe air. "We don't have a debt problem;we have a revenue problem. We don't tax the rich as hard as we should."
According to Hoover Institution fellow and National Review columnist Victor Davis Hanson, the top 5% of American taxpayers provide about 60% of all federal income-tax revenue, "a higher percentage than anywhere else in the Western world," he notes. If we push that 5% to 20% of all earners/taxpayers, a stark fact emerges: The productive and successful workers in our economy pay 70% of federal taxes. We are, in essence, already soaking the rich. As Mr. Hanson writes, "nearly half of all American households pay absolutely nothing in federal income tax."
Now it is certainly true that some of our super-rich game the tax system to pay little or nothing in federal taxes. And we have recently learned that General Electric, led by Obama chum Jeff Immelt, paid no taxes whatever for 2010 revenue. But rather than soak the rich, we'd be better off eliminating loopholes and reforming the tax code. Let's ensure that rates are reasonably low to stimulate our economy, and fair in the sense that taxes are paid across the spectrum of incomes. It's not fair, after all, for those who pay no federal taxes to ask for federal benefits, such as Obamacare, that they won't pay for.
Now, about that disturbing data. In February of 2011, the federal government ran a deficit of over $200 billion dollars. Yes, in one month!... Our federal government, under the inspired leadership of Nancy Pelosi and Harry Reid, didn't dare pass a budget in October of 2010, with a mid-term election looming... So they passed something called a continuing resolution. The lamestream media wouldn't break this down for the public, but here are the numbers: $3.7 trillion in expenditures and a deficit of $1.6 trillion...Uh-huh. 43% of this resolution for fiscal 2010 was pure deficit, to be added to our $14 trillion in national debt... This debt amounts to about $50,000 in obligations to every American household... The debt rating agency Standard and Poors is warning that they will downgrade our debt liabilities from positive to negative.... The Peoples' Republic of China has warned us to rein in our spending....Meanwhile, the Obama administration calls for more investments... high-speed rail... renewable energy hoaxes...Oh, by all means give me a quicker route to Detroit, where I may see our dismal future if the Obama administration is not sent to its room in Nov. 2012 - bill milan