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  Brian Wesbury at The Daily Caller: “Ignore the Fire Alarms”
Posted Under: Bullish • Data Watch • GDP
Please visit The Daily Caller to read Brian Wesbury's article, "Ignore the Fire Alarms."  Below is an excerpt from the article.

Ignore the Fire Alarms
By Brian S. Wesbury

It's illegal to yell fire in a crowded theater when there is no fire. It's called reckless endangerment. It should also be illegal to yell "default" during the current debate about the debt ceiling. America will not default on its debt. No way. No how. The Treasury secretary must pay the interest on U.S. debt. It's his number one job. And, he has more than enough revenue to do it — even if the debt ceiling is never raised again in our lifetimes.

What most people don't realize is that the U.S. has gorged so much (boosting spending from roughly 18% of GDP in 2000 to 24% of GDP today), that the only way to pay for it is to tax the middle class. The president keeps blaming "millionaires and billionaires," but the top 25% of income earners already pay 86% of total taxes. And even if we raised the 35% top tax rate to 100% (meaning we confiscate all income in that top tax bracket), the U.S. would only collect about $365 billion. This would run the government for only about five weeks and would not solve our debt issues.

Click here to continue reading the article at The Daily Caller.
Posted on Friday, July 29, 2011 @ 1:32 PM • Post Link Print this post Printer Friendly

These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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