We are in big trouble when half don’t pay any tax, the entitlement burden is growing, and there are serious calls to “eat the rich” who already pay most of the taxes. Add to this increasing regulation, federal efforts to actively derail investment and employment and cater to those here illegally and you see the outline of the “perfect storm” that is headed our way. An increasing number of federal dependants and a decreasing number of taxpayers and a rising number of unemployed.
And don’t forget the de facto devaluation of the dollar by inflation and the ever growing debt. Oh, and the looming collapse of Europe is part of the problem too.
I will never forgive President Obama for dithering for three years when the outline of the disaster was clear even in the fall of 2008. He could have bitten the bullet and things would have bottomed by now and we would be in position to weather the coming collapse of Europe and actually help them in meaningful ways. He’d probably be unassailable for re-election, too. Now, we’ve kicked the can and the bill is coming due.
May God have mercy.