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Two Simple Truths From Obama

- July 11, 2011

Obama Admits He Wants To Raise Taxes In 2013 And That The Democrats’ Do-Nothing Plan Will Bankrupt Medicare

OBAMA ADMITS HE WANTS TO RAISE TAXES IF HE IS REELECTED

Obama Admitted He Will Raise Taxes If He Is Reelected. OBAMA: “That is a reasonable proposition. So, when you hear folks saying ‘Well, the president shouldn’t want massive job killing tax increases when the economy is this weak.’ Nobody’s looking to raise taxes right now. We’re talking about potentially 2013 and the out years.” (President Barack Obama, Remarks At Press Conference, Washington, D.C., 7/11/11)

OBAMA ADMITS HIS OWN PARTY’S PLAN WILL BANKRUPT MEDICARE

Obama Admitted That The Democrats’ Do-Nothing Plan On Medicare Will Result In Medicare’s Bankruptcy. OBAMA: ““But look, it's also going to take some work on our side in order to get this thing done. I mean, the vast majority of Democrats on Capitol Hill would prefer not to have to do anything on entitlements. Would prefer, frankly, not to have to do anything on some of these debt and deficit problems. And I’m sympathetic to their concerns, because they’re looking after folks that are already hurting and are already vulnerable. And there are a lot of families out there and seniors who are dependent on some of these programs. What I’ve tried to explain to them is, number one, if you look at the numbers, Medicare in particular will run out of money, and we will not be able to sustain that program no matter how much taxes go up. I mean, it's not an option for us to just sit by and do nothing. And if you're a progressive who cares about the integrity of Social Security and Medicare and Medicaid, and believes that it is part of what makes our country great, that we look after our seniors and look after the most vulnerable, then we have an obligation to make sure that we make those changes that are required to make it sustainable over the long term.”  (President Barack Obama, Remarks At Press Conference, Washington, D.C., 7/11/11)

Medicare Trustees Report Notes That Doing Nothing Now To Fix Medicare Will Result In Either An Immediate 17 Percent Cut In Medicare Benefits Or A 24 Percent Increase In Taxes. “The long-range financial imbalance could be addressed in several different ways. In theory, the standard 2.90-percent payroll tax and the additional tax 0.9-percent tax on high-income earners could be immediately increased by the amount of the actuarial deficit to 3.69 percent, or expenditures could be reduced by a corresponding amount. Note, however, that these changes would require an immediate 24-percent increase in the tax rate or an immediate 17-percent reduction in expenditures.” (“2011 Annual Report Of The Boards Of Trustees Of The Federal Hospital Insurance And Federal Supplementary Medical Insurance Trust Funds,” Social Security & Medicare Trustees Report, 2011)


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