Nearly everyone understands that his taxes just went up.There are more than a few people who may understand that their taxes just went up but don't give a toss yet.
President Obama won't admit it, although he must suffer from a guilty conscience. He uncorked a defensive 17-minute-long answer in response to a question at a town-hall meeting about new taxes in the health-care bill, complaining about a lot of misinformation" without citing any.
In his cascade of words, Obama didn't get around to mentioning the $500 billion in new taxes during the first 10 years of the health bill. And they're merely a prelude.
It doesn't take an economist to understand what public debt at Greece-like levels of 90 percent of GDP by 2020 inevitably portends. Nor to realize the effects of the yawning disconnect between federal spending at 24 percent of GDP and revenue at 19 percent of GDP. Nor to understand the most basic of all budgetary concepts -- that the bill, after the fizzy party, after all the huzzahs over "making history," always comes due, and with interest.
But it is obvious that our government is not living within its means and therefore, it must generate more revenue or cut spending. Since the latter is apparently off the table for this Administration--the former will happen--it is only a matter of time.