August 08, 2011
Fair Share? According To Whom???
It's pretty obvious the last couple weeks have been brutal on Wall Street. That, of course, translates into billions (trillions?) of dollars of paper losses in 401Ks, stock portfolios, and IRAs. Standard & Poor's decision to downgrade the creditworthiness of the United States is just the latest in a series of 'apocalypse now' moments, killing any hope of an economic recovery sometime soon.
As I read various blogs, opinions, and news stories on the latest overhand right to this country's collective jaw, many writers were calling on the government to end this madness and start taxing the wealthy to the point they are paying their 'fair share'. That is, apparently, the only way this country will ever have sufficient tax revenue to cover all its expenses. I could literally write a book on why that is absolute folly, but you wouldn't want to read an entire book of my rantings, trust me!
Let's start with the whole 'fairness' equation. I work my ass off every day. I won't retire a billionaire, but I provide for my family and have the disposable income I need to do the things I enjoy. I don't drive fancy cars or buy expensive toys. In fact, I haven't had a car payment in seven years. In other words, I know how to budget my household for the rainy day.
There are tens of millions of Americans who do not work their asses off every day. In fact, they don't work at all. Rather, they simply suck off the teat of the American Government Pig that allows them to take a free ride on the backs of taxpayers. Are they giving their 'fair share' to this country?
Entitlement spending will be the death knell for our economy and this country. We simply can't afford to keep providing so much "free" stuff to one part of the populace by taxing it out of the other part. Do you really think I'm going to work even harder if you jack my tax rates up to the point I'm simply working for someone else's entitlement check? When it comes to the "fairness equation", does anyone really give a crap about the guy from whom all the "fairness" will be extracted?
We are on the verge of a class war. If the government tries to steal my income because it can't fund all the handouts it has promised, I'll simply work less so there is less to steal. It's the capitalism model, fellas. If there is incentive for me to work harder (i.e. more income), I will burn the midnight oil to attain it. If my only incentive is a forced one because the government has overdrawn on its bank account, then why not take off at noon and enjoy the lake? I already have to provide for my family - why must I provide for others who won't do it themselves?
Trust me - current tax revenue could easily cover the entitlements of those who really need it. Do not punish me or my tax-paying compatriots by forcing us to pay "entitlements" to those who are entitled to Jack Shit.
Sorry - I just have a BIG PROBLEM when the term "fair share" is thrown around like it's actually FAIR. What's really being proposed is taking from one basket to put in another, and that's only "fair" to the one with the empty basket!!!
Make it a great week,
Our efforts stay focused on note holders. If you are a note finder, a note
broker, or anyone other than the actual note holder, please do not contact