There is no question that President Obama's policies will affect my wallet. As one of the masses ... within that ever-expanding classification of middle class and below that magical $250,000 line, I realize that regardless of my income level or promises made during the campaign, I will pay more taxes. I will not like it, [but] the needs of the nation must come first.
President Obama's administration will be faced with what will most likely end up being a multitrillion-dollar financial bailout; an expansive - or is that expensive - military presence throughout the globe; at least two active war zones; our nation's lagging efforts in renewable energy; a threatened Medicare system; and a Social Security system that has been underpaid and heavily borrowed against by past administrations.
With these types of issues on the agenda I just don't see how multiple tax increases in multiple areas can be avoided. If I were to whip out that crystal ball, I'd have to predict the Bush tax cuts will fall by the wayside, capital gains taxes will return to historic levels, and we'll see a boost in Social Security and Medicare taxes, as well as a few additional tax adjustments that nobody has thought of yet. Perhaps some of those loopholes we heard about on the stump will come into play.
If President Obama is willing to cut as deep in the spending department as he's willing to dig into my pocket, and ignore - or better yet, introduce some regulations - for the lobbyist community..., I will not complain. I voted for [Obama] because I believe he has the skill and charisma to push those hard sells, and make the painful cuts that will be necessary to prevent the fall of our great country. Failure to balance American fiscal policies, address the many problems - or at least lay the groundwork to address them -and control the deficit will, I fear, result in a Lehman-style bankruptcy for our country and our way of life.
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