Hence Obamaís new strategy: Donít whine, blame. Attack. Indict. Accuse. Who? The rich ó and their Republican protectors ó for wrecking America.
In Obamaís telling, itís the refusal of the rich to ďpay their fair shareĒ that jeopardizes Medicare. If millionaires donít pony up, schools will crumble. Oil-drilling tax breaks are costing teachers their jobs. Corporate loopholes will gut medical research.
Itís crude. Itís Manichaean. And the left loves it. As a matter of math and logic, however, itís ridiculous. Obamaís most coveted tax hike ó an extra 3 to 4.6 percent for millionaires and billionaires (weirdly defined as individuals making more than $200,000) ó would have reduced last yearís deficit (at the very most) from $1.29 trillion to $1.21 trillion. Nearly a rounding error. The oil-drilling breaks cover less than half a dayís federal spending. You could collect Obamaís favorite tax loophole ó depreciation for corporate jets ó for 100 years and it wouldnít cover one month of Medicare, whose insolvency is a function of increased longevity, expensive new technology and wasteful defensive medicine caused by an insane malpractice system.