Fed Chairman Ben Bernanke announces implementation of an indefinite period of quantitative easing (QE3) or the “printing” of money. The effect of this new round of QE does nothing to increase the value of all the goods and services in the US economy, but simply devalues the dollars we use to buy those same goods and services. Zombie over at PJ Media has an excellent article on the effects of quantitative easing which I would urge you to read.
So while QE3 is implemented, we continue to have out-of-control federal spending, a Democrat-controlled Senate which has yet to pass a federal budget (the Republican-controlled House has at least passed and sent a budget to the Senate). Likewise, we have a President who insists that somehow all of this is going to get fixed if we just tax those “millionaires and billionaires” so they pay their “fair share” and all will be well with the world.
I am completely and totally fed up with this concept of increasing taxes.
I’m not a millionaire nor a billionaire, but I recognize that we could confiscate all their wealth and it will not matter one bit in terms of solving our deficit spending crisis. Here’s how much of the wealthy’s riches we’d have to confiscate to solve the budget deficit. (Hint, taking all their money alone won’t solve our problem.)
So, next time someone suggest we just tax the rich and those evil corporations, point them to Bill Whittle’s budget lesson.
We’re printing more money, we can’t tax enough to solve our problem, and Congress and the President act like a bunch of nincompoops.
And people wonder why I’m in a bad mood.