Beware of politicians such as President Obama, Senate majority leader Harry Reid, House minority leader Nancy Pelosi and other members of the Democratic Party Congressional team including our own Senators Charles Schumer and Kirsten Gillibrand who are playing off the 1% versus 99% otherwise known as class warfare. It is in essence government confiscation of wealth, via taxation from the haves to the have not’s growing out of control. Sooner or later, the producers of wealth will be outnumbered by the takers. We are becoming perilously close to that point. Those who create wealth and income will eventually go on strike demanding that they be able to keep more of what they earned.
The infamous 1 percent already contribute 40 percent of all taxes paid. It is the billions in taxes on profits, income and bonuses that Wall Street companies and their employees pay that fund many of the essential public services that we of the other 99% count on from government. Thousands of other companies employ tens of thousands of citizens providing various support services to these same Wall Street companies. Wall Street is the financial engine which drives our economy.
To end this out of control spiral, government must destroy all its credit cards and be put on a fiscal diet today. A multi-year freeze on spending, balanced budgets, pay as you go spending, means testing for all entitlement programs and real down payments to reduce long term deficits are the cure. If not, our economy will continue into decline. The result will be a standard of living turning from one of affluence to a third world nation with most everyone living in poverty.