We are all millionaires and billionaires now. You can thank Barack Obama. The refrain by the president that “millionaires and billionaires” should pay their “fair share” is synonymous in the minds of the average citizen with the memory of Dr. Evil from Austin Powers holding the world hostage for “1 million dollars!” Sadly, the inflationary realities that made audiences laugh at Dr. Evil will, in time, have them crying over the fiscal policies enacted by this president.
Congress’ definition of “the rich” is as concrete as the definition of pornography; the most important thing is not generating specificity in the minds of those hearing it, but the idea that something dirty is being discussed. “Millionaires and billionaires” has been defined as hard-working American families earning $900,000, those making over $450,000 and those making over $250,000. And now, the fiscal cliff bill (signed into law by auto pen while Obama body-surfs in Hawaii) officially raises the payroll tax in a way that carpet-bombs all low wage workers. Making $41,000 a year? Congratulations — you are now a millionaire.
Those most pernicious of all the taxes set to take effect in the coming years is the inflation that will occur — and it will happen — as a result of Washington’s unwillingness to address its spending problem. Even with $41 in new taxes for every dollar in spending “cuts” (another word that doesn’t mean what it really means when uttered on Sunday talk shows), the nation’s $16 trillion debt is expected to balloon. And faced with such challenges, men like Rep. Jerrold Nadler, D-N.Y., have seriously latched onto ideas like printing $1 trillion coins.
“I’m being absolutely serious,” the Manhattan and Brooklyn representative told CapitalNewYork.com. “It sounds silly but it’s absolutely legal. And it would normally not be proper to consider such a thing, except when you’re faced with blackmail to destroy the country’s economy, you have to consider things.”
The only people who are blackmailing the country are the politicians who never found a sum of money they couldn’t spend, but Nadler’s comment begs the question: Why not mint $16 trillion coins while we’re at it? They could have Obama’s face on them and they could be mailed to to every man, woman and child in America. We’d all be trillionaires. We’d be Zimbabwe, but we’d be trillionaires.