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Bill Clinton: Only across-the-board tax increases can fix this mess

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By Doug Powers  •  May 16, 2012 10:36 PM

**Written by Doug Powers

Clinton is admitting here that the “Buffett Rule” would not solve any of our country’s massive deficit problems — which of course it wouldn’t. But that’s of little consequence anyway because the administration’s motivation behind the Buffett Rule ruse is one of fairness and not deficit reduction.

For a long time the government has been digging a hole we may never get out of, and Clinton is suggesting that part of the solution includes sending them more shovels? Yep:

Bill Clinton said Tuesday that President Barack Obama’s goal of hiking taxes on the rich alone is not enough to solve the country’s fiscal woes and suggested that middle class Americans must also eventually contribute more.

Clinton, who discussed a number of economic and political issues at the Peter G. Peterson Foundation’s third annual Fiscal Summit in Washington, D.C., prefaced his comments with the warning that he was giving his personal view and was “not speaking for the White House.”

“This is just me now, I’m not speaking for the White House — I think you could tax me at a 100 percent and you wouldn’t balance the budget,” said Clinton, who has earned tens of millions of dollars since leaving office. “We are all going to have to contribute to this, and if middle class people’s wages were going up again, and we had some growth to the economy, I don’t think they would object to going back to tax rates [from] when I was president” – before the Bush tax cuts.

Clinton’s idea is to wait for the economy to recover a little more and then crank up taxes across the board to start chipping away at the deficit. Spending cuts instead? He’d probably sooner invite Hillary to go through his text messages.

Trying to resuscitate the economy just so the government can then harvest the money reminds me of that death row inmate who got sick and the concerned warden spent countless hours helping him get better so he was eventually healthy enough to put in the chair.

**Written by Doug Powers

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