Another open letter to President Obama has gone viral among the masses via social media. First it was Leon Cooperman's letter to President Obama that was highly discussed, now it is Senator Marco Rubio expressing his frustrations with the President after he recently requested another debt ceiling increase.
The dangers continue to grow as we recklessly add debt and make no significant cuts to balance the budget as Rick Santelli points out using basic math skills that anyone can understand. Repealing the Bush Tax cuts on households making over $250k a year will only amount to $700 billion in savings over 10 years. That equates to savings of $70 billion on a $1.3 TRILLION deficit, so clearly taxing the rich is just a political ploy to rally (blind?) the voter-base rather than an actual solution to the deficit problems.
What most don't realize is that we are forced to create inflation just to continue to pay our bills and that inflation is a form of a tax on everyone, regardless of your pay scale. Every year, the government inflates (taxes) everyone, regardless if you are rich or poor, but it's an invisible tax until you start to realize that costs are going up around you and you're not keeping up with inflation by increasing your own personal revenue year-over-year as your dollar loses its buying power.
After reading Senator Rubio's letter, I must applaud him. He calls out the President for not making any serious attempt at cutting spending, but rather making his sixth attempt (and it will be yet another successful attempt) at increasing debt limits. He points out how President Obama keeps pushing off the growing debt discussion which makes it harder to tackle every day we let it grow. Hopefully more citizens become aware of the importance of this topic before it becomes too late and we reach the point of no return as we follow the path of Greece, Italy, etc... Some believe we have already crossed the point of no return. Let's hope they are wrong. The letter can be seen below.
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