Liberal view: Spend now; you have the “right” and government dole money expands the economy. The government should take it from those who have it. The USA should subsidize anyone in the country, here legally or not, to a reasonable standard of living regardless of work ethic or bad habits.
How much do the rich have? The latest American Forbes 400 adds up to $1.46 trillion. The 2012 federal budget deficit will be around $1.2 trillion. If Obama confiscates all the American Forbes 400’s money, then he could reduce the deficit to zero for about 14 or 15 months. Then confiscate the wealth of the next 1,000 the following year. These numbers show we have a spending problem, not that the rich aren’t paying their fair share.
The private sector is the source of wealth. The government can only tax, spend, redistribute, borrow or print money. The Federal Reserve Bank is buying 60 to 70 percent of the Treasury notes and bonds. This is called printing money. Money printing to achieve low interest rates is punishing seniors and savers, and will result in inflation with the ruin of the middle class.