President Barack Obama said Tuesday that the pending increase in taxes for Americans forced a deal with Republicans to hold down rates for everyone, buying time for political battles on policy "without having the same casualties for the American people that are my No. 1 concern."
Margaret Thatcher said it best, "Socialism works great until you run out of other people's money." Well folks, we're here. European states are teetering on bankruptcy because of the burdens of their social welfare systems, despite aggregate tax rates of more than 60% in most countries. They have already spent everyone else's money and America is putting up the money to bail them out. Money that we have borrowed ourselves from China. If you want a European style social welfare state, with 60%+ taxation, stagnant economies, and perpetual 15%+ unemployment, feel free to go on over there and try to make a living.
In my view, Public opinion ought to be a determinant.