Perhaps the president is thinking that he can use the impending fiscal crisis as an excuse to raise taxes, and that the increased revenue will enable him to fund the health-care benefit. Here’s a fact he might want to consider. The biggest tax increase in American history was in 1993. If such a tax increase were passed today, and assuming it didn’t cripple the economy, it would produce $71 billion annually in additional revenue — enough to fund the government’s current borrowing for just ten days.

via A Titanic Mess – Jim Talent – National Review Online.

Advertisements