in the middle of the night

During his prime time press conference this evening, President Obama was asked whether he regretted his budget proposal to eliminate itemized deductions for mortgage interest or charitable contributions:

“No because I think it was the right thing to do,” he said, [noting] the provision only affects 1% of the American people. “I think this was a good idea, I think it was a realistic way for us to raise some revenue,” he said, “It’s not going to cripple them, they’ll still be well to do.”

- Washington Wire

President Obama apparently still does not understand that topping a tree stunts its growth. Most of the people in the top 1% or 5% are in the top bracket because they earn the money and generate the wealth in this country. Take away their incentives and why should they work so hard?

In addition to reducing incentives for work, Mr. Obama also seems to think that the top 1% or 5% can solve all of the nation’s financial problems. There is only so much money there and eventually the well will run dry.

It’s time to draw the line on government spending and the Proposed Budget for Fiscal 2010 would be a good place to start.