Too Much Spending Is The Problem

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Even taxing all their money won’t do it. The Administration of President Barack Obama plans to raise taxes on anyone making more than $250,000 a year, which will collect about $85 billion more revenue, a recent study concludes. But last year’s Federal deficit was $1.3 trillion. Even taxing every penny the “rich” make over $250,000 won’t close the gap. Clearly, the problem in Washington isn’t too little revenue; it’s too much spending.

Feed them all Chick-fil-A. I mentioned in last week’s column, The Beautiful Backlash From Chick-fil-A Bashing, that Mitt Romney made a mistake by refusing to comment on the Chick-fil-A controversy. Now, Newt Gingrich has come up with an interesting way to make amends: Serve Chick-fil-A meals at the Republican National Convention. That would be one heck of a take-out order, wouldn’t it?

The biggest little winner at the Olympics. Which country won the most medals at the London Olympics on a per capita basis? That honor goes to the tiny Caribbean nation of Grenada, which has one medal for its 110,821 residents. India fared the worst. With a population of 1.2 billion people, the country won just six medals (two silver, four bronze, no gold), or one medal per about 207 million people.

Most poignant Olympic comment. My nominee is this one, from Chinese diver Qin Kai, who started training at the age of 6 and almost never gets any time off: “Sometimes, I get to see (my family) every other year. If the competition schedule is not that tight, maybe sometimes I can spend a whole week with my parents in a year.” Happily, the United States has proven that you can still produce champions without making participants robots of the state.

–Chip Wood  

Chip Wood

is the geopolitical editor of PersonalLiberty.com. He is the founder of Soundview Publications, in Atlanta, where he was also the host of an award-winning radio talk show for many years. He was the publisher of several bestselling books, including Crisis Investing by Doug Casey, None Dare Call It Conspiracy by Gary Allen and Larry Abraham and The War on Gold by Anthony Sutton. Chip is well known on the investment conference circuit where he has served as Master of Ceremonies for FreedomFest, The New Orleans Investment Conference, Sovereign Society, and The Atlanta Investment Conference.

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