Obama Falls Short of Dealing with Deficit - WSJ.com

Obama Falls Short of Dealing with Deficit - WSJ.com: "Inevitably the political conversation will turn to taxes. Mr. Obama isn't allergic to taxes: He just says he will raise them only on Americans with incomes above $250,000 a year. There's a lot of income up there. New CBO data show that the one million households with incomes above $332,000 claimed 18.8% of all pretax income and 16.3% of all after-tax income in 2006, more than the 56 million households at the bottom combined. But there's not enough money up there to pay for all Mr. Obama wants to do and still bring the budget into balance."
For 15 years, the American people have been told they could have it all: costly wars, expansion of Medicare to cover drugs, health insurance for those without, more money for schools -- and tax cuts for most of them. They deserve to be told that they can't have it all in the future.