Orrin Hatch: “according to President Obama and Treasury Secretary Geithner, the Federal government will default on its obligations in…”

“according to President Obama and Treasury Secretary Geithner, the Federal government will default on its obligations in 5 days, on August 2, 2011. It is clear that some Democrats, including President Obama, want to use this fiscal crisis to raise taxes. Under the guise of closing loopholes, the administration wants to set the stage for tax increases to finance historic levels of government spending. When this President came into office, he saw himself as the second coming of Franklin Roosevelt. He was going to finish the work that LBJ was unable to complete. And a fawning media was happy to encourage his grandiose vision for national economic reordering. I get a big kick out of this ``Time'' magazine article entitled ``The New New Deal.'' Using the financial crisis of 2008 and 2009, he was going to transform the United States into a European-style social democracy. Businesses, and the individuals who start them, would no longer be free entities with property rights. They would be arms of the state that exist for the purpose of funding ever expanding welfare programs. Taxation would no longer be a necessary evil, with citizens and businesses recognizing a legal duty to pay what was owed, but understanding that they were ceding their property rights to the government to provide for certain public goods. Instead, businesses and taxpaying citizens would be obligated to share their wealth with the state.…”