CNBC reporter Rick Santelli just went on another one of his monumental rants, which I am sure will go viral on Youtube. He said that if the government took $1 million from all 225,000 million-dollar earners in the U.S. (in other words, took all their income), then the deficit would only be reduced by $225 billion.
Santelli says the problem is spending, but in reality, the problem is his understanding...period.
That's because you can play the same numbers game on the spending side. If the government cut spending by $225 billion (as opposed to taxing those millionaires), then you removed $225 billion in incomme from some group of Americans in the private sector. Same thing as that tax he hates so much, only it probably hits different people, like the very blue collar workers that Santelli purports to stand up for.
Santelli believes the debt is catastrophic to his kids. Well, he's the bond expert, right? I wonder if he would feel poor if he had $1 million in Treasuries? If his accountant prepared his financial statements wouldn't he list those $1 million of bonds as an asset? Of course he would.
I'd love to see his response to that question. His debt rant was an embarrassment.
