Not Enough Rich people?

That's what the Wall Street Journal found out.

They took the number of "rich" in America and figured out what 100% of their income was.

A tax policy that confiscated 100% of the taxable income of everyone in America earning over $500,000 in 2006 would only have given Congress an extra $1.3 trillion in revenue. That's less than half the 2006 federal budget of $2.7 trillion and looks tiny compared to the more than $4 trillion Congress will spend in fiscal 2010.

Uh oh... so you mean those tophat-wearing bastards can't pay for the rest of us?


Powerline adds:

It's also not enough to make up for the $1.75 trillion deficit Obama expects to run this year. So the Democrats' fantasy that they can pay the bills on the backs of the "rich" is just one more stop on Obama's magical mystery tour.

So what are Obama's options? Well he can raise tax rates on the rest of us, cut government programs (think he'll cut ones that are full of graft and kickbacks for his political friends or silly things like the military?), give up on a balanced budget, blame Bush, or find some way to make more rich people.

Yes, I know. Rich people are bad, we need less of them, not more. Don't worry, Obama will make us all equal, well those of us without political connections.