And, he's right - tax refunds are up this year.
But, that doesn't take into account the hidden kicker: recent analyses showing that the tax burden on Americans is likely to rise in coming years.It's not the immediate amount out of our pockets, it's the amount owed - and what that means about the eventual cost of paying for the "free ride". Adults understand that. We get it, that even though the auto salesman waives the low monthly payment in front of our face, it's still only a lease - and one that will leave us with nothing to show for all that money paid during the lease.
What's more, tea party protesters aren't just worried about taxes, but the rising federal debt and creeping entitlement programs they say threaten individual liberty as defined by the Constitution.
"Obama mocks tea party protests … while feverishly working fast and furious to do everything they are forthrightly protesting, which is a government driving the nation into greater deficit spending and unsustainable taxation. That is funny, Mr. President," writes Tara Lynn Thompson at Right Pundits.
That's why responsible home owners don't fall over themselves in a rush to sign an interest-only home loan. We get it that we will owe a gigunda amount in a balloon payment. Well, the many recent legislative actions will carry their own balloon payment due, as the Social Security program already does.