Wednesday, December 13, 2006

This Just Sticks in My Craw

Okay – I have stayed away from politics for a few weeks - not wanting to appear to be gloating after the election. But I recently ran across some info that I think is important to get out to a wider audience.

We now have an annual budget deficit of $300 billion, not counting the $180 billion we borrow each year from the Social Security Trust Fund, which also adds to our national debt. The debt now stands at $9 trillion – that’s $30,000 for every man, woman and child in the country.

Now, if we had spent that money on improving our infrastructure - like overhauling our education system, building a nationwide wireless system, or installing biodiesel pumps at filling stations across the country or increased our network of electrical transmission lines - that would be one thing.

But we did not do any of that.

The debt is a direct result of the President’s tax cuts, 47.4 percent of which went to top 5% of the income bracket, 36.7 percent of which went to the top 1% and 15 percent of which went to the top one-tenth of 1% or people making 1.6 million a year or more!!!!!

In other words – we ran up the national debt so that the top money makers in the country could make even more money!!

The reasoning is as follows, if the rich get richer they will have more to spend and will share the wealth through new investments and business ventures and thus “grow” the economy. This philosophy of “Trickle Down Economics” was first proffered during the Reagan administration.

It does not work. It left us with huge deficits following the Reagan years that required a responsible President like Bush 41 to raise taxes (Remember the infamous “No new taxes!” pledge?!)

And then during the Clinton years we managed to pay down the debt and enjoyed budget surpluses. If President Bush 43 had only continued that tough course we would be in a much better place fiscally than we are today.

If we operated our homes the way this administration operates our government we would be in bankruptcy already.

Let me highly recommend “The Audacity of Hope” By Barack Obama. This guy should be our next President.


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