its interesting that already we see that some deny knowledge of where our deficit and current spending/lack of revenue problems originated. the bush years. bush dug a deep hole, 2 unfunded wars, which wwe are still fighting, to the tune of some $20 billion per month, if president Obama walks away from iraq and afghanistan not only will the vacuum left come back to haunt us, the republicans would crucify him for doing so, and THEY got us into those messes.
so even if what we are facing were a spending issue, it falls squarely on bush era polices that Obama inherited.
the real issue is revenue, not spending. that doesn't mean we can spend without limit ( like invading irag and afghanistan which was very good for halliburton ), it means we need to generate more revenue, or even more accurately, return to levels of revenue we once received.
how much per year does it cost in lost revenue since we changed the tax code allowng corporations to offshore to avoid paying taxes? add to that the bush era tax cuts? those 2 changes in the tax code cost us hundreds of billions every year in lost revenue, multiply those numbers over the last 11 years, you are looking at $ trillions in lost revenue.
we need to return to receiving that revenue, immediately.
the tax code was written to be flexible, to address good times and times of crisis, look at the history of the federal income tax, how the rates have changed over time, where they are today..
the wealthiest amercians have had a good 11 years, now they want the good times to continue, at the expense of those who can least afford it. if Ike were alive today, a republican president, he would be aghast at what his party has done and is trying to perpetuate.
the solution to our current problem is revenue intake, coupled with spending restraint, but, make no mistake this is a revenue problem.
the u.s. economy has lost too many jobs that pay wages that built the country, either through technological changes, or offshoring. these are revenue issues. wroking people not only do not draw un-employment nor collect food stamps, they pay taxes, the more they make, the more tax the pay, the less they make, they less tax they pay.
again, this is a revenue crisis, not a spending crisis. to those who say everyone need to pay some tax, stop burdening the rich, where is an un-employed person supposed to get money to pay more tax? where does an under-employed person get money to pay more tax?
this is a revenue crisis, not a spending crisis. in the past, wealthy americans, largely saw it as their duty as american, to pay taxes, and, they paid a hell of a lot more in the past by percentage than they are today. look to Warren Buffets recent article, by percentage, he pays less tax than his secretary. what fuels our economy isn't a few wealthy individuals, its millions of working americans with good jobs.
now, we are hearing this, that its ok to allow corporations to evade paying the taxes they used to, its ok to give tax breaks to wealthy americans, it was ok to start 2 unfunded wars that are still dragging on, and that the bill now due, should be paid by who? not corproations, not the people who can most easily afford it, due to their distance from the poverty level, but the bill should be paid by those who are not investors, who have had no means of benefiting from these changes in the tax code.
the top tax rate under Ike was 91%, we survived the cold war, and built the interstate highway system, while maintaining social security, while not suggesting we return to that tax level, i am saying that we need to return to the level of revenue we were receiving before the bush tax cuts, and before we allowed corporations to evade paying taxes the way GE did last year for example.
again, this is a revenue crisis, not s spending crisis.
thos who say its a spending issue, are only looking after their own self-centered interests.
there are answers out there, but the republicans refuse to implement them, they have refused to confirm, put holds on, or by any means stymied the presidentss attempts to invigorate the economy through economic oversight. they have blocked financial reform, in a different time their actions would have been un-thinkable in thier dis-regard for the health of the nation, in favor of the benefit of the few.
why not bring overseas profit home, and while not taxing it at 35%, tax it at 10% with another 10% put into a trust fund that can ONLY be spent to create jobs, building bio-fuel plants, or funding research that would resutl in a design of an engine that runs on less fuel, or a new fuel, in the way that the government researches new drugs, then hands the results over to pharmaceutical corps to manufacture?
the poblem with that is, when last it was tried in 2005, the corporations swore they would invest at home, but instead pocketed the profit.
again, this is a revenue crisis, not a spending crisis...