It seems to me…
First of all, let me say that I believe BOTH political parties are equally at fault for our current financial problems and national deficit.
When Bush became President, our nation was running a budget surplus. He immediately requested tax cuts instead of paying down the national debt. He then started TWO wars (only one of which was justified) but never requested a tax increase to pay for either of them. Instead, even though the economy was already slowing down, he requested a second tax cut. I’ve always been told that when you find yourself in a hole – stop digging. The theory of trickle-down economics has long been discredited.
When Federal Reserve Chairman Alan Greenspan recommended a possible tax cut on 25 Jan 2001, Congress apparently did not hear that he also recommended a “short-circuit for the tax cuts if targets in the surplus trajectory aren’t hit”. Not only were they not hit, the Bush administration spent $11.4 trillion on two wars, expanded Medicare, and cut taxes a second time in spite of an obvious increasing deficit and economic recession.
Cheney, Rumsfeld, and Wolfowitz subscribed to the conservative philosophy that the best way to eliminate welfare programs was by “Starving The Beast”– cut taxes and create a national debt sufficiently large so as to justify elimination of the Social Security, Medicare, and other welfare programs to which they were opposed. This has been well documented by a number of well-known economists including Paul Krugman.
The Republicans initially responsible for the ill-advised tax cuts that caused the deficits, now are refusing to not only rescind those tax cuts, they are attempting to push blame off on to Obama and the Democrats. In our current national budget debate, it is the Democrats who are attempting to defend our rights under Social Security and Medicare without tax increases –by rolling back tax reduction on the wealth and closing tax loopholes which allow large profitable corporations to pay extremely low taxes or not to pay any taxes at all. I personally do not like any of the possible “compromises” being considered. What I actually would prefer can be found at https://lewbornmann.wordpress.com/2011/07/01/no-quarter/ but accept there isn’t any way it would be accepted. No one likes taxes but when you realize our current tax rate is the lowest it has been since 1970 back before Reagan was elected President and that our taxes are the lowest of any industrialized country in the world, we probably are not getting that bad a deal.
I do not believe in a free lunch and like some of the things taxes provide: Social Security, Medicare, education, police and fire, roads… I believe what Tea Party conservatives are demanding would be disastrous for our country and eventually result in our decline as a major world power. A refusal to debate and compromise by either side is unconscionable. These issues need to be resolve in a fair and balanced manner that encourages maximum development of our country’s innovative potential.
That’s what I think, what about you?