Since we are at war I think it is a brilliant idea to cut taxes...especially for the rich. I need to give GeOgre a HUGE hug for helping the ones who need help the most. The wealthy of course. Check out this gem I found on Citizens for tax justice (www.ctj.org) Things such as ill conceived tax codes and unrestricted free market capitalism are killing off the shadow of what once was the American middle class. (If you are interested in how capitalism is destroying us read Naomi Klein's "Shock Doctrine" http://www.amazon.com/dp/0805079831?)
to Raise National Debt Limit — Again
President George W. Bush has added $3 trillion to the national debt so far, despite inheriting a
balanced budget when he took office in 2001. Since then, Congress has been forced to raise the
statutory limit on the total amount the federal government is allowed to borrow four times — in
2002, 2003, 2004 and 2006. Yesterday, the Senate Finance Committee approved legislation to
raise the debt limit a fifth time, to an unprecedented $9.815 trillion, to prevent the federal
government from defaulting on its debts and being unable to borrow any more. In contrast, when
Bush took office, the debt limit was $5.950 trillion — $3.9 trillion less than the new amount.
Budget Deficit Worse Than Many Realize
The President has tried repeatedly in recent months to spin the gloomy fiscal news in his favor.
Earlier this summer, the administration lowered the projected federal budget deficit for 2007
from $244 billion to $205 billion and claimed this as evidence that the Bush tax cuts have
succeeded in causing revenues to actually increase! But the truth is that income tax revenues
remain far below their pre-Bush level as a share of the economy.
The White House’s Office of Management and Budget Mid-Session Review shows that in
projecting this year’s deficit, the administration is not counting the $180 billion it will borrow
and spend from the Social Security Trust Fund — money that, of course will have to be paid back as the baby boomers retire. Counting the borrowing from Social Security, this year’s actual
projected deficit will be $385 billion — almost double the deficit figure claimed by the
administration.
The Bush Tax Cuts Have Sent the Deficit to Dizzying Heights
What has caused the budget deficits over the past six years? The largest cause is the cuts in
federal income taxes enacted by President Bush and Congress. Federal income taxes fell from
10.1 percent of the gross domestic product in fiscal year 2000 to an average of only 7.3 percent
of the GDP in fiscal 2002 through 2006 — a 28 percent drop — and are now near their lowest
levels as a share of the GDP in 55 years.
The total cost of the Bush tax cuts, including interest on the money borrowed to finance them,
has been just over $1.4 trillion so far — about half of the total increase in the national debt under
Bush so far.
On a happier note, things are looking up in this country...if you're a billionaire that is.
http://www.commondreams.org/archive/2007/10/22/4734/
No one in politics these days seems to care for those for whom they are charged with taking care of (read: robbing blind)
2 comments:
What is it like to live in a fantasy world where you can blame Bush for all your disagreements with the US Government?
You are so completely intoxicated with the Kool-aid, it isnt even worth arguing with you.
Surely Mark I do not blame Bush for everything wrong in this country, although he has done little to help it unless you are a corporation or you are wealthy. I do blame the politicians both left and right who are bought by corporations. A simple remedy such as publicly financed campaigns would do much to remedy the many things wrong with our country If you take the money out of politics, you also take the favors owed to biggest campaign donors .
Corporate favoritism is not solely the fault of Bush. It neither started with him nor will end with him.
My disgust is with the state of politics in general, and the unreal amount of power that corporations hold over our politicians.
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