We could argue ad nauseum about what ails this country. We have passed literally thousands of bills that affect the amount of revenue we collect – from EIC, to overseas tax shelters, to corporate specialty tax reductions to capital gains tax reductions. The list is endless it seems. And this list so far doesn’t even include the general tax cuts passed while past presidents were in office. Yet, for all this tax cutting no one except President Obama has cut spending. Politicians love all tax cuts and they also love all spending programs – but to sit here and all of the sudden say spending is an issue after we enacted all sorts of tax cuts is disingenuous at best – it is the starve the beast mentality.
The core issue here is just what do we Americans want to pay for. Both sides have their priorities – they just don’t match.
Reagan raised the national debt from $900B to $2.8T over his 8 years – a staggering 150% increase.
Bush doubled the national debt during his tenure
Obama so far is under 100% debt increase but not by much but gets the lions share of the political blame on debt issues.
We are being taxed at levels not seen since the 1980s/90s yet we’re spending like drunk sailors. BOTH issues have to be dealt with. When 47% of your population doesn’t pay ANY taxes you have issues. If we were to go with Simpson Bowles $3 in cuts and $1 revenue increase we’d be just fine – right now all we’d need to do is get another $600B in revenues to meet that……
More information about formatting options