Are we really willing, as a country, to assign a higher value to tax cuts for the wealthiest during economically difficult times than preventing the unnecessary loss of tens of thousands of American lives each year?
After 30 years of creating large deficits through tax cut legislation (Starving the Beast), often to the detriment of our economy and jobs growth, Republicans are getting closer to their goal of reducing the size of government through sharp cuts to our entitlement programs.
While the wealthy and ‘Wall Street’ were creating jobs abroad and making handsome profits from foreign investment using money our country borrowed to support their tax cuts, business investment and jobs growth in the US languished during the GW Bush years and future generations have been saddled with the debt.
An evaluation of job creation and GDP growth during 8 complete presidential terms since 1977, 5 Republican and 3 Democratic, show that our country did better under progressive tax rate policies than Republican tax cut policy. Choice of policy this election is not only important to economic growth and job creation, but the radical right’s anger that is finding its way to minorities such as gays, Latinos and Muslims will not likely stop until the economy is on firmer footing.
Despite the Tea Party’s outcry against federal deficits, debt, and the size of government, this is the very same crowd that voted down budget surpluses, smaller government, and secured entitlement programs in 2000 in exchange for unfunded supply-side tax cut policies that had already quadrupled the national debt between 1981-1992. This movement is not, nor has it ever been about debt, deficits, taxes or healthcare. It is conservative America raging against a changing America, and this movement is being gamed by both Fox News and politicians for political and financial gain.
I submitted the following to CNBC’s Squawk Box. I provided two graphs of our national debt over time, one using inflation adjusted dollars and the other with the debt expressed as a fraction of our economy. This presents the road out of the current economic crisis; we need a plan that will grow the economy of our future – we need to be forward looking.
There’s been a lot of talk recently, by our President and others, about gun violence and race relations. How to simultaneously address both? Have our country live up to its legal obligations under ICERD by putting a National Plan of Action in place.
The GOP’s decision to reinstate tax cut policy in 2001 exposed their hand. It was not about deficit reduction, growing the economy, or job creation. It was about ideology and, no doubt, special interests. It was a backdoor approach where government revenue was cut in an attempt to curtail spending on popular programs they otherwise could not take head-on. This while obstructing the work of Congress, spinning a web of deceit about the benefits of their policy, and weakening our country’s financial standing. It’s time to play hardball during ‘fiscal cliff’ negotiations and force them to be specific about what spending cuts they are talking about to offset the tax benefits they wish to preserve for the wealthiest. They wouldn’t have the nerve.