AI
Thursday, April 08, 2021 7:07:30 AM
We don’t need to pay interest to the Fed or anyone else. We could choose to pay our bills.
Every Republican administration cuts taxes.
Ronald Reagan led the way and by cutting taxes on wealth in half (or more). Couple that with free trade, another Reagan bequest… (Yes, NAFTA was a Reagan initiative) and individual wealth exploded, but middle-class jobs were lost, and without taxation, that wealth didn’t translate into revenues. It simply accumulated at the top.
Add in a massive military spending spree and Reagan set us on the path we continue to follow. The rich got richer, and it all went on a credit card.
When Bill Clinton raised taxes slightly and balanced the budget, he created a surplus and set us on a path to pay off the national debt. (The debt was slightly less than $6 trillion at the time.) In the year 2000 George W. Bush ran on lowering taxes… again. He claimed the surplus showed that Americans were being overcharged (despite the fact that the debt had not been paid and we had been putting off needed investment in our country for two decades). In 2001 and 2003 taxes were slashed and slashed again. The debt has never looked back.
Bush left Obama a meltdown and a $1.5 trillion structural deficit. Obama cut into it mightily, but Trump came in, and Republicans slashed taxes …again.
Last year the United States added a new billionaire to the Forbes list every 17 days. And still we invest nothing in our own country. If you fly into the Washington airport from anywhere in the world you might look around and imagine you’d traveled backwards 40 years in time. It represents the point at which we abandoned growth and started down the path to a third world economy. Fittingly, the airport is called Reagan National.
Every Republican administration cuts taxes.
Ronald Reagan led the way and by cutting taxes on wealth in half (or more). Couple that with free trade, another Reagan bequest… (Yes, NAFTA was a Reagan initiative) and individual wealth exploded, but middle-class jobs were lost, and without taxation, that wealth didn’t translate into revenues. It simply accumulated at the top.
Add in a massive military spending spree and Reagan set us on the path we continue to follow. The rich got richer, and it all went on a credit card.
When Bill Clinton raised taxes slightly and balanced the budget, he created a surplus and set us on a path to pay off the national debt. (The debt was slightly less than $6 trillion at the time.) In the year 2000 George W. Bush ran on lowering taxes… again. He claimed the surplus showed that Americans were being overcharged (despite the fact that the debt had not been paid and we had been putting off needed investment in our country for two decades). In 2001 and 2003 taxes were slashed and slashed again. The debt has never looked back.
Bush left Obama a meltdown and a $1.5 trillion structural deficit. Obama cut into it mightily, but Trump came in, and Republicans slashed taxes …again.
Last year the United States added a new billionaire to the Forbes list every 17 days. And still we invest nothing in our own country. If you fly into the Washington airport from anywhere in the world you might look around and imagine you’d traveled backwards 40 years in time. It represents the point at which we abandoned growth and started down the path to a third world economy. Fittingly, the airport is called Reagan National.
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