The 'Party of No' Fails the American People Again

Discussion in 'Politics' started by earthling01, Dec 26, 2010.

  1. earthling01

    earthling01 Member

    Dec 25, 2010
    Thanks Received:
    Trophy Points:
    ‘Party of No’ still has no clue how to fix an ailing US economy

    In spite of efforts on the Left to reduce the growing Income Gap between rich and poor, the GOP has blocked and threatened to filibuster in order to keep themselves in power and keeping corporate interests ahead of what many Americans believe is a national security threat: the US national debt.

    The American public outcry for an end to ever-increasing gasoline prices, health insurance premiums and food prices fall on deaf ears of the GOP. In the meantime, more wealthy GOP House and Senate members position themselves to take the oaths of office and defend the wealthy and corporate interests that rob our countrymen of their savings and pensions.
    Some progressive corporate executives are appalled at the GOP lack of common sense. According to AdvisorOne dot com, a personal investment guidance website:
    “In the midst of the furor over this year’s tax cut deal with the Republicans, a group of wealthy Americans has come out against extending the Bush-era tax cuts for high income individuals. Warren Buffett and Bill Gates had 17 more billionaires join their pledge to give away their fortunes [and ask for a tax increase]. The groups Wealth for the Common Good and Patriotic Millionaires for Fiscal Strength joined forces to call upon Congress to allow the Bush tax cuts for the wealthy expire (Dec 9, 2010).”

    Moreover, an overwhelming number of middle-class Americans see an extension of Bush Tax Cuts for the wealthy as “superfluous.” The way to US economic recovery can only succeed by using a “bottom-up” model, not the “top-down” [aka “trickle-down”] model as previous administrations’ policies have proven over the years.

    Economists agree that the need for an end to Bush era tax cuts for the wealthy is two-fold: First, it saves approximately one trillion in govt revenue that the nation desperately needs to pay down the massive dept to China and other overseas lenders. Second, it is a vital first step towards narrowing the increasing gap between rich and poor in the US.

    Paying off the debt is not only an objective of political and fiscal responsibility, it is also a national security issue to most Americans.

    In contrast, the “Bottom-Up” model of economic growth is based on the theory that jobs will be created once there is a noticeable increase in public demand. As the baby-boomers begin to save through extended tax cuts, they will gradually increase spending, indicating stronger demand for US goods and services. Hence, businesses and corporations will be forced to hire new employees in order to keep up with the new demand.

    The “Top-Down” model, which the Republican Congress is adamantly promoting, is less effective. It expects the wealthy to create jobs without an increase in demand from the middle class. Hence, instead of trickling down to the masses, tax breaks simply get invested in more luxury apartments, airplanes, and off-shore accounts that add nothing to the US economy and do not help pay off the national debt.

    Experts agree the current debt of 17.5 trillion is a combination of 13 trillion accumulated by the previous administration plus Obama’s stimulus package [4.5 trillion to stimulate the economy after eight years of fiscal irresponsibility, two new military actions and needless tax breaks for the wealthy.]

    Yet, in spite of this economic evidence and pleas from the middle class [and corporate CEOs such as Gates and Buffett], the GOP is still marching is lock step to maintain tax breaks for their wealthy constituents.

    According to Gallup Poll dot com, a majority of Americans (44%) favor letting the tax cuts enacted during the Bush administration expire for the wealthy. While 37% support keeping the tax cuts for all Americans, and 15% think they should expire for all taxpayers.

    The GOP now stands clearly in the way of what the majority of Americans see as the best way to economic recovery, and therefore, pressure to bring about US economic growth now falls on the GOP’s shoulders more so than President Obama’s.

    Moreover, since the GOP has allowed the national debt to increase by one trillion dollars (on top of the 13 trillion accumulated during the Bust administration), they will have no leg to stand on when criticizing Obama for his failure to start paying down the national debt.
    • Thank You! Thank You! x 1

Share This Page