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- Jul 15, 2012
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Like most Americans I support middle class entitlements. Republican reactionaries learn about the popularity of entitlements as soon as they move beyond campaign rhetoric about making the government live within its means.If you are really concerned about debt then join me in advocating doing away with all welfare, entitlements, grants, subsides, bailouts and reducing taxes and not spending any more money at the Federal level than is collected in revenue. Do you have the convictions to do that?
I tire of repeating myself, but here I go again.
The Second World War ended in 1945. The national debt as a percentage of gross domestic product (GDP) was 114%.
During President Carter's last year in office, 1980, that had declined to 32%. It declined under Republican and Democrat presidents. It declined during the wars in Korea and Vietnam. During this time the top tax rate was never lower than 70%, and often much higher. When Trump left office in 2020 the national debt as a percentage of GDP had grown to 129%. That was because of Republican tax cuts for the rich during the administrations of Reagan, Bush II, and Trump.
US National Debt by Year
The U.S. national debt was over $31 trillion in 2022. In 1930, it was just $16 billion. The biggest impacts have been defense spending, recessions, and recently, the pandemic.
www.thebalance.com
http://www.irs.gov/pub/irs-soi/02inpetr.pdf
The following two charts demonstrate that the money going to the rich did not trickle down.
This is why for years opinion surveys have indicated popular support for a more progressive tax system.
poll + taxes + rich - Google Search
If the Democrat Party gave us what we want on raising taxes on rich people, the Democrats would regain the dominance they had from the elections of 1932 to 1964. The tax revolt, which elected and re elected Ronald Reagan, was a draft riot against the War on Poverty. By 1978 most most of us white folks did not want our taxes spent on welfare checks going to unemployable and frequently dangerous blacks. We still wanted a government that helped us get us get through life, and we wanted the rich to pay for it.
Right now I can think of a number of areas where I would like for the government spend more money. These include environmental protection, health care, and post secondary education for those who qualify.