Agreed......
For THIRTY ******* YEARS we have been giving the rich tax break after tax break and it has been doing nothing but increasing our deficit and creating class warfare. We've gotten to the point where Warren Buffet pays less percentage than his secretary.
It's time to let the Bush tax cuts EXPIRE.
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That isn't a true statement.
Reagan cut taxes in 1981, and an economic boom followed.. Then he raised them as part of the 1986 tax reform. A recession followed.
Then Bush-41 raised taxes some more to save the S&L's. The recession got worse
Then Clinton Raised them, but cut Capital gains taxes.
Finally Bush-43 cut them..
The real economic problem is that we've systematically lost our manufacturing. We could go on wild Keynesian spending sprees in the past because from 1916 to 1976, we were an exporter of manufactured goods. We ran trade surpluses.
The entire national debt for our first 200 years in 1976 was less than 600 billion. In short, less than half of any one year of the Obama Adminstration. This was despite spending on two world wars, an interstate highway system, a space program and a cold war buildup of very pricy weapons we never used, thankfully.
Then we started importing more than we exported. It hit a trillion by the end of Jimmy Carter, 3 trillion by the end of Reagan, 5 trillion by the end of Bush-41 and 7 trillion by the end of Clinton. Bush ran it up to 10 trillion, and Obama to 15 trillion- so far.
Both parties are to blame for this. The Democrats are to blame for unreasonable labor rules that keep wages high, and protect union workers who probably ought to be fired. Not to mention ridiculous regulations on environment, labor, safety, etc. The Republicans are to blame because they supported free trade, and didn't keep up with our infrastructure needs.
We need to re-evaluate our goals, and the first thing we need to do is stop taking care of the rest of the world when we aren't taking care of ourselves.