Cutting into the $1.4 trillion deficit left on Obama’s doorstep, where does government find revenue?
• Individual income taxes —42% of all receipts in 2009.
• Social security, unemployment insurance and other —43%.
• Corporate income taxes are only 6% of total federal income.
Bush Republicans cut government revenue 27%. Corporate taxes fell a staggering 66%. A crippling burden on business, no?
Thirty years stumping Reagan’s sloganeering of ‘Cut Taxes / Slash Spending’, from 1986 to 2009, total government outlays have increased 254%, national defense has grown 144%, entitlements have grown 321% and healthcare has grown a staggering 835%.
Lured to voting Republican?
Oh yes, the best way to lose weight is to eat more ice cream.
After quadrupling Federal debt, Republicans continue to hoot spending cuts.
The problem is that the amount of discretionary spending that is ripe for cutting is a relatively small portion of the pot.
Supply-Side Economics has been at the core of Republican economic philosophy. “Cutting taxes doesn’t add to the deficit, it’s how we fight the deficit!! Less is more, don’t you see?? Reagan proved it.”
That’s just junk —very sloppy junk that brought America to a $1.4 trillion deficit.
Tax cuts for corporations and the wealthy, never a burden in any case, have utterly failed. The truth is that there is virtually no evidence in support of the Bush tax cuts as an economic elixir.
It’s not Palin-Beck 2012 we want nor a revival of religion, but a robust and stimulated economy. And some smart tax increases because,
…wealthy Americans no longer invest in creating productive American businesses.
They primarily ‘protect’ the value of their money —financial speculation, the stock market, cherry-picking leverage.
With so much money at the top seeking yield, asset prices were driven higher and higher, until the point was reached where the only way to keep the bubble going was ‘securitize’ people who could not afford to pay it back. After all, derivatives must be derived from something.