From JIM HOULE
“The $2.5 trillion deficit-reduction deal brokered by Senate Minority Leader Mitch McConnell, House Speaker John Boehner, and President Barack Obama is grotesquely unfair. It’s also bad economic policy. In the midst of a terrible recession, it will cost hundreds of thousands of jobs. At a time when the wealthiest people in this country are doing extremely well, and when their effective tax rate is the lowest in decades, the rich are not required to contribute one penny more for deficit reduction. When corporate profits are soaring and many giant corporations avoid federal income taxes because of obscene loopholes in the tax code, corporate America will not be asked to contribute one penny more for deficit reduction. On the other hand, working families, children, the sick and the elderly – many of whom are already suffering because of the recession – will shoulder the entire burden:” Senator Bernie Saunders of Vermont (Aug.5, 2011).
Selling the American People a Totally Deceptive Message
The forces of the right have managed to guide the American people into a sense of helplessness, lethargy and stupid complacency. We have been told that: (1) the rising national deficit is our most serious problem today; (2) taxes are sapping the initiative of our business community; (3) we have to cut domestic spending because increasing the taxes on the wealthy individuals just gives the government more money to spend; (4) we cannot afford to cut defense spending, for this would only lower our guard against those terrorists who would invade our shores and steal our freedom; (5) entitlement programs like Social Security and Medicare are out of control and increasing our national debt; and (6) that if we were to plug tax loopholes on those businesses that contribute so much to our economic leadership in the world, we will inhibit them from expansion and from the creation of new jobs. More…