Monday, July 18, 2011

Reducing the Deficit

July 18, 2011

On July 10's Face The Nation program, Bob Schieffer played a clip of President Obama saying that we can't play politics with the debt ceiling. Yet, this is the first president I can recall who threatened old people by saying he couldn't promise they'd receive their Social Security checks if the Republicans don't cave to his demands! Treasury Secretary Geithner says there's lots of potential theater in this. Boy, he's not kidding. Democrats are saying that if the debt ceiling is not raised, every American will feel it. They won't budge on their wild, out of control spending. Republicans say there would still be enough funds to pay all of the Social Security checks, the military, all the interest on the debt, and more - even if the debt ceiling isn't raised. We'll be ok. They won't budge on raising taxes, but for good reason. How has raising taxes ever helped us? Still, there are deals in the works.

The Republicans have come up with multiple plans. There's a Ryan plan, a McConnell plan, the Cap, Cut, and Balance idea. The Democrats have rhetoric, but no plan to solve our debt crisis. They see things in one-dimension. They say that if revenues are raised on middle class and rich people - by raising taxes - then, and only then will we be able to have enough money to pay down the debt. Because they can't get over their jealousy of the wealthy, that's all they've got. Republicans have a more thoughtful idea. This is not obvious to those who only want to tax the rich, so, please try to be open-minded for this one!

Senator Marco Rubio (R-FL) expressed the proper way to fix things, par excellence, on the July 17 edition of Face The Nation. He admitted that, yes, the government needs more revenue. But we need to do it by getting the economy back on track. You create an atmosphere for business to feel comfortable hiring folks. This seems pretty simple to me - and it will work in most cases. Remember, most (and probably all) rich people invest their money in businesses. Some examples are the stock market, bonds, annuities, certificates of deposit, and many others. So, there are probably very few rich people we can tax more without hurting businesses. If we hurt businesses, they don't hire. When we lower corporate tax rates, companies hire more people, and then we gain more taxpayers - and therefore, more revenue.

Oh, yes, you also cut spending - drastically. As our liberal friends are fond of pointing out, there's also plenty of waste in our military. Cut there, too, and everyone can be happy with the necessary reductions in spending! The Democrats keep chanting that everyone must chip in and pay their fair share. Yet, they are the ones placing the burden on a large group of people. If anything, the rich and the middle class (those who make $1 million a year and less, down to about $25 thousand per year) pay most of the taxes in this country. Why punish their personal success by raising their taxes? Let's let them also pursue happiness. They are Americans, too!


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