My party talks a good game, railing about the immorality of passing debt on to our children. But the same Congressional Budget Office that punctured Obama’s budget also concluded that the major policies that swung the budget from a projected 10-year surplus of $5.6 trillion in 2001 to the present 10-year deficit of $6.2 trillion were Republican in origin. [...]
The Bush tax cuts have added another $3 trillion in red ink. While Republican leaders wail that Americans — particularly their rich contributors — are overtaxed, the facts say otherwise: U.S. taxpayers, particularly the wealthiest, pay far less in taxes than they would in most other developed countries. Today, the 400 wealthiest Americans have as much wealth as the bottom 125 million. The GOP insists that those wealthy people use their money to create jobs, and that taxing them more heavily would ultimately hurt the economy. But, if that’s so, why was the rate of job creation in the decade after the Bush tax cuts the poorest in any decade since before World War II?
Michael S. Lofgren retired as a congressional staffer on June 17, 2011.