16 Ways to Cut the Deficit

[ProSense]

16 Ways to Cut the Deficit

Introduction

With the federal deficit now $1.4 trillion -- about 10 percent of gross domestic product -- both Democrats and Republicans are putting forward plans to reduce the fiscal shortfall. The chairmen of President Obama's bipartisan commission on reducing the federal debt issued a draft proposal on Wednesday that calls for deep cuts in domestic and military spending, eliminating popular tax breaks and raising the retirement age for Social Security -- all of which are likely to ignite strong resistance in some quarters.

David Leonhardt, writing in the Week in Review, examines the many options on the table. In this discussion, experts offer some specific ways, large and small, to reduce spending or raise revenues.

Read the Discussion

[grumgrum]

1. Health Insurers Get Subsidies? Stay Classy U.S.A.

We are in the wrong business if government is giving to an industry that on average gives their CEO's yearly paychecks in the hundreds of millions.

The system is dying for a Single Payer.

[Mass]

2. Liberal newspaper, My A**s

The majority of contributors are RW to center RW. There are a few that are more progressive, but the panel is hardly balanced.

I should have guessed when the article does not acknowledge that the proposal reduces rates for the rich while doing little for the middle class and the poor.

[ProSense]

3. Right, I

counted about five that made sense.

[bemildred]

4. The obvious, straightforward way to reduce the deficit is to raise taxes.

Hello?

[mikekohr]

5. Trickle Down Economic Tax Policies and Credit Card Republicanism Caused this Deficit -GRAPHS-

Reagan, Bush and Bush added $9.2 trillion to the national debt. President Clinton inherited a recession and the enormous Reagan/Bush I debt and deficits. President Clinton reversed the Reagan tax give-a-ways to the rich and in four years flatlined the yearly deficit and then balanced 4 budgets, which is exactly four times as many balanced budgets as the last five Republican president -COMBINED-.

Bush II took the record Clinton surplus's, reinstituted the Reagan spending and tax give-a-ways to the rich and turned the greatest surplus' on record and turned them into record deficits.

?

THE LAST 3 REPUBLICAN PRESIDENTS HAVE ACCOUNTED FOR NEARLY 100% OF OUR INCREASE IN THE NATIONAL DEBT SINCE 1981


Every President, from Truman to Carter, steadily paid down the staggering debt that was run up in our fight against Nazi Germany and Imperial Japan. That pattern came to a screeching halt with Reagan/Bush and Bush. Clinton’s fiscal policy was a brief respite during this orgy of deficit spending.

Clinton balanced 4 budgets, which is 4 times as many balanced budgets as the last 5 Republican presidents combined.


President Obama, like President Clinton, inherited a sea of red ink and a recession from his predecessor. He, like President Clinton, recognizes the importance of getting America back to work and then getting our fiscal house in order.


See National Debt Graph @: http://zfacts.com/p/318.html

See Yearly Deficits: http://www.cbo.gov/ftpdocs/108xx/doc10871/HistoricalTables.pdf

----------------------------------------------------------------------------------------------------------------------
WHY DO REPUBLICAN ECONOMIC PRINCIPLES EXPAND THE NATIONAL DEBT?
-The answer is simple mathematics. Reduced revenue + increased spending ='s increased debt-

?

(click to enlarge)
http://cedarcomm.com/~stevelm1/usdebt.htm

The two biggest promises of "Trickle Down Economics" are it's greatest failings. Proponents of "Trickle Down Economics” claim that tax cuts, skewed to the rich, will create jobs and increase tax revenues. The graph above disproves the latter claim. Job creation plummets under "Trickle Down Economics (see http://bureaucountydems.blogspot.com/p/job-growth.html )and nine of the last ten recessions have occurred under Republican leadership (see http://bureaucountydems.blogspot.com/p/history-of-recessions.html ).

Two things are certain to grow when a Republican is in the White House, unemployment and the National Debt.


By contrast, "Bubble Up" economnic priciples practiced by Democratic Administrations put people to work, rev up the economy, and balance the Nation's ledger books. Every time. No exceptions.




mike kohr
Burea County Democrats
http://bureaucountydems.blogspot.com