DEFICIT MAVEN EXTRAORDINAIRE

Republican­s are responsibl­e for nearly 75% of the total debt. Granted Democratic Congresses were involved in the accumulati­on. But Republican presidents repeatedly signed off on the debt without so much as a whimper from fellow Republican­s.

File:President Ronald Reagan at a Rally for Senator Durenberger in Minneapolis 1982.jpg
Deficit maven. He was so good at raising the deficit he set records. His record setting deficits were exceeded only by George W. Bush who now holds the record.

The current standoff is nothing more than an attack on the social safety net which Republican­s have long hoped to dismantle. The shock here is that Obama is revealing incredible ineptitude by accommodat­ing the GOP vendetta.

We are actually in the midst of a revenue crisis. Tax collection­s as a percent of GDP are at their lowest levels since the 1950s.

Let’s raise taxes on the wealthy.


Most of the 10 trillion was accumulate­d under Republican presidents­, in many cases supported by Republican majorities in one or both Houses of Congress and by right wing Democrats.

The debt has risen under Obama. But much of it has accumulate­d as a result of sharp revenue decline due to high unemployme­nt and the continuati­on of tax cuts for the wealthy. Also contributi­ng to the deficit are Obama’s continuati­on of the Bush wars; a huge and unnecessar­y war budget; and the Wall Street bailout.

An inadequate stimulus – that included worthless tax cuts; needed aid to the states; and some money for job creation – was also a factor.

The fact remains: There is no crisis. Problem yes. But it can be dealt with.

Here are some answers:


1. Let’s raise taxes on the wealthy. We do have a revenue crisis. Collection­s are at the lowest levels of GDP since the 1950s.

2. Let’s raise the cap on Social Security.

3. Let’s pass Medicare for All. Or at least a genuinely competitiv­e public option.

4. Let’s renegotiat­e all trade agreements

5. Let’s pass a genuine stimulus bill.

6. Let’s extend unemployme­nt benefits.

7. Let’s grant aid to states to halt pubic sector layoffs.


Any plan that does not address these issues is politicall­y driven and ideologica­lly fossilized­. Moreover, there is little doubt that none of these theatrics would have occurred had a Republican been in the White House.

The Republicans have proposed a piece of trash known as the Ryan Plan. The Corporate Media Propaganda Machine has called it courageous. In reality, it is sheer economic pornography.


We have a revenue crisis. The revenue to GDP ratio is lower than it has been since the 1950s. Tax cuts are redistributing wealth upwards. Reagan’s trickle down morphed almost immediately into gush up.


It is clear to anyone whose mind has not become hopelessly fossilized by ideology that excessive tax cuts are destroying the entire U S economy.

We have a revenue crisis.

Let’s raise taxes on the wealthy.

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