(C) Daily Kos
This story was originally published by Daily Kos and is unaltered.
. . . . . . . . . .



Let's roll back tax cuts instead [1]

['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.', 'Backgroundurl Avatar_Large', 'Nickname', 'Joined', 'Created_At', 'Story Count', 'N_Stories', 'Comment Count', 'N_Comments', 'Popular Tags']

Date: 2023-04-23

So, Ms Klobucher what’s to negotiate?

Klobuchar: Biden, McCarthy should negotiate on budget, not hold Americans’ mortgages ‘hostage’ over debt ceiling

by Lauren Sforza - 04/23/23

“We pay our bills.” Klobuchar said that the “main goal” is to ensure the United States does not default on its debts

The US national debt is a product of conservatives’ tax cuts and ill convinced wars. A review of stock buy back transactions correlates well with GOP tax cuts, not with corporate business investments:

If the goal is to pay our bills and reduce the deficit, reverse recent tax cuts. McCarthy’s proposal is to transfer the national debt to the poor and the nation’s wealth to the 1%.

U.S. House of Representatives Speaker Kevin McCarthy has floated a plan that would pair $4.5 trillion in spending cuts with a $1.5 trillion increase in the U.S. debt ceiling.

There is noting to negotiate, and President Biden is right to refuse to negotiate.

Politicians and economist who are calling for negotiations are treating the rich and the poor as equally responsible and able to with stand the impact of reducing the debt by spending cuts.

But prior to Ronald Reagan’s 1981 and 1986 tax cuts, the national debt was decreasing as a percent of GDP, the standard measure of debt risk, each year. Bill Clinton balanced the budget in the 1990s and Bush II rolled out huge tax cuts in 2001 and 2003 plus a tax rebate in 2008, to return the surplus to taxpayers.

Each succeeding GOP congress and president have continued to add to the national debt by passing and signing into law legislation that has put the national debt on an exponential incline. Yet, made no effort to implement the debt reduction programs they are interested in negotiating now. Democrats are right to not negotiate, “elections have consequences.” Conservatives can legislate and implement their debt reduction programs in their next majority instead of passing more tax cuts.

They can explain to the needy how removing the national safety nets will make them as wealthy as the tax cuts made the 1%.

[END]
---
[1] Url: https://www.dailykos.com/stories/2023/4/23/2165477/-Let-s-roll-back-tax-cuts-instead

Published and (C) by Daily Kos
Content appears here under this condition or license: Site content may be used for any purpose without permission unless otherwise specified.

via Magical.Fish Gopher News Feeds:
gopher://magical.fish/1/feeds/news/dailykos/

You are viewing proxied material from magical.fish. The copyright of proxied material belongs to its original authors. Any comments or complaints in relation to proxied material should be directed to the original authors of the content concerned. Please see the disclaimer for more details.