Tag Archives: GDP

Defending Bush Tax Cuts For the Rich

Oct 20, 2010  Defending Bush Tax Cuts for the Rich- The differences between Democrats and Republicans have more impact on the economy than social issues and defending the constitution.

The social issues have taken center stage in the media which range from the lack of knowledge of eccentricities of the Tea Party candidates to Sarah Palin’s reality show. The issues surrounding cutting Medicare, cutting health care reform initiatives and the variety voters can chose this year are mind boggling. Pick an issue and there is a problem to be concerned for voters.

One major point all Americans agree upon, which is over 95 percent of the population is that they believe that the US must withdraw from Iraq, and save the 3 trillion dollars going to a foreign country that holds no allegiance to America.  If you really want to account for the deficit it is military spending not a poor economy and the money that has been drained from infrastructure which creates jobs at home.

In fact both countries have had enough of American interference and want the US to leave and with a welcome like this who needs an invitation.  The money spent represents 3 trillion dollars that could have been spent to stimulate the economy and create jobs from within this country.

Military expenses have added greatly to the deficit and have skyrocketed for almost ten years which not only drained the economy it had to be borrowed from China which adds to the deficit.

The amount of waste here including lining the pockets of the previous administration namely the Dick Cheney and Donald Rumsfeld needed to end.  Although the Tea Party and the Republicans still defend giving tax cuts to the very rich it does not increase job creation, nor solve the economic crisis.

Tax cuts for the rich benefits Wall Street bankers the same ones who robbed Americans and required bailouts.  Tax cuts for the rich do not trickle down and if they did there would not be such a high unemployment rate. If the US government does not stop subsidizing the rich, the country will surely head for bankruptcy.

The tax cuts for the rich benefit people like Warren Buffet and the Bill Gates who pay less taxes than their secretaries on a percentage basis.  Warren Buffet has actually come out and stated he “doesn’t need a tax cut” and most millionaires would agree.

Republicans propose raising the retirement age by two years and we know how well that went down in France.  France is now on strike, demonstrations all over the country have halted flights, trains, transportation businesses are all on strike to stop the raising of retirement age. The people are fed up with government deficit spending and not paying their bills while raising taxes on the middle and lower classes.  The whole result is a class war which is predicable given history of class warfare.

It is particularly disturbing to the youth of France who shout slogans out to the French President Sarkozy to stop the nonsense.  Over 3.5 million protesters hit the streets in France on October 19 and for six days protests have continued with job stoppages, gas stations running out of gas, and oil refineries shut down.

France is basically taking a vacation from politics in its nineteenth day of protests against the government reduction of retirement benefits.

Bush Tax Cuts Did not Create Jobs
Bush Tax Cuts Did not Create Jobs

If you do the math each dollar spent on unemployment benefit extensions adds to our GDP by $ 1.64 and each buck put into food stamps adds  $ 1.73 to the GDP  However, each dollar of capital gains cuts for the rich only amounts to .37 cents. Investing in the infrastructure creates jobs and spin off jobs and green energy investment is a power pack of benefits both for homeowners, the environment and the economy a triple home run.

Every depression takes time for recovery and the Tea Party cannot magically come up with a solution because they have none.  The economy will stabilize given lower expenses on military, withdrawal from both wars, reduced breaks for corporations who outsource jobs and some time to heal the damage from the Bush years.

Tags:  GDP, the economy, democrats, republicans, tea party, Defending Bush tax cuts for the rich, tax cuts for the rich, the recession, the economy, tax the rich not the poor, tax rates, George Bush tax cuts, jobs, economy, investments.

Editors Notes:  If the Bush tax cuts created so many jobs, then why are we experiencing the biggest job losses in a decade?  The Bush tax cuts only helped the rich get richer, and jobs to be outsourced to foreign countries and this is the greatest problem. Corporations and CEO’s that out source American jobs, should be taxed higher and penalized.

Sandra Shakley, Head Writer.