Thursday, May 10, 2012

The Debt IS NOT The Problem, This is Why

15 Trillion Dollars


Our Debt is a Whopping 15 Trillion Dollars, but that is not the problem! Why not? Because as soon as people begin working again it will vanish like Houdini; as soon as we begin imposing FAIR taxes, we will have a surplus.

I was reading a "Tea Party" article a few minute ago and felt ashamed that I used to once think like that. The article was blasting Ex-Im (Export Import Bank), a fund that gives out loans to companies where the private sector can't. The article was calling Ex-Im a slush fund and corporate welfare, yes the fund gave money to Solyndra, but this fund is far from a slush fund, especially since the money it gives out must be paid back WITH INTEREST.

I will agree (yes, agree) with one point they made, we need to end corporate welfare, and while we are at it let us end the welfare for the 1% too!

What is really sad is the fact that the article was implying that the fund was part of the reason we have a 15 Trillion Dollar Debt. You can read the article Here


One thing that made America great and will make us great again is a thriving middle class. Unfortunately, these past few decades we have seen Legislation after Legislation, Bill after Bill, and Policy after Policy that helps the Rich in the HOPE that it will "trickle down" to the rest of us....
Been there, done that, and I even have a T-shirt that says "Reaganomics"

If we truly want to do something about the debt, we need people earning a good wage so they can play plenty of taxes! The more we are able to make, the more taxes we will be able to pay, Economics 101.

WE NEED Policy that will enable the middle class to thrive! Then we will be able to let the debt get paid off quickly. 


We all here politicians complain or call for "Fair Taxes" the Republicans want less taxes for the rich and more for the poor while the Democrats want more taxes for the rich and less for the poor. Well let's face it, the rich DO NOT pay there fair share. I wrote a blog A Case for the Rich to Pay MORE Taxes where I make the point that the rich benefit the most from government spending, thus they should have to pay more taxes, otherwise we are doing the opposite of Robin Hood, with low taxes on the rich we are in effect taking from the poor and giving to the rich.

Warren Buffett even wrote an Op-Ed Stop Coddling the Super-Rich
Buffett points out that between 1980 and 2000 Forty-Million jobs were added to the economy even though taxes on investment income were substantially higher than they are today.

I would like to add that the higher taxes on the rich end up helping the rich the most. How? Simple! the money we collect in taxes get reinvested into many things and the businesses that the rich own end up prospering. 

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