A good article in this morning's Trib by Jan Schakowsky and Mary Liebman. Please read.
It is a review of what happened since the Bush tax cuts passed in early 2001. Lost revenue = $2.5 trillion, with about 40% of that going to households with incomes above $800,000. When he came into office we had a nice surplus and this was an over-reaction and vote getting action that backfired and contributed greatly to the situation we are in today.
The inequitable distribution of income and wealth are driving this country to a sad state of affairs. The wealthiest one percent of households own more than 35.6% of all private wealth, and more than the bottom 90% of the US population combined. Mind boggling! In 2007 the 400 wealthiest Americans as identified by Forbes had about the same combined net worth as 150 million fellow citizens - half of our population - again just unbelievable. Millionaires are paying the lowest effective tax rates today since the 1920's.
Is this situation really necessary? There is no trickle down here. Do the rich really need unlimited and ever growing wealth?
No doubt that budget cuts are also needed, but they should include the Defense budget and the Congressional budget. I read True Compass recently, not a very good autobiography by Teddy Kennedy unfortunately, but he said that when he took office as senator in 1964 he had one aide. What is a senator's or representative annual budget now? Let them tighten their belts along with us. They are not a special class of people.
The budget and our economy are complicated issues, but we need to be equitable and just in our actions, or else the middle class will disappear and the lower class will be put in a position to think that a revolution is their only alternative.
Food for thought.
Take care.
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