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Sun Dec 18, 2011, 11:13 AM

How the GOP stole America

SUN DEC 18, 2011 AT 06:00 AM PST
How the GOP stole America
byMark Sumner


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If you listen to the news, you might think went on a we spending spree. You might think we shoved fresh billions into social programs, or gave fat pay raises to government workers, or that there's been some huge expansion of the government bureaucracy. That's not quite what happened.



President Bush said Saturday that the most important number in the budget he sends to Congress next week is the $5.6 trillion surplus it projects over the next 10 years.
http://www.cbsnews.com/stories/2001/02/24/national/main274334.shtml


That's not some alternate universe. It's not ancient history. That's the United States just a decade ago. So what happened? Well, we didn't hand out huge new benefits, or fix all our crumbling roads and bridges, or address the failing National Parks. Emptying the national pocketbook was a lot easier than that. We gave it away.

We gave away $1.5 trillion in income tax cuts, and here's the fun part. Over one trillion of that went to the top 5%. Less than 2% of Americans pocketed more than all the rest put together. Another bit of fun: the extensions that have already been made to the cuts will double the cost, with the payout being just as lopsided.


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It's easy to scream about a Balanced Budget Amendment, but a decade ago we had a balanced budget. Heck, we had a surplus, one that was produced by small but real increases in the top tax rate. It's not the Constitution that changed since then. Nobody slipped in an amendment that forced the government into the red. Given the opportunity, the Republicans did everything they could to make sure that the United States not only doesn't have a balanced budget, but can't attain one because the one tool that can make it all work is the one they will not allow. Again, not a secret. What part of "government is the problem" did you not understand?

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the rest:
http://www.dailykos.com/story/2011/12/18/1046522/-How-the-GOP-stole-America?via=blog_1

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Reply How the GOP stole America (Original post)
kpete Dec 2011 OP
Bogart Dec 2011 #1
brewens Dec 2011 #2
fasttense Dec 2011 #3
jimlup Dec 2011 #4

Response to kpete (Original post)

Sun Dec 18, 2011, 11:28 AM

1. "We gave away $1.5 trillion in income tax cuts,"

 

I know that some state governments operate numbers rackets that are most often played in poorer neighborhoods, but I did not realize their take was in the trillions.

In order to give away that kind of money, they must be operating a secret means of production in some other endeavor.

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Response to kpete (Original post)

Sun Dec 18, 2011, 12:14 PM

2. Then you look at profit from the arms industry and private defense contractors.

The lions share of that goes to the top. I'd like to see an analysis of just how much tax revenue actually goes right to the 1%.

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Response to kpete (Original post)

Sun Dec 18, 2011, 01:33 PM

3. Yes, it's called the 2 Santa Clause theory.

 

RepubliCONS spend like drunks when they are in office then turn around and complain about the budget deficit when they are out of office. That way they get to be Santa Clause when they spend and Santa Clause when they protect the nation from debt.

But the overwhelming tax give away to the ultra rich is really part of the reason for this bad economy.

People think that the rich spend like the average person but they do NOT. When they get taxed on money they have no need for, they look for places to invest it. When they are NOT taxed on money they have no need for, they spend it, not on investments but on luxury items and are more likely to withdrawal their money in profits instead of reinvesting it.

In 2013 the Top 5% average tax break will be $20,510 which is 47.2% of the share of tax cuts and 4.0% of the average tax cut as a percent of income.

In 2013 the bottom 60% average tax break will be $487 which is 13.4% of the share of tax cuts and 1.7% of the average tax cut as a percent of income.

If you want a full break down of how the middle class and poor are supporting the rich through tax give aways, here's a link:

http://www.ctj.org/bushtaxcuts10yrs/us.pdf


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Response to kpete (Original post)

Sun Dec 18, 2011, 09:57 PM

4. Agreed but the real guilt lies with the puppeteers

These are the monied interests who have found a good conduit for the transfer of wealth that they so covet. Did you see the Venn diagram thread?

http://www.democraticunderground.com/100238687

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