This writer has pointed out many times how understanding the past is the key to our country's future and how the fairy tale of trickle down economics has failed as an economic or fiscal policy. George W. Bush failed to understand that when he became President and adopted Reagan's tax cut policies that favored the wealthy at the expense of the middle class and increased federal spending. The sad result for both of those administrations was 16 years of record deficit spending and a increase of 186% in the national debt under Reagan and 105% under George W. Bush.
Now comes republican Presidential candidates Gingrich, Romney and Santorum who are proposing once again, if elected President massive tax cuts that benefit the wealthy. U.S. Budget Watch, a project of the Bipartisan Commission for a responsible federal budget said their tax and spending plan would add dramatically to the federal debt. Thru 2012 Romney's plan would add $2.6 trillion to the debt, Santorum's plan would add $4.5 trillion and Gingrich's plan would add $7 trillion. That according to David Lightman publication in the Times Picayune of 2/25.
In an editorial by E.J. Dionne a Tax Policy Center study last November concerning the impact of a 20% across the board rate cut proposed by Romney showed that the wealthiest 0.1% would receive an average tax reduction of $264,000.00. The poorest 20% would receive $78.00 and those smack in the middle $791.00 and would add more than $3.7 trillion to the national debt.
Gingrich, Romney and Santorum has learned nothing from the past and actually confirms what this writer said many times over, that Reagan, Bush 43 and now those three Presidential candidates actual intent is to rob the federal government of needed revenue so social security, medicare and other vital programs for the people are starved to death.
No Presidential candidate in his right mind who claims to want to balance the federal budget and move America forward can over look the past mistakes of Reagan and Bush 43. To really understand how comitted the conservatives are in their quest to bankrupt the federal government try this on for size. The conservatives oppose the recently enacted health care law even though the C.B.O. said over the next decade it would reduce the national debt and the budget deficits in the future. The conservative candidates for President's proposals for tax relief would reduce federal revenue and add trillions of dollars to the deficit and national debt. The hypocrite's position meshes with their anti-American ideology called conservatism.
Understanding the past is still the key to the future for the country and its people. See my previous commentaries noted below.
Note 1: The National Debt: Betrayal and Devastation dated 12/6/09
Federal Spending: Facts vs. Myth dated 10/31/09
The Fiscal Legacy of President George W. Bush dated 10/30/09
The United States: Past, Present and Future dated 12/31/08
