It has been reported by the Associated Press Social Security recipients will not receive any adjustments for the coming year. If so it will be the second year in a row. The culprit is inflation that triggers the cost of living adjustment, or COLA as it is called. Like last year, the trustees who oversee Social Security project there will be no COLA for 2011 because of the inflation trigger.
The republican party and conservatives of all stripes are trying to blame the President for the COLA adjustments, however the law covering COLA were adopted by Congress under the Republican administration of Nixon-Ford in 1975 so this news is not new. It was good law because inflation was a problem at the time. The problem now is that the Bush recession and record job losses have been so severe there has been no inflation growth the past two years. Republicans talk a good game but it ends there.
Social Security recipients are better off keeping their monthly Social Security benefits without the benefit of COLA rather than have the Republican party privatize Social Security with Wall Street. That is what was behind the 20 years of record deficit spending and debt created by the administrations of Reagan, Bush 41 and Bush 43. Their record deficit spending and debt was to deprive the federal government of revenue so Social Security and Medicare would have to fold.
The best thing Social Security recipients can do if they want to continue receiving their benefits is to vote Democratic. It was President Obama's stimulus plan that gave the people on Social Security $250.00 last year. A stimulus plan opposed by the republicans inside and out side of Congress. That says it all.
Wednesday, October 13, 2010
Sunday, October 10, 2010
Iraq: The Kind Of War That Never Should Be Repeated
After seven years and five months the U.S. ended its combat role in Iraq. 50,000 support troops will stay until the end of 2011. The U.S. lost over 4400 good Americans in that war that were killed and over 30,000 wounded, many who will never walk again on their own. Many of our troops served two and three deployments in that war.
The American people including our servicemen were told by President Bush that Iraq was a threat to our national security because they possessed WMD and that Iraq reconstituted its nuclear program, but those weapons and program never existed at any time during the Bush administration. The Bush administration even tried to plant the seed in the American people's mind that Saddam played a part in the tragic attacks on 9-11. That too never existed.
Such a war must never be repeated again by an American President nor should any future President think he can reshape a country by launching such a war. President Obama should do all in his power to bring the rest of our support troops home before the end of 2011, the sooner the better. Iraq still has no government six months after their election and our support troops still there are bound to get caught up in Iraq's various squabbles. After seven years and five months what else can we do to help Iraq? Very little actually.
The shame in the war in Iraq is that our leaders took advantage of our men and women in uniform who not only go where they are told to go, they serve with honor, do their jobs and never complain. They ended up paying the ultimate price with their lives in this unnecessary war over WMD that did not exist. Just as shameful was the news media and many retired generals in the run up to the war who were telling the American people they knew for sure Iraq had WMD. They themselves played into the hand of President Bush and also took advantage of our men and women in uniform and their devotion to duty.
Never, ever again should America let history repeat itself in regard to this war.
The American people including our servicemen were told by President Bush that Iraq was a threat to our national security because they possessed WMD and that Iraq reconstituted its nuclear program, but those weapons and program never existed at any time during the Bush administration. The Bush administration even tried to plant the seed in the American people's mind that Saddam played a part in the tragic attacks on 9-11. That too never existed.
Such a war must never be repeated again by an American President nor should any future President think he can reshape a country by launching such a war. President Obama should do all in his power to bring the rest of our support troops home before the end of 2011, the sooner the better. Iraq still has no government six months after their election and our support troops still there are bound to get caught up in Iraq's various squabbles. After seven years and five months what else can we do to help Iraq? Very little actually.
The shame in the war in Iraq is that our leaders took advantage of our men and women in uniform who not only go where they are told to go, they serve with honor, do their jobs and never complain. They ended up paying the ultimate price with their lives in this unnecessary war over WMD that did not exist. Just as shameful was the news media and many retired generals in the run up to the war who were telling the American people they knew for sure Iraq had WMD. They themselves played into the hand of President Bush and also took advantage of our men and women in uniform and their devotion to duty.
Never, ever again should America let history repeat itself in regard to this war.
Monday, September 6, 2010
Another Silly Times Picayune Editorial
The Times Picayune in its editorial opinion of September 2 under the heading "Seafood Image Is BP's To Fix" is another reminder how the newspaper, like many Louisiana elected officials want to pass everything off to BP and the federal government. This time they want BP to pay for fixing the image of Louisiana seafood being safe to consume.
Never mind that federal and state inspectors have found the seafood to be safe and we in Louisiana are eating it daily. (This writer had a catfish poboy just yesterday and President Obama had a seafood poboy last week) More area's of the Gulf have also been opened for commercial and recreational fishing but we are told customers out side of Louisiana do not feel comfortable in eating the seafood.
That means the state, the seafood industry in general (including restaurants) our tourist commission and yes even the Times Picayune has to be the ones to get the word out and pay for it. Leaving the problem up to BP won't cut it and neither will passing the buck and acting like cry babies. Louisiana's seafood industry is a $4 billion enterprise says the TP editorial and in this writers opinion it is up to Louisiana to take the responsibility to see it stays that way.
It is ironic that editorial editors of the TP don't blame BP for the moratorium, they blame President Obama, but they blame BP and want to hold them liable for the perception and image out side Louisiana that Gulf seafood is not safe to eat. I guess the TP realized it would be to much of a stretch to blame Obama for the perception and image so they looked to BP. The TP has adopted the methods of some of our political leaders, "pass the blame to some one else."
BP needs to be held accountable for the damage resulting from its rig explosion and the leaking of oil in the Gulf and the damage it caused and that is what should be pursued. President Obama and the federal government has handled the problem well and has been and still is engaged. It is time for the TP, Louisiana's elected officials and the seafood industry to do its part and assume the responsibility of getting the correct story out concerning Louisiana seafood to out of state customers.
Never mind that federal and state inspectors have found the seafood to be safe and we in Louisiana are eating it daily. (This writer had a catfish poboy just yesterday and President Obama had a seafood poboy last week) More area's of the Gulf have also been opened for commercial and recreational fishing but we are told customers out side of Louisiana do not feel comfortable in eating the seafood.
That means the state, the seafood industry in general (including restaurants) our tourist commission and yes even the Times Picayune has to be the ones to get the word out and pay for it. Leaving the problem up to BP won't cut it and neither will passing the buck and acting like cry babies. Louisiana's seafood industry is a $4 billion enterprise says the TP editorial and in this writers opinion it is up to Louisiana to take the responsibility to see it stays that way.
It is ironic that editorial editors of the TP don't blame BP for the moratorium, they blame President Obama, but they blame BP and want to hold them liable for the perception and image out side Louisiana that Gulf seafood is not safe to eat. I guess the TP realized it would be to much of a stretch to blame Obama for the perception and image so they looked to BP. The TP has adopted the methods of some of our political leaders, "pass the blame to some one else."
BP needs to be held accountable for the damage resulting from its rig explosion and the leaking of oil in the Gulf and the damage it caused and that is what should be pursued. President Obama and the federal government has handled the problem well and has been and still is engaged. It is time for the TP, Louisiana's elected officials and the seafood industry to do its part and assume the responsibility of getting the correct story out concerning Louisiana seafood to out of state customers.
The Moratorium On Deep Water Drilling In The Gulf Is Working
The Times Picayune of 8/27 carried a story concerning the above that hardly was noted and given little play. Probably because the story supported the moratorium and too many Louisiana loud mouths once again were proven wrong, including the editorial section of the Times Picayune.
The Bipartisan Policy Center issued a 21 page report that responded to a request by The National Oil Spill Commission. A part of their report said. The Department of Interior's drilling moratorium has served the productive purpose of allowing time for both industry and government to prepare for a safer, more vigilant and dependable future for U.S. offshore drilling. It also said: New, higher standards imposed by the Department of the Interior since the moratorium was imposed will achieve a significant and beneficial reduction of risks and will provide an adequate margin of safety to responsibly allow the resumption of deepwater drilling in the Gulf of Mexico.
The most important part of the report said: One value judgment we did make is that the need to impose an industrywide moratorium does demonstrate how profoundly unprepared the industry and government was for an incident of this magnitude.
If those industry representatives, elected officials and the Times Picayune had their way, there would have been no moratorium and safety issues involved in offshore drilling would never have been addressed. The death of 11 rig workers would have been only a foot note forgotten by those who support the status quo.
President Obama stood tall and showed his leadership and courage. Thanks for a job well done Mr. President.
The Bipartisan Policy Center issued a 21 page report that responded to a request by The National Oil Spill Commission. A part of their report said. The Department of Interior's drilling moratorium has served the productive purpose of allowing time for both industry and government to prepare for a safer, more vigilant and dependable future for U.S. offshore drilling. It also said: New, higher standards imposed by the Department of the Interior since the moratorium was imposed will achieve a significant and beneficial reduction of risks and will provide an adequate margin of safety to responsibly allow the resumption of deepwater drilling in the Gulf of Mexico.
The most important part of the report said: One value judgment we did make is that the need to impose an industrywide moratorium does demonstrate how profoundly unprepared the industry and government was for an incident of this magnitude.
If those industry representatives, elected officials and the Times Picayune had their way, there would have been no moratorium and safety issues involved in offshore drilling would never have been addressed. The death of 11 rig workers would have been only a foot note forgotten by those who support the status quo.
President Obama stood tall and showed his leadership and courage. Thanks for a job well done Mr. President.
Friday, September 3, 2010
The Con Game Is On To Pay To Clean Up Louisiana's Coast, Wetlands and Marsh
There are those elected officials in Louisiana who are looking for the federal government and BP to pay the cost of cleaning up and restore Louisiana's coast, wetlands and marsh that have been damaged and destroyed. Never mind that the oil industry operations in South Louisiana for the last 50 plus years is one of the major culprits as reported many times because of dredging canals and the laying of pipe lines.
The State of Louisiana regulates the on shore drilling in South Louisiana, not the federal government and our elected officials have done nothing to hold the industry liable for the damage they caused. Louisiana officials now want the federal government and BP to pay for it all. Former Governor David Treen saw what was happening years ago and supported legislation called CWEL. (Coastal Wetlands Environment Levy). It was and is a sound way to levy a fee on the companies responsible for destroying our lands. But Louisiana did not and still does not have the leaders with the courage to enact CWEL, or any other remedy.
Those so called leaders want the federal government to use the majority of what ever fines are levied against BP in violation of the Clean Water Act. Make no mistake, BP should be held accountable for all its spill responsibilities and the federal government should do the same but the oil and gas industry as a whole needs to be held accountable for their damage caused over the last 50 plus years.
The BP explosion and resulting oil spill has brought out the worst in some of Louisiana's political leaders. They have jumped on the money bandwagon and as of this writing are still receiving political contributions from the oil lobby and the industry. If they had their way, there would be no moratorium and it would be business as usual with no accountability. That says it all.
The State of Louisiana regulates the on shore drilling in South Louisiana, not the federal government and our elected officials have done nothing to hold the industry liable for the damage they caused. Louisiana officials now want the federal government and BP to pay for it all. Former Governor David Treen saw what was happening years ago and supported legislation called CWEL. (Coastal Wetlands Environment Levy). It was and is a sound way to levy a fee on the companies responsible for destroying our lands. But Louisiana did not and still does not have the leaders with the courage to enact CWEL, or any other remedy.
Those so called leaders want the federal government to use the majority of what ever fines are levied against BP in violation of the Clean Water Act. Make no mistake, BP should be held accountable for all its spill responsibilities and the federal government should do the same but the oil and gas industry as a whole needs to be held accountable for their damage caused over the last 50 plus years.
The BP explosion and resulting oil spill has brought out the worst in some of Louisiana's political leaders. They have jumped on the money bandwagon and as of this writing are still receiving political contributions from the oil lobby and the industry. If they had their way, there would be no moratorium and it would be business as usual with no accountability. That says it all.
Wednesday, September 1, 2010
The NFL: A Regular Season With 18 Games
Peter Finney, sports journalist for the Times Picayune in his article of August 29 seems to think so and indicates that NFL Commissioner Roger Goodell thinks so. A twenty game full season is nothing new, it has been around for over 30 years in the form of 6 and 14 and 4 and 16, the latter being the case at the present time.
Every one knows that preseason games were established to put more wealth in the owners pocket but Mr. Finney and other sport journalists have really been silent on the matter over the years just like they have been silent concerning the millions of dollars of taxpayers money that the state has used to give Corporate Welfare to multi millionaire owner Tom Benson. Sport journalist keep their mouth shut concerning such matters because their livelyhoods are interwound with NFL sports.
It should be noted that Mr. Finney in his article never mentioned Mr. Benson's name or indicated he asked Mr. Benson to vote against the proposed 18 game regular schedule. As for the fact that preseason games cost the fans the same as a regular season game, that has been a rip off since day one, but you will not hear sport journalists make that statement.
The cure for the NFL and other sports is for elected officials to tell pro sports owners to go take a hike when they ask for Corporate Welfare. If the game can not support itself, let the owners figure that out like any other business. You will not hear sport journalists make that statement either, they are too embedded with pro sports. That is a sad chapter in pro sports. The players are just as bad as the owners and deserve no pity if they do not stop the NFL from implementing a 18 game regular schedule with two preseason games. Players have become greedy, just like the owners.
Every one knows that preseason games were established to put more wealth in the owners pocket but Mr. Finney and other sport journalists have really been silent on the matter over the years just like they have been silent concerning the millions of dollars of taxpayers money that the state has used to give Corporate Welfare to multi millionaire owner Tom Benson. Sport journalist keep their mouth shut concerning such matters because their livelyhoods are interwound with NFL sports.
It should be noted that Mr. Finney in his article never mentioned Mr. Benson's name or indicated he asked Mr. Benson to vote against the proposed 18 game regular schedule. As for the fact that preseason games cost the fans the same as a regular season game, that has been a rip off since day one, but you will not hear sport journalists make that statement.
The cure for the NFL and other sports is for elected officials to tell pro sports owners to go take a hike when they ask for Corporate Welfare. If the game can not support itself, let the owners figure that out like any other business. You will not hear sport journalists make that statement either, they are too embedded with pro sports. That is a sad chapter in pro sports. The players are just as bad as the owners and deserve no pity if they do not stop the NFL from implementing a 18 game regular schedule with two preseason games. Players have become greedy, just like the owners.
Saturday, August 28, 2010
The Republican's Problem With The Bush Tax Cuts
The so called Bush Tax Cuts will expire at the end of the year and the Democratic controlled congress should let them expire with the exception of those earning under $250,000.00 a year. As usual, the Republicans are using the issue as a wedge to divide the people by saying it will be a tax increase for the wealthy if let to expire.
Former President Clinton would have a field day with the Republicans on this issue and would point out that the legislation was passed by the Republican controlled congress who put a sunset date of December 31, 2010, which means the tax rates would revert back to the previous level. If that is a tax increase it is the Republicans tax increase, not the Democrats.
Everything the Bush and Republican controlled congress did turned out to be a financial disaster for the middle class, the economy, for the creation of new jobs and was catastrophic in creating record federal deficits and debt for the country for eight straight years. Every major expenditure of the Bush administration was unfunded, including the prescription drug benefit that cost the government $1.2 trillion over 10 years and is still being paid for by the people and the Obama administration. That benefit also gave the people the donut hole that Obama's health care legislation closes.
Trickle down economics during the Bush years gave the country and its people the worst economy and loss of jobs since the great depression. Trickle down economics and unfunded expenses are trade marks of the conservative Republican ideology to bankrupt the federal government and deny the government needed revenue to finance programs that really matter and make a difference for the country and its people. That says it all.
Former President Clinton would have a field day with the Republicans on this issue and would point out that the legislation was passed by the Republican controlled congress who put a sunset date of December 31, 2010, which means the tax rates would revert back to the previous level. If that is a tax increase it is the Republicans tax increase, not the Democrats.
Everything the Bush and Republican controlled congress did turned out to be a financial disaster for the middle class, the economy, for the creation of new jobs and was catastrophic in creating record federal deficits and debt for the country for eight straight years. Every major expenditure of the Bush administration was unfunded, including the prescription drug benefit that cost the government $1.2 trillion over 10 years and is still being paid for by the people and the Obama administration. That benefit also gave the people the donut hole that Obama's health care legislation closes.
Trickle down economics during the Bush years gave the country and its people the worst economy and loss of jobs since the great depression. Trickle down economics and unfunded expenses are trade marks of the conservative Republican ideology to bankrupt the federal government and deny the government needed revenue to finance programs that really matter and make a difference for the country and its people. That says it all.
Friday, August 20, 2010
The Political Wisdom of President Clinton
Although the former President has been out of office almost 10 years, President Obama and the democratic party are facing the same conservative republican rhetoric that Clinton faced. Obama and the party are not dealing with it as well as Clinton did and infact Clinton was so effective against conservatives they had to resort to impeachment.
Clinton was able to relate to the people how conservatives could only win elections by dividing the country using bogus wedge issues. The people understood when Clinton said the conservatives could not debate the issues because they had no record of accomplishments. Almost 10 years later the conservatives are still using the same tactics. Obama is good when he answers the conservatives but he does not do it often enough. He has to step up his challenge to the republican party and its so called conservative leaders inside and outside of Congress.
The democratic party itself does not do a good job in responding to the conservative ideology of division. Worst is the fact that the voting public seems not to remember how conservatives try to divide the country and as a result nothing gets done. Many have joined the "tea party" looking for a savior when all they need to do is remember the republican party's lack of any accomplishments and vote accordingly.
People in the news media don't get it either, especially TV news. They still promote the republican talking points that divide the country over issues that are bogus. They do not have a record of positive reporting on the issues that really affect the country and its people. The conservative networks like Fox News are way over the top and many follow the script of being unAmerican. The are beyond help.
The republican party with their conservative ideology have no shame or intention of being good Americans and facing the issues. Its hell when you have no record to run on or idea's that serve the country and its people's needs. Its even worse when you have no character or courage. That says it all.
Clinton was able to relate to the people how conservatives could only win elections by dividing the country using bogus wedge issues. The people understood when Clinton said the conservatives could not debate the issues because they had no record of accomplishments. Almost 10 years later the conservatives are still using the same tactics. Obama is good when he answers the conservatives but he does not do it often enough. He has to step up his challenge to the republican party and its so called conservative leaders inside and outside of Congress.
The democratic party itself does not do a good job in responding to the conservative ideology of division. Worst is the fact that the voting public seems not to remember how conservatives try to divide the country and as a result nothing gets done. Many have joined the "tea party" looking for a savior when all they need to do is remember the republican party's lack of any accomplishments and vote accordingly.
People in the news media don't get it either, especially TV news. They still promote the republican talking points that divide the country over issues that are bogus. They do not have a record of positive reporting on the issues that really affect the country and its people. The conservative networks like Fox News are way over the top and many follow the script of being unAmerican. The are beyond help.
The republican party with their conservative ideology have no shame or intention of being good Americans and facing the issues. Its hell when you have no record to run on or idea's that serve the country and its people's needs. Its even worse when you have no character or courage. That says it all.
Friday, August 13, 2010
The Latest Jobs Report
The U.S. Labor Department announced that the private sector added 71,000 jobs for July. Job losses which mostly came from state governments brought the net gains in jobs to 12,000. The unemployment rate stayed @ 9.5%. So far this year state and local governments have shed 169,000 jobs because of budget shortfalls.
The private sector has added jobs for seven straight months. The rate of addition is not fast enough to satisfy those unemployed or to ramp up the economy. Consumer spending will also not be up to par until more people are back at work.
Although the above numbers are weak to grow the economy the situation is not as bad as some people think and who are predicting another recession. The fact of the matter is the economy is not only growing steady but is on tract to add more jobs that reduce the unemployment rate. This is not an economy that is coming out of a normal or mild recession but one that is leaving behind the worst recession and job losses since the great depression. It is going to take longer than usual but the country is on tract. The federal reserve needs to keep its hands off the economy and stop manipulating things beyond their control.
The naysayers will once again be proven wrong. There will be no second recession and the economy will continue to improve and grow. Jobs will continue to be created and the pace of hiring will pick up as the economy continues its upward trend. Those who would still like to see the Obama administration fail will continue their negative talk up through the November elections. It is SOP for them because they have no record of success.
The private sector has added jobs for seven straight months. The rate of addition is not fast enough to satisfy those unemployed or to ramp up the economy. Consumer spending will also not be up to par until more people are back at work.
Although the above numbers are weak to grow the economy the situation is not as bad as some people think and who are predicting another recession. The fact of the matter is the economy is not only growing steady but is on tract to add more jobs that reduce the unemployment rate. This is not an economy that is coming out of a normal or mild recession but one that is leaving behind the worst recession and job losses since the great depression. It is going to take longer than usual but the country is on tract. The federal reserve needs to keep its hands off the economy and stop manipulating things beyond their control.
The naysayers will once again be proven wrong. There will be no second recession and the economy will continue to improve and grow. Jobs will continue to be created and the pace of hiring will pick up as the economy continues its upward trend. Those who would still like to see the Obama administration fail will continue their negative talk up through the November elections. It is SOP for them because they have no record of success.
Thursday, August 12, 2010
The 2001 and 2003 Federal Tax Cuts
The above tax cuts known as the "Bush Tax Cuts" are set to expire at the end of 2010 and the subject of debate. President Obama wants to retain them for certain people making less than $200,000.00 and 250,000.00 and let the rest expire which mainly affect the wealthy. Obama said the status quo on the taxes is bad fiscal policy in light of the governments decrease in revenues, economic conditions and budget deficits.
The republicans want to keep the tax cuts and recently Minnesota Governor Tim Pawlenty said congress should extend the tax cuts but want to offset them with government reductions in spending. Republicans in congress think the tax cuts are a stimulus to the economy(wrong again) and do not need to be paid for by cutting the budget. It should be noted that Pawlenty was silent at the time the tax cuts were passed and said nothing about paying for them. He now wants to cut back on entitlement programs such as social security to pay for the extension.
Bush and the republican party said the tax cuts at the time of passage would create a sustained economy and job creation but it did no such thing and in fact contributed to the economic meltdown, the loss of jobs in record numbers, deficit spending and a decrease in federal revenues. It is the same "trickle down economics" of the Reagan administration that Bush 41 inherited and then lost the election to Bill Clinton. Remember, it was "the economy, stupid."
Gov. Pawlenty statement he would cut entitlements such as social security confirms what this writer commented on many occasions here in politidose that the 20 year record deficit spending and debt of republicans Reagan, Bush 41 and Bush 43 was to bankrupt the federal government of needed revenue so programs like medicare and social security would have to be canceled or reduced to nothing.
The American people fell for "trickle down economics" twice, once under Reagan and once under Bush 43 and are still paying the price. "Trickle down economics" stops as soon as it hits the pockets of the wealthy. Why should the wealthy take a chance and reinvest their large tax breaks when there is no incentive to do so. Why would they take a risk on a sure thing when they are already wealthy?
David Stockman, Treasury Secretary under the Reagan administration is the author of a just released commentary where he blames the republican party for the fiscal and economic mess the country is now going through because of the past republican President's fiscal policies on tax cuts that deprive the federal government of revenue and did not make cuts to offset the difference. Mr. Stockman resigned as Reagan's treasury secretary after he said the administration "cooked the books." That led to eight straight years of record federal deficits during Reagan's two terms. In his latest commentary Mr. Stockman said the republicans have crippled the economy.
Congress should follow Obama's advice and let the tax cuts expire in line with his proposal. Twenty years of failed fiscal policy by Reagan, Bush 41 and Bush 43 that produced record deficits and debt says enough is enough. There should be no doubt of the conservative republicans record: Bankrupt the federal government and deprive it of the needed revenue to do those things that really matter and make a difference for its people. They do not believe in a middle class. That says it all. The past is still the key to the future for those who are willing to learn from past mistakes.
The republicans want to keep the tax cuts and recently Minnesota Governor Tim Pawlenty said congress should extend the tax cuts but want to offset them with government reductions in spending. Republicans in congress think the tax cuts are a stimulus to the economy(wrong again) and do not need to be paid for by cutting the budget. It should be noted that Pawlenty was silent at the time the tax cuts were passed and said nothing about paying for them. He now wants to cut back on entitlement programs such as social security to pay for the extension.
Bush and the republican party said the tax cuts at the time of passage would create a sustained economy and job creation but it did no such thing and in fact contributed to the economic meltdown, the loss of jobs in record numbers, deficit spending and a decrease in federal revenues. It is the same "trickle down economics" of the Reagan administration that Bush 41 inherited and then lost the election to Bill Clinton. Remember, it was "the economy, stupid."
Gov. Pawlenty statement he would cut entitlements such as social security confirms what this writer commented on many occasions here in politidose that the 20 year record deficit spending and debt of republicans Reagan, Bush 41 and Bush 43 was to bankrupt the federal government of needed revenue so programs like medicare and social security would have to be canceled or reduced to nothing.
The American people fell for "trickle down economics" twice, once under Reagan and once under Bush 43 and are still paying the price. "Trickle down economics" stops as soon as it hits the pockets of the wealthy. Why should the wealthy take a chance and reinvest their large tax breaks when there is no incentive to do so. Why would they take a risk on a sure thing when they are already wealthy?
David Stockman, Treasury Secretary under the Reagan administration is the author of a just released commentary where he blames the republican party for the fiscal and economic mess the country is now going through because of the past republican President's fiscal policies on tax cuts that deprive the federal government of revenue and did not make cuts to offset the difference. Mr. Stockman resigned as Reagan's treasury secretary after he said the administration "cooked the books." That led to eight straight years of record federal deficits during Reagan's two terms. In his latest commentary Mr. Stockman said the republicans have crippled the economy.
Congress should follow Obama's advice and let the tax cuts expire in line with his proposal. Twenty years of failed fiscal policy by Reagan, Bush 41 and Bush 43 that produced record deficits and debt says enough is enough. There should be no doubt of the conservative republicans record: Bankrupt the federal government and deprive it of the needed revenue to do those things that really matter and make a difference for its people. They do not believe in a middle class. That says it all. The past is still the key to the future for those who are willing to learn from past mistakes.
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