What Now?
With the Debt Ceiling now raised to over 17+ Trillion, and minimal efforts at deficit reduction in place, without a Balanced Budget amendment, and now, more new taxes with “sequester,” what’s next?
The President and many in Congress keep talking about “creating” new jobs. Except for government jobs, the government cannot create the private sector jobs needed to extract us from our mess. So, what’s the answer??
First, let’s give Mr. Obama a History Lesson! In order to increase Revenues, economic growth, jobs, and the “size of the pie,” further Tax Reductions beyond the current levels are necessary—including personal & corporate rates, capital gains, and elimination of inheritance taxes.
History shows:
Early 20’s (Coolidge) tax cuts resulted in the Roaring 20’s.
JFK’s 1963 tax cuts resulted in the economic boom of the 60’s.
Reagan’s 1983 tax cuts resulted in the longest period of economic growth of the century.
Bush’s 2002 tax cuts resulted in a strong, growing economy—-up until the housing bubble burst. (Thank you Mr. Dodd and Mr. Frank.)
A tax increase—especially in this climate—will NOT significantly increase revenues, while the tax reductions will, as history has shown.
A Balanced Budget Amendment should be enacted ASAP, since state ratification will take time, and the economic uncertainties we now have need to be removed soon.
Spending 43 cents of every dollar as borrowed money is intolerable! And spending newly printed money from the printing presses will continue to devaluate the dollar towards 1920’s German Weimar Republic levels.
That’s my opinion, and you’re welcome to it!
Skip Thacker
Silver City, New Mexico (Fly-over country) email: [email protected]
Thanks Skip for your contribution. Our readers are always encouraged to share their opinions, rants and stories with us. If you would like to contribute to The D.C. Clothesline please email me at [email protected] -Dean Garrison
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