UKC Forum Member
Registered: Jul 2003
Good Common Sense Observation
Originally posted by Mark V.
National Data from the ST. louis Federal Reserve
Reagan--Increased debt by 184%--11.5% per year
H.W.Bush increased debt by 54% ( in 4 years)
Clinton increased debt by 36% -- 4.0 % per year
W Bush increased debt by 93% -- 8.5 % per year
Oboma increased debt by 78% Oboma's debt actually grew at a slower ANNUAL rate than the last 3 republican presidents even with inheriting one of the worst resection in modern day history ,
Tax cuts for the rich (otherwise known as political donors) drive up the national debt.
To me, the worst thing about this concept is that the Republicans push tax cuts for the rich, and special tax benefits for capital gains, carried interest, and dividends, all of which increase our national debt. Then, they turn around and blame Social Security and Medicare (working class benefits) for causing the debt problem---labeling them as entitlement programs.
To me, an entitlement program is where you get special privileges that working class people don't get. Examples would be lower rates on capital gains, dividends, and carried interest. But, the biggest one is that none of these special items are subject to Social Security Tax and Medicare Tax. And, for earned income (you actually work for it), income above $137,700 is exempt from Social Security Tax. Social Security Tax on 137,700 = 8,537.40. Social Security Tax on $20 million = 8,537.40. That's a tax break of $1,231,462.60, but, according to the spin, it's the working class people that are the problem. I don't think so.
And, this is not just a Republican caused problem. The Democrats have made no attempt to deal with it when they were in power, as they are also funded by the super rich.
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