OK, fair enough. I think we both want a fiscally responsible party and neither of us can find one with the exception of the Clinton administration. Yes, taxes where higher, but he was working on welfare reform as well. Another thing that helped Clinton was we had a social security surplus, (thanks to Regans tax increase) That increased the general fund and paid down the current debt of the time but we had future responsibilities to retirees that where not really expressed on the books.
Still, I see your point that while I prospered the administation of the time was racking up debt. The thing is, Obama has racked up more debt in 3 years than Bush did in eight. My question would be, who is getting ahead now?
The sad truth of it all is we all are going to have to rely on the government less and pay the government more. We cannot sustain the baby boomers at current medicare levels. We have all kinds of jobs that go unfilled that no one qualifys for, our current education system sucks. Obama wants to protect teachers when they are doing a poor job of educating due to policies like tenure.
We need to invest in schools, close tax loopholes and pass a balanced budget amendment. Clinton used to force the government to shut down to get budgets passed. Obama has not got a budget even passed in the last two years not that he would stick to it any way.
-Clinton signed into law tax increases enacted by Congress. Obama and the Democrats tried even to return somewhat to those Clinton levels of taxation, and the current Congress said no. So we both seem to have a degree of understanding that the Clinton Administration along with the Congresses he worked with did pretty well with the budget, but currently the Democrats are willing to return to those levels and Republicans are not. Even the
furthest left group in Senate and House, the Progressive Caucus with Bernie Sanders, has tax rates that are a bit higher than in Clinton's time but not by a whole lot. But the moderate Dems? They pretty much just aim for what Clinton had, which worked.
-The balanced budget amendment that was supported by House Republicans in 2011 made no sense. It had terrible ramifications and partisan politics added as baggage. First, as baggage, it included parts locking government spending to levels lower than they have been historically, and prohibiting tax increases. None of that should be linked to a law about balancing the budget; that's partisan. Second, for the actual balance part, it called for a yearly balance. But that would mean that government spending would have to be as erratic as government revenue is when recessions hit. So if revenue takes a big hit of like 20% as it did in this recession, lawmakers would have to immediately cut 20% out of things like Social Security, Defense, domestic programs, etc. They'd be doing huge cuts right during economic weakness, by law, every time, which is the opposite of what most economists tend to advise.
-Smarter balanced budget laws, like those in Switzerland and in some other countries, avoid this problem because they force a balanced budget over a business cycle rather than over a year. Depending on the state of economic growth, it allows for deficits during weakness, and forces surpluses during strength, so that spending is less erratic than revenue, and the budget has a long term structural balance. The 2011 balanced budget amendment wasn't nearly this thought out; it was just a partisan statement.
Ok, you accuse me of baseless attacks on the left, just look at this threads title.
I hope you feel I have addressed everything, (I'm sure I did not).
The article states that the Republicans are the problem and supports that argument with four pages of facts. If you're basing your interpretation of the meaning of that article on the title alone, I'd recommend reading the article, if you haven't. The post of yours I commented on, and that article, share little in common.
I did ask a valid question though, when the rich have gave all their wealth to a wasteful government on a bunch of programs, what are we going to do when the rich folks money runs out? Live within our means then? Why not now? Kennedy said it best, "Ask not what your country can do for you, ask what you can do for your country". JFK would be a Republican if he where still alive I believe just as you believe Ike would be a Dem by todays standards.
The bottom line for me is Obama wants to do more for some and take more from others. The only way Obama is going to balance anything is if we where taxed at 100%. If he raised taxes, he would borrow even more and get us deeper in debt.
In other words, Obama never seen a dollar he did not want to spend. He has spent more than any other President but yet I don't see anyone getting ahead. The truth is, he wants to spend even more on his failed policies.
Rick, the numbers show that this argument isn't valid. Nobody worth listening to is calling for taking all the money from the rich. Taxing 2% of wealth while they grow wealth by 6-10% per year, still results in increased wealth.
Take a look at these numbers. These aren't being presented to just to prove you wrong in some internet debate; I am genuinely interested in your view of this information and how it relates to your concern regarding rich folks running out of money.
Wealth Distribution in America (multiple sources):
Who Rules America: Wealth, Income, and Power
Wealth And Inequality In America - Business Insider
https://docs.google.com/viewer?url=....edu/mnorton/norton%20ariely%20in%20press.pdf
Tax Distribution in America (a highly
conservative source, the Heritage Foundation, that if anything, will make the numbers favor your side, but I'll use them anyway):
A Comparison of Tax Distribution Tables How Missing or Incomplete Information Distorts Perspectives
The observations:
-The top 1% own 33.8%-35% of the wealth depending on the source used, and pay 33.89% of federal taxes according to the fiscally conservative source.
-The top 10% own 71.5-73% of the wealth depending on the source used, and pay 64.89% of the federal taxes according to the fiscally conservative source.
-The bottom 50% own around 2.5% of the wealth, and pay 3.97% of federal taxes according to the fiscally conservative source.
Now since the information varies by date, the real numbers aren't truly presented to that level of precision, but the basics are pretty straightforward: as a percentage of wealth, taxes are fairly flat and actually mildly regressive.
When state taxation is added in, with usually flatter income taxes and flat sales tax that are regressive in terms of income and wealth in practice, it's likely even more regressive.
Further, according to sources like the CIA, the United States has among the highest income inequality in the developed world.
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2172rank.html
In addition, over the last several decades, tax revenue as a percentage of total tax revenue from personal income has remained largely flat, while payroll tax income has substantially increased, and corporate taxation has decreased.
What are the federal government's sources of revenue?
In other words, a larger and larger share of total tax revenue is coming from payroll taxes. The people that pay much of the payroll taxes are the employees, not the rich.
The idea that there is class warfare from the poor towards the rich is backwards from what the numbers show: that the U.S. has a huge level of wealth concentration compared to other developed nations, that tax revenue compared to total wealth is flat or regressive, and that an increased tax burden has put towards payroll taxes- if there is class warfare going on, Warren Buffett was right; it's from the top down.
The concept of taxation making the rich folks run out of money is far, far away from the numbers.
I truly believe Mitt Romney will reduce government spending and get folks back to work. He is the man to get the economy going once again. Now if we could just get that balanced budget amendment in place we could address paying down the debt. I would pay more taxes for that to happen. The main thing is, the government need to do less and the American people need to do more.
Romney is pro-war, pro-defense spending, and certainly doesn't seem the man for the job of promoting a fair tax system.