Republicans have been howling forever about how the national debt is ruining our country. OK, do they want to actually do something about it? Not really.
Take a look at the chart below, prepared by the painfully non-partisan Congressional Budget Office, showing public debt from 2001, projected to 2019. Take a look at this year, 2012. You will note that the public debt that derives from tax breaks for the rich, plus the cost of our two unnecessary wars, is considerably greater than the debt without these factors plus the economic crash.
It gets worse. By 2019, tax cuts for the rich will cost about 250% more in debt than it would without this giveaway. The wars plus the cost of the economic disaster add even more.
Now, ask yourself what would happen if these tax breaks for the rich ended. It’s easy to see that this factor alone would decrease the debt by more than a third. Without the war costs and the crash costs, the public debt would be reduced by at least two-thirds.
What else would happen? Tax revenue would increase significantly. And that would make it possible to fund the states responsibly, and the states would be able to rehire the millions of teachers and public employees who were laid off during the financial crisis. They, in turn, would once again contribute to tax revenue, changing themselves from debit entries to credit entries.
You cannot logically defend these huge gifts
to the rich and at the same time argue for
deficit reduction through
Now you should ask yourself once again just why it is that Republicans want to keep Mr. Bush’s tax cuts for millionaires. Don’t argue that these rich folks are the “job creators”, because they haven’t created any jobs in years. From where I sit you cannot logically defend these huge gifts to the rich and at the same time argue for debt reduction through job-destroying austerity, because it is these huge gifts that are bloating the debt, which austerity can only worsen. Without them, public debt would be under control.