Economic suicide for most people

10/12/2012 12:55 AM

10/12/2012 12:57 AM

When wealthy Republicans give to their party it is because they expect to receive generous provisions in the tax code which will be far greater than their contribution.

Wealthy Democrats give to their party knowing full well that they may have to pay higher taxes, but they believe it is the path to fiscal sanity.

Ronald Reagan is idolized for cutting taxes and growing the economy. Reagan also raised taxes on the wealthy, and through deficit spending, raised the national debt from $500 billion to $3.5 trillion. Bill Clinton raised taxes, spurring 23 million new jobs and annual budget surpluses.

Barack Obama took office after the onset of our second great depression. His contribution to the debt includes the costs of both the Iraq and Afghanistan wars, the Bush-era tax cuts and the spending for Medicare Part D, all of which were created, but not paid for or reflected in the federal balance sheet, during Bush's terms.

The Republicans have driven us so far into debt that they now tell us we must give up our Social Security and Medicare, while promising even larger tax cuts for the wealthy. Unless you are wealthy, voting Republican is economic suicide.



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