Republicans continue spreading the lie that tax cuts create jobs despite all facts to the contrary. Tax cuts have cost us millions of jobs since 2001. President Clinton’s deficit reduction plan which entailed tax increases created 22 million jobs. Since Barack Obama began capitulating to extreme elements of the conservative movement half a million public sector jobs have disappeared. The current debt ceiling debate is centered around the federal budget deficit when the real crisis is a jobs deficit. We need to be creating jobs, an issue the GOP made central to their 2010 Congressional campaign. Instead we are cutting government spending. What is essential to the economic recovery is increasing spending to stimulate job creation and expand the economy.
The federal deficit isn’t the result of government spending but the result of failed Republican policies. Three major GOP initiatives caused the drastic drop in revenues which caused this deficit: The Bush tax cuts, the wars in Iraq and Afghanistan and the deregulation of the financial sector. Republicans put massive tax cuts for the rich on our national credit card then loaded it up with debt from the wars. They refused to pay for either of those programs (add in the Medicare Part D prescription program for good measure) and then refused to properly regulate Wall Street. The global financial collapse cut tax revenues to the bone. Now that the bill is due they are refusing to pay.
You cannot run up your credit line then simply walk away from your debts if you believe in personal responsibility. They already saddled taxpayers with bailing out their Wall Street friends and now they’re going to jeopardize our national credit because they won’t pay their bills. China has already lost hundreds of billions though the Federal Reserve’s quantitative easing which increased the money supply by creating three trillion new dollars from thin air. The $1.6 billion used in QE 1 & 2 equals the current annual deficit. Instead of making that and giving it to the Treasury Department to balance the budget they gave it to banks, many of them foreign, to buy the toxic mortgage securities Congress refused to regulate.
We need jobs, not deficit reduction. President Obama is on the wrong path and Democrats will pay mightily for his failures. I recall vowing never to vote for another Republican, for any office, after WhiteWater and the Lewinsky scandals when they wasted $60 million trying to impeach Clinton for a consensual blow job. I have kept that vow. If Obama cuts Medicare and/or Social Security I will never again vote for any Democratic candidate for any office. Anywhere. I will vote strictly for third party progressives or write in suitable names. I will vote for Bernie Sanders for President in 2012. Mess with my Social Security and you lose me for life.