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Blogs by Lawrance G Lux
Congress Continues to stick their Heads in the Sand 9/22/2004 1:26:00 PM
Congress is working hard this week at legislation designed to add another $135b to the Deficit over the next ten years, by passing totally irrelevant Tax breaks.
Our current and last Congress enjoy a profound reputation, they have spent more on less than any Congresses before or since. They combined this with a system of Tax Cuts whose singular effect seems to be elimination of Federal revenues from any source. President Bush will hold the record for giving away all revenues, before he spent more than anyone else by borrowing all those taxes back. In honest truth, he spent far more than he would have gotten in tax revenues. He asks for a second term so he can increase the Federal Debt by a couple trillion more dollars.
Fact: George W. Bush took a Budget surplus, and turned it into an averaged Trillion dollar a year Budget deficit inside four short years. Understand that the Recession, which he claims to have received from Clinton, could not have cut Federal revenues by more than $.5 Trillion through the time it was said to run, or even more than that, in the time it actually runs--up to the Present. Bush's combination of Tax Cuts and Spending initiatives directly caused all the rest of the Deficits.
Fact: The total cost of 9/11 could not have cost more than $200b in lost revenues, even with the Recession in place. The Deficits did not come from here.
Fact: The Wars in Afghanistan and Iraq, to the present day, could not have cost more than $.5 Trillion dollars. The Deficits did not come from here.
Fact: The MMA, the new Medicare Moderization Act, will cost substantially, but has only cost about $200b now--all giveaways to the Health Care industry, this while they increased charges to American Patients by 12% since the Act's adoption. The Bush deficits did not come from here.
Fact: Total Security measures since 9/11 did not cost over $50b, this mainly going to Business, not real on-the-ground security. The Bush deficits did not come from Homeland Security.
Where did the Bush deficits come from? The Answer is simple: incredibly excessive Federal contracts to Business interests, generating huge Profits for these industries; from a excessively huge distribution of Pork Barrel to political supporters--at huge Profits; and huge tax eliminations for Corporations--simple Businesses did not fare as well. Wealthy Individuals also escaped major taxation.
Fact: How much revenue loss came from tax reductions for those people making less than $75,000 per year? The Answer is less than $.5 trillion dollars totalled over the entire period. The Bush deficits did not come from here either.
George W. Bush may actually be more dangerous to the American people and American Taxpayer, than ever was Osama bin Laden. The latter Individual only cost Us about 4,000 dead and maybe $5b in destroyed Property. George W. Bush has already cost Us 1,000+ American lives with the War, and several trillion dollars in Debt. His policies have also resulted in about a $.40 per gallon rise in fuel prices.
Most Americans would consider me unfair to equate George W. Bush with Osama bin Laden, but with the consideration of damage caused by each Individual's actions, I believe the American people will live to regret George W. Bush more.lgl
