The battle for the soul of America has begun with announcement by Republican Congressman Ryan of his plan to cut $7 trillion from the Federal budget over the coming decade. President Obama will be announcing his plans for budget reduction which are based on ending tax benefits for the wealthy, making cuts in Medicare and Medicaid as well as reducing military expenditures. According to Republican Senate leader, Mitch McConnell, “we don’t believe a lack of revenue is part of the problem, so we’ll not be discussing raising taxes.” The essence of Republican ideas is to cut expenditures for Medicare, Medicaid, lower taxes for the wealthy and the result will be prosperity for the American people. Reality: When George Bush assumed office, the National Debt was about $5 Trillion, when he left it was over $10 Trillion. In other words, it was under the Republicans that our national debt rose!
A major reason for the rise in our national debt was cutting taxes on the wealthy which meant LESS MONEY CAME TO THE FEDERAL GOVERNMENT. Another factor stemmed from wars in Afghanistan and Iraq. REPUBLICAN POLICIES CREATED THE RISE IN OUR NATIONAL DEBT! The solution of reducing expenditures was attempted during the Depression by President Franklin Roosevelt and it damaged recovery. He had to return to government expenditures in order to revive the economy. As Professor Thomas Ferguson of the U. of Massachusetts notes if we repeat the mistakes of the Great Depression, “the US will surely take a rather large plunge. They will get Ireland and Greece outcomes. You will crater the US economy if you were to enact the Republican bill.” Amen.