Instead of increasing revenue to reduce the national debt by taxing their wealthy benefactors, Republican extremists are threatening default on the U.S. debt unless draconian cuts are made to vital programs that serve working people, veterans, children, seniors, the sick and the poor. Their demands are reckless and cruel.
As evidenced by Republican policies during the past 40 years and their current demands for raising the debt ceiling, the underlying agenda of the Republican Party is to transfer as much wealth as possible to their paymasters, the corporate and wealthy elite, while blocking all attempts to require these multi-millionaires, billionaires and corporations to pay a fair share in taxes.
Republican policies have cost the U.S. Treasury trillions in lost revenue, funds that would contribute significantly to reducing the national debt. Since our country’s founding, except for Abraham Lincoln, the national debt increased the most under Donald Trump and George W. Bush administrations, when Republicans raised the debt ceiling without concern.
Meanwhile, a 2020 RAND Corporation study found that manipulating wealth distribution systems over the past 40 years shifted a mind-boggling $50 trillion upward, unreachable by the bottom 90% of Americans. Consequently, the U.S. has the greatest income and wealth disparities among developed nations.
While Republicans claim tax cuts for the rich stimulate the economy, evidence proves “trickle down” economics have failed. In fact, the middle class has declined markedly in the last 40 years. Despite a recent uptick during the pandemic, workers wages have remained flat.
In stark contrast, President Joe Biden’s 2024 budget would reduce the federal deficit by $3 trillion over ten years by raising taxes on annual incomes over $400,000, increasing corporate taxes from 21% to 28%, raising the rate on capital gains, closing tax loopholes and other measures. All are reasonable strategies that deserve our support.
Andrew Kramer, Ivins