General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSanders in The L.A. Times: The right way to make a federal budget
A budget panel composed of Democratic, Republican and independent members of the Senate and House is working on ways to avoid another government shutdown like the nightmare we all were just forced to endure.
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How did we go from healthy surpluses to terrible deficits? It's not that complicated. In 2001, President Clinton left office with a $236-billion surplus. The nonpartisan Congressional Budget Office foresaw a 10-year budget surplus of $5.6 trillion, enough to erase the national debt by 2011. It didn't work out that way.
Instead, under President George W. Bush, wars were launched in Afghanistan and Iraq without paying for them. The cost of those wars, estimated at up to $6 trillion, was tacked onto our national credit card. Then Congress passed and Bush signed an expensive prescription drug program. It also was not paid for. Then Bush and Congress handed out big tax breaks to the wealthy and large corporations. That drove down revenue. So did the recession in 2008, which was caused by a deregulated Wall Street. All that turned big surpluses into big deficits.
Interestingly, today's "deficit hawks" in Congress Rep. Paul D. Ryan (R-Wis.), Sen. Jeff Sessions (R-Ala.) and other conservative Republicans voted for those measures that drove up deficits. Now that they're worried about deficits again, they want to dismantle virtually every social program designed to protect working families, the elderly, children, the sick and the poor.
In other words, it's OK to spend trillions on a war we should never have waged in Iraq and to provide huge tax breaks for billionaires and multinational corporations. But in the midst of very difficult economic times, we just can't afford to protect the most vulnerable people in our country. That's their view. I disagree.
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http://www.latimes.com/opinion/commentary/la-oe-sanders-federal-budget-20131028,0,7763172.story#axzz2jKZy5F42
Enthusiast
(50,983 posts)And all those tax cuts to corporations did nothing to improve the employment situation. Supply side does not work. We are living the results of this failed strategy.
Laelth
(32,017 posts)-Laelth