by Sandy » Sat Sep 01, 2012 1:58 pm
The Bush tax cuts would also disappear, since the bulk of the money handed out, over 90% of it, went mostly to the wealthiest people, and are directly responsible for almost 60% of the debt that the government has accumulated since that time, almost half of it directly, and another fourth the interest that has been accrued. You cannot remove the largest consumers from the revenue stream, paying a tax rate that, at the time, didn't cover the expense of making it possible for them to do business, and not expect the debt to mount.
The middle class, BTW, was paying its own way and then some. The expenses of programs which Romney/Ryan contemptibly call "entitlements" were not only completely covered by the taxes paid by the middle class, they were actually showing an increase in revenue. If they'd been left alone, instead of tapped for other things, mostly subsidies to big business, there would not be a problem. But middle class taxpayers have had the taxes they provide tapped to cover the expenses incurred by the government in helping subsidize big business, provide protection, and shelter its income from taxes, so their social security, medicare, and other equitable participation programs have come up short. Now, after paying for them for a lifetime, Paul Ryan wants to cut the programs so he, Romney and their billionaire buddies can continue to accumulate wealth while the middle class pays for it.