Damning evidence from CBPP lays responsibility for budget deficit on Republicans

The facts must be stated over and over again. That is the one thing I have learned from the Right. Sadly in their case they have repeated lies and misinformation over and over again which has metastasized in the psyche of many Americans as being true.

Reversal of said programming will be difficult however it is essential that we do it. Whenever you find a fact based article, be sure to blog about it, tweet it, share it on Facebook, Tumblr, and everywhere else. Most importantly you must talk about it with your peers, your neighbors, your acquaintances, and your families.

Today’s truth from the article below is that there is a structural problem with Republican policy which for all practical Purposes continues under President Obama, that inflicts massive deficits on Americans. Past policy and current policy is prologue.

It is time for those that have extracted the wealth out of the middle class using government policies that favors capital over human worth to our economy and society to pay back via higher taxes what they have pilfered. The reality is that if they are real patriots they would want to do that in order to save the country from the fiscal calamity they have indirectly caused.

LIKE My Facebook Page

Damning evidence from CBPP lays responsibility for budget deficit on Republicans


imageThe results of an analysis by the Center on Budget and Policy Priorities (CBPP) released late yesterday demonstrate that the Bush era tax cuts, and the wars in Iraq and Afghanistan account for virtually the entire federal budget deficit projected through 2019.

The analysis cites Washington Post columnist Robert Samuelson’s retrospective in an article last week, which asked, "why did the federal government amass large deficits between 2002 and 2011, rather than the large surpluses that the Congressional Budget Office (CBO) projected in early 2001."

In part, Samuelson that the 2001 and 2007-2009 economic downturns were found to be more significant than any single legislative change that policymakers enacted, citing an analysis of CBO data that ascribed nearly a quarter of the budget deficit over that period to the 2001 and 2003 Bush era tax cuts and the Iraq and Afghanistan wars.

Finding with Samuelson that the mounting debt had also raised interest costs on the debt, the CBPP analysis also attributed much of their projection on those interest costs. Additionally, other tax reductions enacted by the Bush administration, including the annual adjustments of the Alternative Minimum Tax that could otherwise have affected millions of higher middle income bracket households.

Projecting policy stasis into the near future, the CBPP found that the combined effect of the tax cuts, wars, and revenue shortfalls attributable to the economic downturn will account for the entire deficit through 2019, attributing nearly half of the debt to the wars and tax cuts alone.

Recommending once again that policymakers let the tax cuts expire, "the upper-income tax cuts now and the middle-income tax cuts when the economy has recovered more fully," or pay for any of the middle income tax cuts that the Republicans propose be made permanent.

To remain clearly non-partisan, this perspective on the cause of the mounting debt, which ties it to Bush era policy, the revenue shortfall associated with the economic downturn, and rising interest on the debt necessarily had to leave the hard analysis of the consequent political realities to those of us who are not concerned with perceptions of bias. Ignorance alone cannot explain the Republican congressional leadership’s refusal to acknowledge the economic realities of their ongoing assault on low and middle income households, and newly confirmed lack of fiscal responsibility.