Sunday, July 31, 2011

The facts as I and Bruce Bartlett see them.

Clinton left offive with six trillion on debt.  There was also a projected surplus of six trillion over a ten year period. If President Bush would have done nothing we would be out of debt today.  He do do something though. Bush gave away three trillion on tax cuts, he spent another 6 trillion on two wars and the unfunded medicare part D.  Another 2 trillion was lost because of the recession the bush policies caused.  Bush also lost revenue by lowering Reagan's capital gaines tax ,for the wealthy, from 28% to a low of 14%. Wow! what a loss in revenue and what a boom to the pockets of the well-to-do.

President Obama is responsible for an extra 1.4 to 2 trillion in debt because of his recovery act and his medical plan. Both of these were meant to help the average worker an did stop a downward trend in our economy.  We are in debt to the tune of 14 trillion now and as anyone can see President Bush is responsible for most of it. All the Republicans want to do is to cut programs like education SSI,medicare,food stamps,and others that benifit the poor and elderly.  The Right wants Obama to pay for his debt by cuts but have no plan to attack Bush's debt by raising tax rates.

This information was gathered from an article in the NYT written by Bruce Bartlett , a Former Dep. Asst. Treasury Sec. under the great Ronald Reagan.

No comments:

Post a Comment