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Posted in Publishaletter.com By :
Letter to the Editor Sent to :
Gazette, The (Colorado Springs)
Dear Editor: There has been a lot of talk about the U.S. national debt. In 1980 Pres. Ronald Reagan took office when the National debt just turned one trillion dollars. In his campaigning he held out his hand, palm up, and said "if I had a thousand dollar bill in my hand, it would go up to a mile, or more. But the fact is, with his plan and with the help of Sec. of the Treasury Stockman, the idea was to give corporations and the wealthy over 80 billion dollars in tax deductions. And also raise the military budget from one hundred twenty billion dollars to almost double. Great idea. Spend more and take in less! Dumb! The results were President and Mr. Stockman saw the plan was not going to work. The President then put in the largest tax in history at that time - mostly on Social Security withholding. We continued to go a trillion dollars in debt every four years. President George Bush Sr. ran on a campaign "no new taxes." But he did raise taxes. In the President Clinton's years he stopped the erosion and the debt and had a surplus. He raised taxes on the rich. Along came Pres. George Bush Jr. who cut taxes for the rich to a great extent, and then started two wars - back to spending more and taking in less. There is no question in the world that we need more revenue. The spending cuts are good but they will not solve the problems. Discretionary spending is less than 12 per cent of the pending debt. Cuts are good but we need more revenue. The rich now control almost 80 percent of the national economy. Every nation in history collapsed when they got top heavy with the rich. The Romans and Greeks with the top few owning most of the country with huge outlays on their armies brought their collapse. Does this all sound familiar today?
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