Republicans are making a lot of noise regarding spending but they don’t have a favorable record on balancing the budget —Eisenhower was the last Republican to balance the budget and that was way back in 1956.
George W. Bush spent like a drunken sailor with his two wars, tax cuts and a prescription drug plan without a payment plan. He and Dick Cheney dug us into an enormous money pit.
Now Republicans are playing with fire, threatening to refuse to increase the debt limit. If the U.S. were to default, the interest on the national debt would skyrocket, making the deficit far worse. It’s time for them to face the music, vote to raise the debt limit and proceed with a rational discussion on reducing the deficit.
One place to start would be to apply Social Security and Medicare taxes on all income. The Social Security wage base is now capped at about $106,800.
