Republicans and Democrats twist facts to their advantage, but Republicans are masters of convolution. Repeatedly, Republican members of Congress harp: “Washington doesn’t have a revenue problem. It has a spending problem.” And: “No new taxes.” They are likely right on both issues, but not as they intended.
Congress and various administrations have squandered our government’s just return on investment (taxes) on tax breaks for the wealthy. Increasing available revenue requires no new taxes. Reinstating and collecting taxes that in the past were the government’s fair share and using those moneys for legitimate governmental programs will go far toward correcting spending problems.
Presidents Ronald Reagan, George W. Bush, and Barack Obama approved tax cuts and oversaw record deficits. Reagan and Obama wisely, but inadequately, reclaimed some tax revenue, but President Bush allowed his tax cuts and wars to add over $5 trillion to the national debt. Some economists attribute past prosperity to the tax cuts, but others cite the boomers, technology and the housing bubble. For all its prosperity, our nation has an absurd national debt.
A gerrymandered Congress’s continued inaction and favoritism weaken our nation. Congress must act rationally, reclaim wasted revenues, and spend wisely to balance the budget.