Don't Rely on Promises
How did our national debt get so out of control?
I’ve heard so many stories that I decided to do some research and find out for myself. I found that spending more and earning less nationally, like our own household budgets, caused the problems!
This may seem simple, but our nation is treating it like a complex problem. It’s not.
Ten years ago, in 2001, our nation was running a budget surplus and economic analysts even put forth that we could pay off the federal debt completely. President Bush decided at that point that rather than pay down the federal debt, he would push through two massive tax cuts, resulting in the lowest tax rates in 60 years. Then he and Congress decided to finance two wars, a massive prescription drug benefit, and expanded defense spending. All told, President Bush’s programs amounted to more than $7 trillion of the current federal debt.
President Obama’s policies have added $1.7 trillion to that deficit, although he did try to let some of those tax cuts expire.
He also inherited a massive recession, which he tried unsuccessfully to stem with massive federal stimulus spending.
Then there are the massive debts created by subsidizing wealthy corporations, whether by federal spending programs or by allowing rich businesses to escape federal income taxes by hiding money in foreign countries. My research showed that, for example, General Electric Corporation made $14.2 billion in profits, but paid no income tax whatsoever, and in fact asked for a $3.2 billion tax credit.
I am not trying to tell anyone how to vote, only to do some research of your own before voting. Please don’t rely on political slogans or campaign promises. Become educated on your own. I would love to hear the results of your research!
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