Posted on 05/02/2005 8:35:34 AM PDT by From The Deer Stand
Rep. Ron Kind (D-Wis) in an op-ed piece said President Bush's exploding federal deficit, the tax cut to rich Americans and repealing the inheritance tax heap crushing debt on today's children. Rep. Kind noted, "$26,250. As of last week, this is the share of the national debt belonging to each American; the total amount of debt out nation holds is $7.8 trillion. I refer to this debt figure as the birth tax, because this is also the amount of debt each American child inherits the moment he or she is born."
Rep. Kind went on to note how we got into this problem. "Four years ago," he wrote, "when President Bush took office, the national debt was at $5.7 trillion, but the nation was running a budget surplus. The 10-year surplus was estimated at $5.6 trillion and assuming no change in government's fiscal behavior, that forecast would have yielded a zero balance on our national debt by the year 2011. Think of it; our national debt wiped out by the year 2011, just when the massive group of baby boomers begin their retirement." Kind went on to add, "This administration, however, chose a different fiscal course. Increased government spending coupled with lopsided tax cuts that have largely benefited corporations and the wealthiest few have exploded the national debt."
To aid in debt reduction Rep. Kind authored the Taxpayer Giveback Reduction Bill (HF 1273) that requires all money returned by congressional offices to be used "specifically for deficit reduction and not for any other purposed, like pork-barrell projects," the Congressman noted. In Rep. Kind's case, he will return $700,000 to help alleviate the $7.8 trillion debt.
On a bright note, Rep. Kind noted, "I believe we must return to accountability by restoring fiscal discpline and eliminate deficit spending with pay-as-you-go budget rules."
(Denny Crane: "Sometimes you can only look for answers from God and failing that... and Fox News".)
Someone should remind Rep. kind that a large portion of the $7.8 Trillion is money we owe to our-selves, AKA known as the Social Security Trust Fund.
Actually, whether for political opportunism or otherwise, it seems the Democrats are becoming the champions of fiscal responsibility. Of course, there's more 'repeal the tax cuts' rhetoric than there is 'shrink the government' rhetoric.
Well, in some respects, I agree with the gentleman from Wisconsin. President Bush has been a spend-thrift on certain matters, but there is after all A WAR GOING ON!
I was hoping of wholesale elimination of some federal department (i.e. Education, Energy, Housing) when Bush raised his hand but instead we got more of the same (Homeland Security). Thomas Jefferson said it best "The government that governs the best is the government that governs the least)...Libertarian regards!
If this person has ever voted once to spend money that put this country in debt then this may be one of the biggest hypocrites on the planet.
Oh yeah, thats what a politician is.
How about $26 trillion in unfunded liabilities? The Democrats were in control much longer than Republicans in the "spending Spree" AKA "Congressional Credit Card".
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