By Patricia L Johnson and Richard E Walrath
You voted the Republicans in – now vote them out.
We don’t need a National election for you to tell the GOP what you think of their refusal to increase the debt limit during a period of time when the nation is attempting to recover from the Great Recession.
Send them an e-mail, send them a FAX, call their offices in Washington DC and/or their local offices, but get the word out that the debt limit must be raised immediately. You need to make these calls and/or send the e-mails yourself so the GOP knows how you personally feel on the subject.
The question isn’t whether or not the debt limit should be raised; it’s how much we need to raise the limit in order to continue moving the economy forward. Not raising the debt limit will be detrimental to the entire global economy, not just US economy.
Since the beginning of the year when the Republicans took over control of the U.S. House and purse strings, all we have heard out of them is “no”. For 85 legislative days they have done absolutely nothing other than say “no”. No matter what this President wants the answer is a resounding “no” from the GOP.
The United States was so completely caught off guard and dazed by the attacks of 9/11 that we allowed legislation to be passed under the Bush Administration that did nothing for the majority and everything for the minority. Now the argument is whether or not we should continue to subsidize the oil industry in the form of tax breaks, continue to provide discounted tax rates to the richest of rich, and continue to allow major tax deductions for the super-rich and big business. Discounted tax rates and tax deductions to the rich and big business are some of the major factors bleeding this country dry.
The GOP would have you believe raising the tax rates for the wealthy and big business will cause further jobs to be lost and that is absolutely absurd. President William J. Clinton raised the tax rates during his 8-years in office and 23.1 million jobs were created. President George W. Bush lowered the tax rates during his 8-years in office and a grand total of 3.0 million jobs were created during his 8-years in office.
Bush lowered tax rates again and again, increased the amount of deductions the rich and big business could deduct from tax returns and his handiwork resulted in a total of 3.6 million jobs being lost one year alone. Think of it, in Bush’s last full year in office almost 4 million jobs were lost.
It doesn’t take a rocket-scientist to sort this out. Statistics indicate that when taxes are increased for the wealthy and big business, jobs are created and the country is prosperous and when taxes are decreased for the wealthy and deductions against income are increased, millions of jobs are lost and the economy begins a downward spiral.
During the Bush administration the debt limit was increased a total of 7-times as follows: $450 billion in 2002, $984 billion in 2003, $800 billion in 2004, $781 billion in 2005, $850 billion in 2007 and $1.5 trillion in 2008 ($800 billion plus $700 billion three months later). That’s a total of $5.365 trillion dollars added to the economy.
We can fill up a book with prepared charts on debt limit increases, employment numbers, revenues, expenditures, deficits, surpluses, GDP, percentages of this that and everything else, but what does it all mean to you?
What would happen if your income suddenly stopped next month? If the debt limit is not raised that’s basically what will happen to the United States, our income will be shut off as we would have no way of borrowing in order to cover our expenditures which are currently higher than our revenues (thanks to the eight disastrous years of the preceding administration).
The question that needs to be answered by you in order to make your decision on whether or not the debt limit should be increased and whether or not tax cuts in this country should continue is your own personal experience.
Is your family better off after the 8-years of tax cuts and deductions for the rich and big business than they were when President Clinton was in office or are you struggling to put food on the table pay your bills and keep a roof over your head?
If you were better off during the Clinton years than you are now, then you need to contact your Members of Congress and tell them to increase the debt limit and revert to the tax code in effect during the Clinton administration. Go to www.house.gov to contact your Representative in the U.S. House and www.senate.gov to contact your Senators.
It doesn’t matter if you’re a Republican, Democrat or Independent. Our legislators must understand that the debt limit needs to be raised significantly now so our country can continue to prosper.
© 2011 Patricia L Johnson and Richard E Walrath