Republicans Want to Live Good Now With Ever-more Power and Foist the Debt + Interest on Future AMERICANS
A reader recently challenged us Enterprise readers to "provide their own numbers toward a balanced budget," but the site with the figures (usgovernmentspending.com) does not operate well.But I have a good memory and I clearly recall an article in the business section of the NYTimes in January, 2022 that touches on much of what the reader writes about, but not the really important stuff. During the Eisenhower Administration the top tax rate was 85% and the economy ran smoothly and there was full employment and the average corporate executive made about 15X what the average office or assembly line worker made every year at his company.
And the American economy did not collapse!
Indeed, the fifties and sixties were quite lucrative for the average wage earner as everything seemed to be in balance.
Then, in 1980, the greed started to accumulate and the rich spent lavishly on the political scene to get Congresspersons to lower their taxes. Not a single conservative made any mention of quotes in the Bible that said "Love of money is the root of all evil," and that Jesus said "It would be easier to pass a camel through the eye of a needle than for a rich person to attain the kingdom of Heaven." These vital quotes did not penetrate the minds of the right wing who all appeared to want to actually increase the wealth and power of the rich instead of honoring God's words.
Ronald Reagan started running for President in 1975 and in every single speech he gave until November, 1980 he agonized about how the current budget deficits were adding up to a national debt that his grandchildren would end up having to shoulder and try to pay off. He was always despairing that the American people would get into a bottomless pickle regarding the debt.
A rational, reasonable person would conclude that the obvious solution would be to raise taxes on the rich back up to the level of the Eisenhower era. But Reagan's eye was caught by a shiny new theory that was being bandied around that claimed if we were to lower the taxes on the rich, it would allow the economy to shift into over-drive and businesses would be so stimulated that massive funds would come pouring in and pay taxes that would balance the budget.
During the nominating campaign George Bush called Reagan's plan "voo-doo economics" but changed his tune when it appeared he only had a chance for the Vice Presidency, and took it. A few months later voo-doo economics stuck its pointed teeth into our economy and sucked it dry, giving hundreds of billion$ to the rich to use to buy more power while leaving the average voter holding the bag and footing the bill.
When Reagan/Bush entered the White House the national debt was $450,000,000. When Bush was voted out twelve years later the debt had sky-rocketed to five trillion dollars. ($5,000,000,000,000.) Now Reagan's grandchildren's grandchildren are paying off the immense debt imposed on the American people by the greedy bankers and corporate executives who collectively told a multi trillion dollar lie.
And got away with it.
The very next time a Bush was in the White House he also exploited the American people's memory lapses and ignored the facts and shoved yet another trillion dollar tax cut for the rich down our throats and then lied even more to stay in power. And then the very next time after that, with Trump as president, they did it again.
Reagan did it with the help of "Blue Dog Democrats," but the other two times the cut passed with only Republican support. And they've learned how to throw a few bones, (mostly lies using bigotry and un-Americanism) at the voters to keep on winning. Now our great, great, great grandchildren will continue to pay for the anti-Christian greed of the wealthy.
What the reader and millions of others don't understand is that the rich are America's greatest untapped natural resource. If we drill there we will strike pure gold, hundreds of trillions readily available, patiently awaiting us to start the process.
Right now, according to the article in the Times, we the people are forking over $800,000,000 per day in interest alone on the debt run up by rich people to finance their power grab. The robber barons are back with a terrific public relations operation and even more lies to keep them going.
The Federal Reserve is behind it all. The Fed is the never ending gift bestowed on Wall Street and the Corporate State by the chief robber baron of all, J. P. Morgan. The Fed was set up to benefit the Corporations forever and We the People will pay for it forever.
The modis operendi goes like this: The Fed conjures up a few hundred billion and lends it at rates as low as one half of one percent to the Wall Street banks. The Wall Street banks then loan that same money to the United States Treasury at rates 5x as high. The Fed enables the profits of the banks at the expense of the taxpayer.
America needs to be more capitalistic. One of the great discoveries of Corporate State capitalism is that the way to make a bigger profit is to "eliminate the middleman," to see what the middleman does and then do it themselves.
We the people need to eliminate the middleman from our public economy. To do so we merely have to stop allowing the Fed to give cheap money to the Wall Street Banks and we instead use that same cheap money to directly finance the government, and our citizenry, and save all that interest we are now paying through our collective noses.