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Political Factoid

Objective evidence of their<1> illogical idiocy:
  1. The majority of the national debt came from
    two sources:

     
    1. Money which, over the years, Congress "borrowed"
      from the Social Security (and Medicare) trust funds
      (payroll taxes paid by Americans for years) in order to
      reduce tax rates for the corporations and the wealthy.
       
    2. Extreme offensive military spending by the
      congressional hawks.
       
      • War on Iraq
      • War in Afganistan
      • War on Libya
     
  2. Assume, for the moment, the following:
     
    1. The national deficit is completely eliminated
      by spending cuts
      , such that the national debt
      no longer increases.
       
    2. There are to be no new taxes on Corporations
      and, in fact, existing Corporate taxes are to be cut.
       
    3. There are to be no new taxes on the wealthy<2>
      and the top tax rate is to be further reduced 25%.
       
    4. The wealthy<2> who are now paying an average
      effective income tax rate of only 18%
      are going to receive even further tax cuts.
     
  3. Just how is that big old national debt
    to be paid off?
    And by whom?
Notes:
<1> Mitch McConnell, John Boehner, Eric Cantor,
Paul Ryan, Grover Norquist, Michele Bachmann,
Tim Pawlenty, just to name just a few.
<2> The millionaires and billionaires.
 
cf. 898, 927, 961, 1155, 1425, 1598, 1713, 78, 328,
657, 757, 869, 909, 923, 928, 991, 997, 1008, 1330, 1365,
1515, 1530, 1675, 1834, 1844, 1848, 1558, OVE
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Last updated * 2012-10-19
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