Monday, July 25, 2011

An easy solution to the debt crisis

 From Jonathan Turley's guest blogger a great article and I heartily recommend it.  Most American families are familiar with the concept of economic shortfall, or "We can't pay our bills".  Almost always this involves some cutting of expenses, but that rarely solves the problem.  American families when money is short, one or both parents take on extra jobs to earn money.  Senate Minority Leader Mitch McConnell (R-KY): “We don’t have this problem because we tax too little. We have it because we spent too much.”  Duh, obviously Mitch McConnel is completely out of touch with American families.  We spent too much and we need to increase revenues.  No family would stop paying for vital medication when money is short, they would find a part time job to fill in the gap.  But not the republicans, lets cut vital services instead of raising taxes.  We need an American family approach to the debt crisis.  Read on to discover the easy solution.
A very easy solution to the U.S. Debt problem is to simply tax the wealthy and corporations at 1960 levels and according to one source, the debt would be erased within a decade. “Some numbers — from an Institute for Policy Studies report released this past spring — can help us better visualize just how monumental this political failure has been. If corporations and households taking in $1 million or more in income each year were now paying taxes at the same annual rates as they did back in 1961, the IPS researchers found, the federal treasury would be collecting an extra $716 billion a year. In other words, if the federal government started taxing the wealthy and their corporations at the same rates in effect a half-century ago, the federal debt to investors would almost totally vanish over the next decade.” Official photo of United States Senator and Mi...                                      Image via WikipediaOur Future

Raise taxes, Mitch

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