This budget admits that the national debt is a BIG problem. The country is EIGHT TRILLION DOLLARS in debt this year! How many zeroes is that? 12!
Bush predicts a $390 billion deficit for 2006. Again, look at the zeroes:
That’s actually an improvement over the past couple of years (2005—427 billion, 2004—$412 billion).
So, in order to get to this lower deficit, here is the solution given by Bush: Cut domestic spending (things like funding for the Centers for Disease Control and Prevention, health insurance for children, grants for local law enforcement and fire fighters, spending for environmental protection, support for American Indian schools, funding veterans’ benefits, and especially programs for the poor: food stamp programs, block grants that aid poor communities, housing and urban development programs, Medicaid programs for poor children, child-care assistance, and home-heating aid).
This will save about $66 billion per year, about 17% of the budget deficit. “Hey,” the reasoning goes, “We’ve got to tighten the belt somewhere!”
But the Bush budget also proposes to make permanent the tax cuts for high-income brackets, for capital gains, and on dividend income. If these tax breaks for the wealthiest in our country were rolled back, that would yield about $120 billion per year in extra revenue, about 31% of the budget deficit.
It astounds me that the ones who are asked to make the greatest sacrifices due to the national debt and the budget deficit are always the poor and needy, while the rich are not asked to sacrifice a whole lot.
.You trample on the poor
. and force him to give you grain.
. Therefore, though you have built stone mansions,
. you will not live in them;
. though you have planted lush vineyards,
. you will not drink their wine.
. For I know how many are your offenses
. and how great your sins.
. (Amos 5:11-12)