How our debt happened

All the talk about the debt ceiling and where we are going to cut expenditures has my blood boiling.  There is a great explanation and graph of where we stand and how we got here from Ezra Klein and the bottom line is that it came from the Bush tax cuts and the wars in Iraq and Afghanistan.  Add to that a little recession and bailout for Wall Street – minor in relation to the former insults, and we are where we are now.

Furthermore, the fact is that in 2001 Bush’s advisors told him there would be a 5 trillion dollar surplus over the next 10 years, whereas there was a 5 trillion dollar deficit – a 10 trillion dollar difference!!!

What really irks me is how the right has framed the argument – again – and all the left can do is try to rebut the argument already in play i.e. cut entitlements, or we will not raise the debt ceiling.  This blackmail has got to stop.

Barney Frank was so eloquent and pungent today when he said that cutting the defense of Europe against a non-existent Soviet Union, and cutting spending on the Iraq and Afghan wars was a much better place to be cutting than eliminating useful Medicare dollars that benefit Americans who need care and keeping those the dollars in this country!

But the Right wants to eliminate 80 years of the New Deal since Roosevelt and is willing to use any methods to do so. They tried to privatize Social Security under Bush, but the Great Recession killed that, so now they are on to Medicare. The Obama plan will save money and Medicare and help everyone, as it has done under Romneycare in Massachusetts, but they are trying every legal tactic to kill it, too.

And, by the way, every war in our history has caused our debt to rise.  See this graph from the Government Accounting Office!  Why should this time be different?

Post a comment or leave a trackback: Trackback URL.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: