In the midst of the worst economic downturn since the Great Depression, Wall Street and Corporate America (and virtually all Republicans) are working on a deficit reduction plan to cut Social Security, Medicare, and Medicaid, whilst lowering tax rates for the wealthy and large corporations. Sadly, some Democrats are also engaged in this effort. This plan is likely to come up during the lame duck session of Congress after the elections. The idea of balancing the budget on the backs of some of the most vulnerable people in our country… the elderly, the children, the sick and the poor… isn’t only morally grotesque, it’s extremely bad economics. We must vigorously oppose this plan.
As you know, the primary cause of the large deficit that we’re now experiencing are Bush’s two unpaid-for wars, huge tax breaks for the rich, and a prescription drug programme written by the insurance and drug companies. Further, because of the greed, recklessness, and illegal behaviour on Wall Street, which drove us into this terrible recession, revenue at 15.2 percent of GDP is the lowest in 60 years. In order to cover the cost of the unpaid-for wars in Iraq and Afghanistan, they want to make significant cuts to Social Security that’ll affect not only seniors, but also disabled veterans. They want to do this despite the fact that the payroll tax funds Social Security, it hasn’t added a penny to the deficit, and it has a 2.7 trillion USD (85 trillion Roubles. 2.1 trillion Euros. 1.7 trillion UK Pounds) surplus.
In order to cover the cost of tax breaks given to millionaires and billionaires, they want to increase the Medicare eligibility age from 65 to 67 and throw millions of families with children off of Medicaid. At a time when the USA has the most unequal distribution of wealth and income of any major country and the gap between the very rich and everyone else is growing wider, their deficit-reduction plan calls for lowering the top tax rates for the rich and large corporations to 28 percent or even lower. There are fair and sensible ways to reduce deficits, but having the rich and the powerful beat up on working families and the elderly isn’t one of them.
If you vote for Willard Romney, you vote to kick ordinary Americans in the teeth full-force so that the Affluent Effluent can party on, without any sacrifice or pain (after all, they’re the only “productive people”). That’s the consequence of your action.
I’m voting for Obama… so should you.
By the way… the cutoff level for the One Percent is 506,000 USD (15.92 million Roubles. 391,000 Euros. 314,000 UK Pounds). That is, if we were to seriously raise taxes on those making over 500,000 USD (15.73 million Roubles. 386,000 Euros. 310,000 UK Pounds) a year, very few people would be affected. However… these people think that they “own” the country. Let’s show ‘em otherwise…