Monday, July 11, 2011

The latest Republican lie - It's a spending problem

Another day - another Republican Congressman on CNBC lying through his teeth about the nature of our budget problems.   The latest grand lie out of the mouths of the typical Republican politician? It's not a revenue problem,  it's a spending problem.  Right.  And pigs fly too.

Yes.  It is a spending problem.  We spend too much.  We spend at a rate of 24% of our GDP.  But massive spending cuts are on the table.

We also have a revenue problem though.  Historically we have collected around 18% of GDP in income taxes.  Today,  thanks to massive Republican tax cuts for decades,  we are collecting 15% of GDP.   Thanks to massive Republican tax cuts on the richest of the rich Americans,  they pay less in federal income and payroll taxes than the average middle class married couple.   Republicans have screwed America by under-taxing the wealthy.  Worse,  Republican tax breaks for massive international corporations ensure that they pay taxes at an average 23 - 25% rate,  while small and mid sized businesses pay at rates significantly higher.

The real lie out of the mouths of Republican Congressmen?  They paint the efforts to raise taxes as if those efforts will impact all Americans.   We need to raise taxes on the ubber wealthy,  and close corporate loopholes that benefit the massive international corporations.   Republicans would like us to believe all of America are targeted.   The real Republican agenda? .... Keep the rich and powerful in control.   Tax the rich and powerful at rates lower than typical middle class Americans.  Kick middle class America in the teeth and throw us over a cliff.

Republicans are the party of the filthy rich.   To think otherwise is naive.

North Carolina deserves better than Republican Senator Richard Burr.

Addendum -  Barry Ritholtz has an excellent piece out this morning.  Barry is pointing out how the wealth and income of the very rich are exploding to the upside,  while most of America suffers.  Yet,  Republicans say we can't tax these folks a little more?  Republican politicians are simply out to destroy our country,  plain and simple.

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