(6) As seen by the graph & table above the Supply-Side tax cuts reduced revenues, and with increase in defense spending during Reagan, Bush I, and Bush II, a Regressive FICA tax Surplus was used to pay Progressive Income Tax cuts to the most wealthy.
Here is the Orwellian speak: If you ever mention raising income tax rates, Republicans yell bloody murder. To the Republicans, "Redistribution of Wealth" means taking from the wealthy and giving to the working class. How much more egregious is wealth redistribution when the wealthy take from the poor? The actual facts are that the wealthy have used Regressive FICA Tax surpluses to pay for progressive Supply-Side tax cuts (no operating budget surpluses).
A veritable rich Peter stealing from poor Paul.
Ø Who is responsible for the current Budget Deficit: Bush or Obama?
Since the build up to huge Deficits and Debt falls mainly on the Bush II (Reagan Redux) of Supply-Side tax Cuts while taking us into two Wars, the majority of the blame clearly falls with Bush and the Republicans.
Bush and the Republicans were handed a $5.6 Trillion "projected" surplus over ten years, along with a cumulative (39 Presidents) $5.7 trillion debt. Greenspan in February 2001, gave the Republicans a wink and a nod on the basis he did not want to fully pay of the debt. However, if Bush and The Republican majority had continued the Clinton Era Policies keep tax revenues high (at historically low marginal tax rates), and cut Defense Spending. If Bush had stayed the course, he would have handed Obama a $5.6 trillion surplus ( less) the $5.7 cumulative debt (=) an approx. $0 in debt, instead he left us with a $10.7 trillion debt.
Bush II / GOP Policies à "¡ ¦Ã "¡ ¦Ã "¡ ¦Ã "¡ ¦ à "¡ ¨Ã "¡ ¨Ã "¡ ¨Ã "¡ ¨ Continued Clinton Policies
I I I
-$10.7 trillion -$5.7 trillion Balanced -$0 approx.
(2008) (2000) (Projected 2010)
Debt when Bush II left office Debt when Clinton left office ($5.7* - $5.6 trillion)
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