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Wednesday, June 13, 2012

Ending the Bush Tax Cuts

Video puts tax cuts into perspective

Here is a short video that helps debunk the hysteria generated by the propaganda produced by Republican  PR firm:

The take away is that if taxes go up, the world will not end.

The other part of the story, which no political party will address in this election cycle, is that if taxes go up, our economy will not get better.

Things will get better only after we -- as individuals, as corporations, as separate local and state governments, and as a nation -- have finished paying down our debts.

The age of cheap credit ended in 2006.The bills are now due.

I remember a bumper sticker that was popular among senior citizens in the 1980s: I am spending my children's inheritance. As it turns out, the slogan contained an important truth. What is more, the children of these seniors -- children who are now old enough that they about to embark upon their own retirements -- borrowed heavily against their own children's earnings during the past 30 years.

This means that an entire generation will be saddled with the debts placed upon them by their parents and, in some measure, their grand parents.

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