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Why is the largest deficit reduction package in the Oval Office talks President Obama’s NOT the Republicans?

Tea Partiers/Tepublicans are saying they are more worried about Deficit reduction. So, I ask : Why is the largest deficit reduction package in the Oval Office talks President Obama’s NOT the Republicans?

President Reagan started all of this with the promise that he could balance the budget by spending MORE and taxing LESS. The lower taxes, he said, would stimulate the economy so much that they’d not only pay for themselves but cover the rest of the spending. This was like one of those fad diets where you lose all the weight you want by eating nothing but chocolate and bacon.

It had the charm of never having been tried. I guess it sounded good to a lot of people. But it was spectacular failure. In two terms Reagan tripled the entire pre-existing national debt. Well into his second term, after having only doubled the debt, he was still insisting his tax cuts would stimulate the economy enough to balance the budget! AND his tax cuts went overwhelmingly to the richest people. I got $2/week, and my FICA rose $20. My boss got $30,000/yr.

The Republicans had so much invested in this dumb idea that they had no Plan B and still don’t. They’re still insisting, even to this day, that the only way to balance the budget is to double defense spending every year and keep giving huge tax cuts to gazillionaires.

The ONLY president since Reagan who made good on the perennial Republican promise to cut budgets, reduce deficits, and get us on track towards a balanced budget was a Democrat! Bill Clinton did it. He did it by raising the tax on millionaires from 32 to 36%. If Clinton had been president one more year we would have had a balanced budget. Instead GW Bush came in and he just couldn’t wait to undo all the good work Clinton had done. With a big tax cut for the rich, what else? He insisted on maintaining these tax cuts through two expensive wars. And he doubled the national debt once again. It took him two terms, but it was a lot bigger by then.

So the thing is: Republicans only care about the budget when they’re out of power. They always run as strict budget hawks but once in office they decide debt simply doesn’t matter.

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