Is the deficit really the concern of John and Jane Doe?
It may be a concern, but way low on their list as their No. 1 concern is jobs. Who spends time worrying about a national deficit when the real worry is feeding your family, paying the mortgage and your utility bills. Yes, Mr. and Mrs. Well-to-do, that is what most Americans are worrying about.
While politicians seem to forget the critical need for jobs, the deficit is the emergency of the day inside the Beltway. No question, we do find ourselves in a situation where the government takes in $2 and spends $3. Looks simple to me — reduce spending and increase revenue.
Where might we reduce spending? Corporate welfare (do we really want to give our tax dollars to McDonald’s — the Big Mac gets subsidies?), farm subsidies (many famous Americans get subsidies including lots of politicians — Google it), and stop the spending bill earmarks (not a concern in El Dorado County because our representative is an alleged fiscal conservative who doesn’t abide earmarks). Finally, reduce defense spending by 10 percent (those no-bid contracts really should be examined).
Now, increase revenue. Tax capital gains the same as other income. Tax stock transactions. Reinstate the estate tax (not a death tax) at 50 percent with a $5 million exemption for survivors. No, it doesn’t mean survivors will only get $5 million — with a $100 million estate they will get around $55 million, give or take a million. Seems enough to feed their family, pay the mortgage and their utility bills. Finally, let the Bush tax cuts expire for everyone. Is it not time to pay our war tax instead of borrowing our war costs from China? The position that letting the Bush tax cuts expire will hamper the creation of jobs is nonsense, as the tax cuts have existed for the past decade and where are the jobs? Enough said.
Reduce spending, increase revenues, total it up, and let’s see how we stand on our deficit. Then we can talk again.
Oh, right, forgot Social Security. Lift the cap and it will be good for the next 75 years. Well, we do have that pesky problem of those worthless Treasury IOUs. Will they be paid back by the good faith and fair dealing of our government, or will there be prosecution for embezzlement of our funds? I’m guessing paid back.
JAMES E. LONGHOFER