The debt ceiling issue is nothing new. The media beats the issue to death as if it's a new phenomenon. The truth is, Bush raised it multiple times. So did his dad. Reagan raised it an amazing seventeen times, according to an article in today's Huffington Post. The current GOP raised it 19 times.
"President Obama is merely being polite to congress by giving them this opportunity to voice their concerns," said political activist and radio AM 1360 talk-show host Tony Trupiano. He spoke at the Blue Water Labor Temple in Port Huron on July 13, hosted by the St. Claire County Democrats.
Legally, Obama has the final say, according to the 14th Amendment, and can do what he wants. Raising the debt ceiling is only half the equation, however. The solution is to couple it with raising taxes on the mega rich to the Clinton-era rate of 39 percent. Research this fact. Bloomberg, Rueters, and for actual, hard evidence, follow links contained at http://www.ritholtz.com/...
The fact is, history has proven time and time again that tax cuts to the rich don't work.
"If tax cuts to the wealthy really worked, the huge tax break they received when Bush gave them the $600 billion tax surplus would have resulted in millions of jobs," Trupiano said. "It didn't."
What did that tax cut do to jobs? Bush lost them by the millions, upwards of 13 million, in fact, and the blood letting spilled into the Obama administration.
The question remains: what does work to create jobs? The answer is investing in materials, payroll, and expenditures; when companies do this, it creates demand for product and people. What would spur this investment in people and expenditures? TAX DEDUCTIONS. When businesses don't have to pay taxes on their profits, they sit on them, which is what is happening now and what happened under Bush.
Conversly, Clinton, ballooned jobs by 17 million under his watch. Why? What did Clinton do differently? He raised taxes on the rich and gave breaks to the poor. The rich had to save their money somehow and to do that they had to invest in materials, payroll and expenditures for the tax deductions. They invested. THAT IS WHAT CREATES JOBS. That is what history tells us. The tax breaks to the working poor, the 98% of the rest of us, gives us money to buy cars, houses, buy, buy, buy. And invest. The Republicans scream "tax cuts to the wealthy" yet they have no evidence it would work and they can't explain how it would work.
The fact is Congress does not want Obama to succeed and get re-elected, so they are hell bent on causing financial havock under his watch in order to ensure his defeat at the nation's expense. And the people, who absorb the rich-man's propaganda like sheep at the well, are stupified and do nothing.
Raising the debt ceiling and taxing the wealthy will result in the solvency and continuation both for Medicare and Social Security. It will pay down our national debt. It will create jobs. America will retain its stature as a world power and save its credit rating.
The solution is before us. Contact your congressman and representatives and tell them to raise the debt ceiling and raise taxes on the mega rich. Why won't they do this now? To quote Tony Trupiano, "Follow the money." The Koch Brothers, and the 400 richest families in America, finance the Republican congress, indeed, the GOP at all levels of government. That's why America must vote them out.
Be cautious and read your sources carefully. Americans must broaden their reading material to protect themselves from propaganda. Read both sides of the issue. President Obama said at the commencement ceramony at UofM in 2010, "Still, if you're someone who only reads the editorial page of The New York Times, try glancing at the page of The Wall Street Journal once in awhile. If you're a fan of Glenn Beck or Rush Limbaugh, try reading a few columns on the Huffington Post website. It may make your blood boil; your mind may not often be changed. But the practice of listening to opposing views is essential for effective citizenship."
We can't rely on Fox News and Murdock for accuracy and bias-free information. Read a broad range of material outside your comfort zone and research the information yourself. Don't be a sheep. Our economy and our freedom depends on it.
Full text of Obama's awesome speach at UofM: http://www.huffingtonpost.com/...
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