THE FIVE FACTORS DRIVING OUR SKYROCKETING DEBT
According to the Center on Budget and Policy Priorities and the Congressional Budget Office, just about half of the tidal wave of debt we are facing over the next decade can be directly attributed to the “temporary” reduction of the top tax rate in 2001 (from 39% to 35%) plus the cost of two middle east wars.
Put another way, if we did nothing more than simply let the so-called Bush tax cuts expire and--now that Bin Laden is dead--brought our troops home from Irag & Afghanistan, we could cut the deficit in half over the next ten years.
There is no easier path to big-time deficit reduction, and we can’t even do that. How in the world do we expect to tackle the tougher long term challenges of Medicare and Social Security?
For the simplest 2 minute explanation (even though its a year old) of why leaving tax cuts for the rich on the books only makes the deficit bigger and the problem even worse, watch this: