Wednesday, August 18, 2004

But back to angry political commentary: Here's an article by Robert Reich, former Labor Secretary for Clinton. He's a cheerleader for how great things were back then, and I reject that reasoning, but he makes a good point about how Bush's tax cuts for the wealthy and the skyrocketing national debt combine to spell "dolla dolla bill" for the well off:

In other words, the wealthy have shifted their Washington portfolios, if you see what I mean. A lot of the money they used to send to Washington in the form of tax payments they now send to Washington in the form of loans, through treasury bills and bonds. The big difference, of course, is that loans have to be paid back, with interest. So far this year, interest payments on the federal debt have totaled over 290 billion dollars. And who pays that interest? Well, you and me and all taxpayers.

That's the new system, folks. Combine the Bush tax cuts and the soaring federal deficits and you go from one method of financing government (which we used to call it a progressive income tax) to another method-consisting of loans from the wealthy-and interest payments to them from everyone else.

See, this is the brand of conservatism that I can do without. Now, I fail to see how Reich and Clinton worked so hard to avert the same phenomenon, but certainly Bush is pushing us further down the road of the haves and have nots. What an ass.

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Written on Wednesday, August 18, 2004