To the editor:
The U.S. fiscal deficit has already exceeded the full-year figure for last year, as spending growth outpaces revenue. Why? Simply put, Congress can’t and won’t pay their bills because to raise income (taxes) would lose votes and to not spend would lose votes.
So, how do we pay our bills?
We have the largest, most expensive military in the world for which the defense contractors’ owners should pay higher taxes, not low or no taxes.
We have corporations who pay little or no taxes on trillions earned because of “loopholes”.
And why do the wealthiest 2 percent, who keep trillions of our tax dollars in their investment accounts, pay less than 5 percent in taxes for those accounts?
Now you know why “we” can’t afford healthcare, and social programs for 92 percent of us.
It is because the wealthiest have the spending power to “buy” Congress to protect themselves.
This annual budget deficit is for this president’s term only.
The GOP can’t blame Democrats for creating this deficit which is expected to exceed $1 trillion starting in 2022. That’s bigger than the GOP’s last fiscal year’s shortfall of $779 billion — which was the largest federal deficit since 2012, when the Democrats were trying to rescue us from the Greatest Recession since the Great Depression, both events created by the GOP. History can repeat itself.
Sadly, the American working class lost faith in the Democrats; then they voted for the GOP thinking it would benefit them. What they got was a bigger GOP Protect the Wealthy Plan.