It's time for Americans to grow up and admit it. Between 2001 and 2008, we took our kids' credit cards (including the cards of the unborn) and maxed them out. Nothing but IOU's left in the rainy day fund for when the crash came.
Oh, we had our reasons - we needed that new Hummer, had to buy a 4800 square foot house with 12 foot ceilings, simply had to invade a couple countries to make sure that a handful of terrorists couldn't attack us. You know the excuses.
Of course, we could have paid for it all at the time, but we believed in Santa Claus who told us that "tax cuts will stimulate the economy and will bring in more revenue in the long run." Well, the long run is now, when the tax cuts are expiring. How did that all work out for you? Did you see the deficit disappear as the tax cuts worked their magic?
The Easter Bunny also assured us that once the rich got their tax cuts and invested it in America, the wealth would rain down on the middle class. I'm not sure where the rich were investing, but we had the only decade since the Great Depression with stagnating wages in the middle class. Looks like the Easter Bunny played us for fools.
Time to grow up.
The middle class sent their sons and daughters to fight and die in Iraq and Afghanistan - what did the wealthy do for their nation? Well, they moved company headquarters to a PO Box in the Cayman Islands for tax breaks on foreign income and outsourced jobs to India to profit from lower wages. The middle class held their families together the best they could despite stagnating wages and skyrocketing costs for education and health care. The rich, they got richer.
It's time the wealthy pay for the wars that protected them and the capitalist system that allows them to take an ever-increasing share of this nation's wealth.
Why tax the wealthy? Because that's where the money is.
Once we pay for the wars and the other deficit spending of the Bush administration, then I'll be glad to talk about how we need to change government spending to bring a better balance between the private and public parts of the economy. Until then, its time to clean up the mess you've made.
Bush spent your tax cut.