Sen. Bernie Sanders: For a Budget That Is Both Morally and Economically Sound

[marmar]

from truthdig:


For a Budget That Is Both Morally and Economically Sound

Posted on Oct 28, 2013
By Sen. Bernie Sanders (I-Vt.)


As a member of the U.S. Senate Budget Committee, I am more than aware that a $17 trillion dollar national debt and a $700 billion deficit are serious problems that must be addressed.

But I am also aware that real unemployment is close to 14 percent, that tens of millions of Americans are working for horrendously low wages, that more Americans are now living in poverty than ever before and that wealth and income inequality in the United States is now greater than in any other major country—with the gap between the very rich and everyone else growing wider and wider.

Further, when we talk about the national budget, it is vitally important that we remember how we got into this fiscal crisis in the first place and who was responsible for it. Let us never forget that when Bill Clinton left office in January of 2001, the U.S. had a budget surplus of $236 billion with projected budget surpluses as far as the eye could see. During that time, the non-partisan Congressional Budget Office projected a 10-year budget surplus of $5.6 trillion, enough to erase the entire national debt by the end of 2011.

What happened? How did we, in a few short years, go from a large budget surplus into horrendous debt? The answer is not that complicated. Under President Bush we went to wars in Afghanistan and Iraq—and didn’t pay for them. We just put them on the credit card. The cost of those wars is estimated to be between $4 trillion to $6 trillion. Further, Bush and Congress passed an expensive prescription drug program that was unpaid for. They also reduced revenue by giving huge tax breaks to the wealthy and large corporations. On top of all that, the Wall Street collapse and ensuing recession significantly reduced tax receipts and increased spending for unemployment compensation and food stamps, further exacerbating the deficit situation. ....................(more)

The complete piece is at: http://www.truthdig.com/report/item/for_a_budget_that_is_both_morally_and_economically_sound_20131028

[chervilant]

1. Who else thinks we're on a fast track

to economic failure? How long can Uncle Miltie's train wreck keep screeching towards its inevitable halt?