We all know the importance of America meeting her financial obligations and the global impact if Washington cannot or will not come together and figure out a way to get the debt ceiling raised. Over 200 world renowned economists recently wrote a letter to congress advising, no, demanding that the debt ceiling be raised and raised ASAP.
And while Republicans have steadfastly held their ground and insist that no new revenue be part of any debt ceiling debate, what exactly did their leader, Ronald Reagan, have to say about this very issue the many times America’s debt stared him in the face? On August 11th 1982, in Billings Montana, Ronald Reagan spoke to the crowed and explained the necessity of tax hikes on the wealthy by posing this question;
“Would you rather reduce deficits and interest rates by raising revenue from those who are not now paying their fair share, or would you rather accept larger budget deficits, higher interest rates, and higher unemployment?”
Reagan went on and raised the debt ceiling 18 times throughout his presidency.
Yes, everyone in these debates seem to believe that raising the debt ceiling to pay our bills is necessary. But the Republicans’ position that it must only be done through spending cuts with no new revenue is not only wrong, it’s immoral.
The millionaires and billionaires in this country owe a large portion of their wealth to the policies of this nation. The freedom of our government to empower an individual to be creative, to have and allow an idea to blossom into a product or service that benefits the masses. Whether it’s through subsidies, loopholes or legislative laws, these various provisions by the government increases the profit margin.
This is the reason we are considered the greatest nation on earth – we are free to dream and be innovative. And we are encouraged by these policies and the prospects of huge profits, to use the American capitalistic system to make our dreams come true. It is therefore, necessary that in this time of economic uncertainty, everyone – especially the rich – contribute to America’s recovery. This is not the time for more hand-outs. Sitting back while the poor and middle class bear the load of this economy is not the patriotic thing to do. It is wrong, and this type of mentality does a great disservice to the nation.
The choice is clear to all who are honest with themselves. Would we rather larger budget deficits, higher interest rates and unemployment, or should we demand that the millionaires and billionaires pay their fair share to the country that is partly responsible for their acquired wealth?
It’s time to close these loopholes, it’s time to end these unnecessary subsidies, it’s time that everyone contribute to this nation’s recovery.