President George W. Bush and Republicans caused the fiscal crisis with unpaid credit card spending on tax cuts for the rich, two wars and a prescription drug benefit. This crisis put millions out of work and caused many to lose their homes.
Republicans won’t admit they caused the financial crisis, and for four years they’ve obstructed President Barack Obama’s attempt to fix it. Obama had only one year to fix the Bush mess before Senate Republicans went on a filibuster binge.
House Speaker John Boehner hasn’t put Americans back to work. We’ve only seen congressional economic obstruction and sabotage. Republicans, over several decades, provided tax cuts, codes and loopholes for the rich, which is corporate welfare at our expense. Middle-class income and wealth was shifted to the rich. Bush and Republicans inherited a surplus and a $2 trillion Social Security Trust Fund, all gone from a huge spending spree. Bush dropped $6 trillion in debt, and a more than $1 trillion budget deficit on Obama.
The GOP wants a superlative CPI Social Security COLA method so we won’t be protected against inflation. To start, we need a significant tax rate increase of 43 percent to 45 percent on the rich. End oil subsidies and carried interest, which allow the rich to abuse the treasury by not paying their fair share.
It’s time to restore fairness and equity to the middle class. GOP folks, you lost. So pay up!