Saturday, November 13, 2010
The solution that's been forgotten
Everybody whines about the defect and the national debt but nobody's willing to actually do something about it. As we all know there's only one way to pay it off and that's not by lowering taxes which has been done four major times under Bush and 16 times under Obama. Republicans keep screaming about spending increases but I haven't seen any increases that weren't paid for in the last two years. Most of the loans to the auto industry has been paid back. But then we have the Bush legacy to deal with. That would be two wars at over two trillion dollars. Then the medicare drug doughnut hole that wasn't paid for and of course the tax cuts for the wealthy and bank bail out.
Funny how some ten years ago somebody figured out a way to get out of this mess with the least amount of pain. A simple solution that I'm surprised nobody thought of it sooner. It involves just one red cent. By putting just a one penny tax on all the transactions at the stock exchanges we could pay off the entire debt and defect and have money left over. Each day on the Dow alone some 200+ million shares change hands. Just one penny per share would make all the difference. And that's just on one exchange. In just a few short years the debt would be gone. Then once we get to the positive side of the debt curve we could start really rebuilding this country. Imagine having a 14 trillion dollar surplus. We could have education and health care covered. We could be lending money to other countries instead of being beggars to China. No more scraping money together to fix a road or bridge or build a hospital. And with the debt paid off we could actually start lowering or eliminating other taxes. Let's see the republicans argue that one. Ladies and gentlemen we're not going to just lower your taxes we're going to eliminate them!