Today, amid great fanfare, the President signed another tax cut to benefit the few. This event was made possible because yesterday, without fanfare, the President signed a record increase in America’s debt limit.
The juxtaposition is stunning.
Americans are already saddled with $6.4 trillion in national debt, an obligation being passed on to our children and grandchildren. The President’s signature yesterday allows the government to borrow – and add to our debt – another trillion dollars.
Today, the latest tax cut becomes law. And at the same time our country is running record annual budget deficits approaching $400 billion dollars this year, the government is borrowing another $350 billion to give away in tax cuts, mostly to the elite.
In addition to the fact that we are now borrowing money from our children in order to finance tax cuts for the wealthy, these tax cuts force cuts in other important priorities, like transportation, health care, education and homeland security. Reports have indicated that even the defense budget could be threatened.
The misguided priorities of this Administration places tax cuts for the few ahead of infrastructure, schools, and health care for the rest of us.
And at the same time the federal government is giving away ever more in tax cuts, state governments are being forced to increase taxes to cover state shortfalls.
I hope that as the President touts his latest tax cut, he will remember the costs of his actions – to other priorities today and to our children tomorrow.
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