If only there were a simple way to fix this nation’s monumental, complicated debt problem.
Actually, there is.
We just need to apply basic common-sense economics. Under President Bill Clinton our national debt rose from $4.2 trillion to $5.7 trillion, and he left office with a budget surplus. When President George W. Bush left, we had a $10.6 trillion national debt (as well as a $1.5 trillion deficit, and a deep recession). The almost $5 trillion debt increase under Bush was primarily caused by his two unnecessary wars and tax cuts that mostly helped the rich. President Obama has increased the debt another $3.7 trillion to shore up the faltering economy he inherited.
This is how to fix it: raise taxes on the one income group who did the best financially during the last decade and who can afford it the most. That would be the top one per cent of income earners, who took home more than a fifth of all personal income, own more than a third of all the wealth, and pay less taxes than they ever did.
Then trim down the bloated defense budget, and stop beating up on the poor, sick, disabled, students, unemployed, and others who are struggling enough already.
(published in letters, Monterey County Herald, July 15, 2011)