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06 2011

United States at its worst

Syndicated from: Paul Bridle

The recent weeks has seen the United States at its very worst. Having a two step process of requiring first a budget vote and then a second vote to raise the borrowing is insane….but then to create this whole debate about raising the borrowing AFTER voting on the budget is a pure waste of time, money and (worst of all) credibility both at home and abroad. There is no question that spending has to be brought under control and reduced in line with expenditure. There is no question that there is extensive waste that needs to be controlled. But there is also no question that the cost of running the country has gone up and needs more income. That means more taxes. It is pointless to say that lower taxes means more growth, when all the evidence shows that the higher the earners, the less they spend and the less they influence job creation. If the high earners are not going to spend or use the money to create jobs, then they need to pay higher taxes to pay for the cost of running the country. The growth of jobs since 2008 has come from small to medium size businesses and NOT from corporate America. unless the high earners are going to open businesses, then they will need to pay higher taxes. Finally, I will say this again…..USA is the only country that does not have a Federal Sales tax (the fairest form of tax in the world). A Federal sales tax of 2% would more than halve the federal debt. As with this debacle over the last few weeks, the only reason this option is not available is because the Politicians are too scared to stick their necks out on anything that puts their position at risk. Tea Party….if you want to really do some good and make a difference, then do it where it really counts and not on some time wasting, money wasting, foolish and pointless vote like raising the debt. This vote was like arguing the credit card bill by trying to cut the grocery bill. The money on the credit card is spent and not what it going to be spent.

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